Updated Texas new coronavirus number: rise of more than 8,323 to nearly 210,000
- 8,323 is a record daily increase
Meanwhile from China, Beijing cranks out a zero for new cases for the preceding 24 hours
Oil price forecasts from Citi - continue to see an oil price recovery
continue to see an oil price recovery and have increased their average forecasts for Brent and WTI
For Q3 2020:
- US$39/bbl and $37/bbl respectively
For Q4 2020:
US coronavirus - BoA temporarily closes approximately 50 branches in Central Florida
Economies (think of economies as a collection of people with jobs and obligations and what have you, not just as GDP) will suffer set backs like this as economies re open, a surge in cases will see a backwards step.
RBA monetary policy meeting preview and where to for the AUD (scenarios)
RBA monetary policy decision due on Tuesday 7 July 2020 - preview
This now in brief via TD:
On the AUD:
Japan wages data for May, Labor cash earnings: -2.1% y/y (expected -1.0%)
Labor cash earnings -2.1% y/y
- expected -1.0% y/y, prior -0.7%
Real cash earnings -2.1% y/y
Australia weekly consumer confidence 92.1 (prior 93.0)
- consumer confidence in economic conditions deteriorated
- While the return to lockdown has so far been localised to 12 Melbourne postcodes, the confidence effect is more pervasive.
ANZ second comment related to the surge in cases in Australia's second largest city, Melbourne
Japan - Tokyo records 5th consecutive day of +100 new coronavirus cases
I'm awaiting the number from Australia, yesterday's was over 100 just in the city of Melbourne.
EU threatens retaliation against the US if it puts tariffs on EU goods (Boeing - Airbus)
This is part of the 15 year trade ware the two have been engaged in on subsidies for Airbus.
New Zealand - NZIER economist says contraction in GDP will not be as severe
Chief economist of NZIER interviewed by bbg Bloomberg says:
activity gauge indicates annual GDP fall will be 2% in Q2
not as severe
President Bolsonaro of Brazil is said to be displaying symptoms of coronavirus
Let's hope he does not have it, or if so he recovers soon. Countless Brazilians have not been so fortunate.