Monday 20th July 2020

After three days arguing over the size and shape of their European Recovery Plan, EU leaders failed to reach an agreement. Phil Dobbie asks NAB’s Tapas Strickland what it’ll mean for the Euro and European bonds. COVID-19 infection numbers continue to rise – could the Michigan consumer sentiment read on Friday mark a shift in direction, as more lockdowns seem likely? Closer to home New Zealand’s PMI reading was positive – how different is the story for Australia now? There will be a lot of interest in a lunchtime address by the RBA’s Philip Lowe tomorrow and the government’s budget update on Thursday.