Friday 19th June 2020

Markets continue to be jittery, with news of reopenings offset by concern about rising infection rates. Then there’s the jobs numbers. Last week 1.5 million more jobless claims were made in the United States, even though the economy has been opening up. “Is it because businesses are finally throwing in the towel as partial reopening reality bites?” asks NAB’s Gavin Friend on today’s Morning Call. It’s not clear yet, but unemployment numbers in Australia give an equal cause for concern. Plus, the curious response to the Bank of England’s decision to purchase another GBP100 billion in government bonds, triggering a fall in the value of the pound and in bond prices. Is the expectation that they need to do more?