Tuesday 19th May 2020

There’s been big increases in equity markets and bond yields on the news of a successful stage one vaccine trial in the US. NAB’s Tapas Strickland says the fact that there have been no adverse reactions and could be available for emergency use as soon as the (northern) Autumn. That said, the Fed’s Jerome Powell says it could take till the end of next year for the US economy to recover. China, though, seems to be getting back on track, with oil demand in-line with this time last year, giving a big boost to Brent and WTI crude prices this morning. And ABS payrolls data this morning could show that unemployment has troughed.