Friday 24th July 2020

It’s been a classic risk-off session so far, with the US and Aussie dollar losing ground, more interest in the Yen, US shares and oil prices plunging, with government bonds and precious metals in demand. Phil Dobbie asks NAB’s Gavin Friend whether it’s because, as well as some negative news, like a rise in new US unemployment claims, there’s also an absence of anything to positive for investors to cling hope on to? The exception being the lingering optimism surrounding the European recovery plan and the fact that COVID-19 is now relatively well contained in Europe. They also discuss Josh Frydenberg’s mini budget yesterday and Brexit hopes, which, on the face of it, aren’t going well, but how much of that is good old fashioned negotiating tactics.