Covid-19 Daily Dashboard – 6 May 2020
An overview of key economic and financial metrics.
1 minute to read
Equities
Global equities were subdued this morning across Europe, with markets struggling to build on overnight gains on Wall Street.
Baltic Dry
Declines continued for the 11th consecutive session yesterday, falling -3.8% to $575. With pricing now at lows last seen in February 2015, this indicates the extent of subdued demand for raw materials and manufacturing.
Oil
Following OPEC+ supply cuts coming into effect at the start of May and an agreement by Canada to use a decommissioned oil pipe for storage, Brent Crude barrel prices are up this morning to $30.91.
Bonds
In the aftermath of yesterday’s German court ruling, the yield gap between German and Italian 10-year bonds has slightly narrowed to 244bps. German 10-year bund yields are currently -0.56%, up +2bps, from yesterday’s close.
Auto Industry
UK new car sales declined 97% in April versus the same month in 2019, the lowest monthly level since 1946. In China, Volkswagen report that their sales grew year-on-year in April.
PMIs
Spain’s services PMI have sunk to 7.1 in April, from 23.0 in March, according to IHS Markit. Italy’s services PMI has reduced from 17.4 to 10.8, over the same period. A figure below 50 is contractionary.
US Household debt
Household debt in the US increased by $632 billion in the 12-months to Q1 2020, the fastest annual growth rate since 2008, according to Oxford Economics. Absolute US household debt is now higher than seen in the run up to and through the GFC. However, the US CARES Act is protective of mortgages and banks remain better capitalised than previously.
Download an overview of key economic and financial metrics relating to Covid-19 on 6 May 2020.