Covid-19 Daily Dashboard – 24 July 2020
An overview of key economic and financial metrics.
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Download an overview of key economic and financial metrics relating to Covid-19 on 24 July 2020.
Equities: Globally, markets are down. In Europe, the declines are -1.5% for the STOXX 600, -1.7% for the DAX -1.3% for the CAC 40 and -1.0% for the FTSE 250. In the US, futures for the S&P 500 and the Dow Jones Industrial Average are both down -0.3%. In Asia, the CSI 300 closed down -4.4%, the Hang Seng -2.2%, S&P / ASX 200 -1.2% and the Kospi -0.7%.
VIX: The Euro Stoxx 50 volatility price index has risen back above the long term average, up +11.1% over the morning to 25.9. After increasing by +7.2% yesterday, the CBOE market volatility index increased by a further +1.1% to 29.1 this morning. Both indices indicate further expectations of near-term market volatility.
Bonds: The UK 10-year gilt yield and the German 10-year bund yield have softened to 0.13% and -0.46%, while the US 10-year treasury yield has compressed -1bp to 0.57%.
Currency: Both sterling and the euro remain stable at $1.27 and $1.16, respectively. Hedging benefits for US dollar denominated investors into the UK and the eurozone have decreased to 0.35% and 1.10% per annum on a five-year basis.
Baltic Dry: The Baltic Dry index decreased for the fourth consecutive session yesterday, down -5.8% to 1,388. The index has moderated -29% or by 568 points since recent highs of 1,956 in early July. Albeit, the index is still +27% above where it was at the beginning of the year. Recent declines have been driven by a contraction in capesize rates, which has been caused by congestion in ports as well as lower demand for iron ore in China.
Oil: Brent Crude and the West Texas Intermediate (WTI) are up +0.9% and +1.0% over the morning to $43.68 per barrel and $41.47 per barrel, respectively.
US Unemployment: There were 1.42 million new unemployment applications in the week to 18th July, above expectations of 1.30 million and the first week on week increase since March. For comparison, there were 1.31 million new applications over the week prior. The latest numbers are more than twice the peak weekly new unemployment claims recorded at the height of the GFC in March 2009.