In this week’s recap, we found that the US stock markets were full of ups and downs, as at the beginning of the week the markets rose driven by a promising test of the coronavirus vaccine, but fell again midweek due to some reports skeptical of this vaccine, which added to the new wave of coronavirus outbreaks.
Oil has a 4th weekly gain in price totaling 13%, despite a 2% dip on Friday. Investors are weighing improving supply fundamentals versus doubts surrounding China’s true economic recovery, as the country abandons this year’s growth target. Major energy producers continue to scale back production. U.S. explorers put down another 21 oil rigs, bringing the total to the lowest level since 2009.
Crispin Odey, one of Europe’s highest-profile hedge fund managers, says that governments may well ban private gold ownership, if they lose control of inflation, as a result of the coronavirus crisis. He believes they will do this, if they feel the need to create a stable unit of account for world trade.
More Americans filing for unemployment benefits; New national security legislation on Hong Kong; Taiwan Semiconductor Stops Huawei Orders; an ultra-rare species of bee was spotted in Florida; Brazil becomes the 4th largest coronavirus outbreak in the world; Japan is officially in a recession.