Swan-like

Published on 25-06-2020 02:00:00

The markets look calm but only furious paddling below the surface is keeping them that way. QE is keeping the markets more or less flat, masking widespread underlying jitters that current share price levels cannot sustain.

It’s all about a second wave. After all, when does a strong performance by US tech stocks become another bubble? China’s chip-makers might be venturing into similar territory too.

But risk is everywhere as the IMF downgrades its expectations for the global economy again and the oil price tanks.

COVID seems hopelessly out of control in Brazil, making global moves out of lockdown feel even riskier. The infection is also killing cash.

Meanwhile, Royal Mail wants to renegotiate its commitment to deliver letters everywhere in the UK as it cuts more jobs. And will there be a further move out of City of London property? At least SoftBank is adamant that it is not suffering its own terminal puncture.

In the UK, a Reuters’ poll of 80 economists finds most believe the worst is over. But Bank of America says the world’s fifth largest economy (the UK) has an emerging market currency (sterling) ‘in all but name‘. That must sting Boris as Barnier tells him that Brexit negotiations are back in his court.

At least Lufthansa is out of the woods. Google might have decided it has squeezed content providers so dry that it needs to amend its ways. And we now know why you can never grab a delivery slot – online grocery shopping has almost doubled during lockdown.

But if you want to build your own app to meet that unfulfilled demand, you can – you don’t even need to learn to code. And TikTok will want your app’s chief marketing officer to push marketing dollars its way. 

Finding it difficult to find calm? Try reading up on phenology. Or join the in-crowd, which is not talking about death rates but YLLs or years of life lost, because there’s nothing on TV worth watching – it turns out even the apparently enlightened ‘third age’ of TV is totally obsessed with American cops.

 

Until tomorrow,

The Stream Team

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