Tuesday’s mood – That sinking feeling

Published on 14-07-2020 12:45:00

Just as we’re all about to mask-up in shops, the real, albeit temporary, state of the economy is being unmasked. And it’s somewhat deflationary.

May’s bounce back in GDP was lower than expected and nearly 25% down on February. Gold is down on profit taking, while the oil price is also lower. UK equity markets are lower but the newsflow does provide some certainty, there’s no panic and today’s fall only takes us to around where we were yesterday morning. 

What else has been uncovered? Auditors are getting that sinking feeling, with the revelation that one-third of British company audits failed a quality test. Britain is taking the covers off a new Brexit slogan and may be about to uncover its real position on Huawei.

Estimates for the cost of the government’s response to the COVID-19 crisis are revealed to have risen sharply. It has also emerged that worst-case estimates indicate that there could be as many as 120,000 winter deaths from a second COVID-19 wave.

Britain may be about to send a new aircraft carrier to confront China, whose total stock values could be about to breach the $10bn milestone for the first time in five years. China has also disclosed an unexpected rise in exports, due to Western economies reopening. However, Singapore has officially sunk into recession.

There’s a leak that Ocado is looking for a new chairman as it reveals reduced losses. In the world of warehouses, Amazon has disclosed to worried staff that the minutes they spend washing their hands won’t be docked from their timesheets.

In America, Trump’s niece has been released from legal restrictions and can now unveil her tell-all book. Tesla’s $55bn one-day drop has exposed short sellers, although campaigners who want the company with the rollercoaster share price to build a new car plant in Oklahoma City have obscured a famous statue by altering it to look like Musk.

In the air, a private jet billionaire is shining light on the lives of high fliers, while astronomers are uncovering the magnetic soul of the universe. TV shows are now using dummies for sex scenes. And if you haven’t received a visit from the booze fairy yet, don’t worry. It may be on its way if it can still recognise you when the masks go on in 10 days’ time.

Until tomorrow,

The Stream Team

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