A hat-trick for stocks

European and US equity markets both closed higher for a third straight session yesterday and are now ahead for the week to date, while the dollar has slid further against the euro to trade at over $1.10. Sterling has also advanced against the US currency, quite strongly in fact, to almost $1.22, and has also gained some ground against the euro to around 90p, its best level in a couple of weeks

The European Council has tasked the Eurogroup of finance ministers, over the next two works, to come up with proposals for a coordinated response to the “unprecedented nature of the COVID-19 shock” (though this might be seen to lack the urgency necessary to address the current crisis)

In the US, the regular weekly jobless claims data provide a timely indication of the economic damage being wrought by Covid-19 with the latest reading showing a surge in new unemployment claims to almost 3.3 million in the w/e 21 March, from 282k the previous week

The Bank of England kept policy on hold yesterday after taking a number of measures over the past couple of weeks, including cutting interest rates to near 0%

Retail sales in the UK fell slightly in February (and were up just 0.9% on a year earlier) and presumably they will post a further, possibly larger, decline this month and in the period ahead

Data due today includes personal income & spending and PCE inflation (both for February) in the US