Daily Briefing - June 4, 2020

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 4 June 2020

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Senior editor Ash Bennington joins managing editor Roger Hirst to discuss the latest developments in macro, markets, and coronavirus. Bennington and Hirst talk about the trajectory of the global recovery and growth—specifically, they explore the exponential increase in the savings rate, the vicious cycle the Fed might find itself in as they continue to support asset prices, and the potential for "zombification"of corporations through misallocated capital. They also dive into how sentiment is currently driving financial markets, why passive investors may not be prepared for the air pockets of potential drawdowns, and how easy monetary policy actually encourages growth deflation. In the intro, Nick Correa analyzes today’s ECB announcement to expand its Pandemic Emergency Purchase Program (PEPP). Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:20.0	Just search Monzo Business. Only sole traders or limited company directors in the UK can apply.
0:25.0	Get tax pots with Monzo Business Pro for £5 a month.
0:28.1	Te's and sees apply. It's Thursday, June 4, just after market close, London time.
0:46.0	I'm Ash Bennington from New York, joined shortly by Roger Hurst from the UK.
0:51.0	But first, Nick Correa with today's ECB policy action.
0:55.8	Nick.
0:56.8	Thanks, Ash.
0:57.8	Today ECB President Christine Lagarde announced an additional 600 billion euros to be added to their pandemic emergency
1:04.0	purchase program or the PEP due to the Eurozone's unprecedented contraction as a result
1:09.7	of EU's response to the coronavirus. Against that backdrop, the ECB forecast of the
1:14.5	Eurozone economy will shrink 8.7% this year.
1:17.8	The June Euro system staff macroeconomic projections. See growth declining at an unprecedented pace in the second quarter of this year.
1:30.0	Before rebounding again in the second half crucially helped by the sizable support from fiscal and monetary policy.
1:40.0	The 600 billion euros in monetary support comes in at a higher number than economists originally expected.
1:45.2	This brings the total of the PEP to 1.35 trillion euros, or 1.52 trillion dollars.
1:51.0	Putting the ECB on track to buy more than 1.7 trillion euros by year's end.
	...

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