Surge in confirmed COVID-19 deaths spook markets

Today's slide deck: bit.ly/3emBun6The contours of a rebound yesterday were shattered first on new US regulation hitting Huawei and other Chinese technology companies and then rapidly surging confirmed COVID-19 deaths in Florida spooking the market. This is driving a renewed uncertainty over demand destruction as indicators suggest consumers are again changing behaviour in the Sun Belt states. Oil is following oil lower confirming our $30-40/brl range for now. We also talk about copper momentum driven by supply constraints from copper mines shut down in Chile due to COVID-19. We also talk about the Q2 earnings season starting next week and which got off to a bad start with Walgreens earnings yesterday missing estimates by 30%. Today with Peter Garnry on equities and Ole S. Hansen on commodities.