Headlines discussed at LNWM’s Monday morning briefing:
— US GDP slumped 4.8% annualized first-quarter 2020, ending the longest economic expansion on record.
— U.S. oil prices rose nearly 17% for the week (to just under $20/barrel), after OPEC, Russia, US and other major global producers cut production by nearly 10 million barrels a day.
— US consumer spending was down 7.5% in March, the biggest monthly drop since 1959, and personal income fell 2%, reflecting impact of Covid-19 containment efforts.
— UK scientists are in Phase 2 testing for a Covid-19 vaccine with initial results likely by June; the FDA authorized the drug remdesivir to treat severely ill COVID-19 patients.
— Los Angeles is offering free Covid-19 testing to all residents, in one of the first moves by a major US city to ensure widespread testing prior to opening up businesses.
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