The Monday Mix: June 1 – 7, 2020
— The US economy regained 2.5 million jobs in May (vs. a loss of more than 7 million expected), with more needed: almost 20 million fewer Americans are working currently than before Covid-19.
— The ISM index of the US services sector rebounded to 45.4 in May (from 41.8 in April), with a reading under 50 indicating contraction.
— Oil prices continued to rise as OPEC+ extended production cuts through July and oil demand from China rose almost 20% in the past month.
— The European Central Bank will double its purchases of Eurozone debt to 1.35 trillion euros through mid-2021, providing much-needed relief to pandemic-hit countries.
— Little progress has been made on Brexit free trade deal, with the UK aiming for an agreement by Oct. 31.
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