Asian markets are likely to start the day on a moderately positive note as two groupings of states in the Northeast, and the West Coast of the United States announced that they are making plans for the gradual reopening of their economies. Making plans does not equate, of course, to setting the date and opening the floodgates to normal life. Although infections and deaths appear to be peaking in the New York epicentre, the U.S. is a long way from overcoming the COVID-19 pandemic on its shores.
President Trump has also muddied the waters somewhat, announcing that only he has the authority to reopen parts of the economy, potentially setting himself on a collision course with the State Governors. The follow-on stimulus package from Congress has hit a brick wall as well, mired in bi-partisanship. It doesn’t help that they are in recess at the moment either, a bizarre turn of events when the country they govern is in a national emergency. Still, hope springs eternal, and early…
