GLOBAL & REGIONAL DAILY (Friday, 7 May 2021)
GLOBAL & REGIONAL DAILY
May 7 2021
The unabated rally in commodity prices amid optimism for a rapid economic recovery from the pandemic and positive US employment-related data ahead of today’s all-important US April non-farm payrolls survey, pushed global equity markets higher earlier today. In FX markets, risk-on sentiment kept the USD under pressure.
The headline IHS Markit Manufacturing PMI improved for the second month in a row posting 54.4 in April, up from 51.8 in March and 49.4 in February. New daily Covid-19 cases amounted to 3,421 yesterday amid record-high testing (80k), while the positivity rate fell to 4.3% from 6.2% the day before.
According to a recent note by Fitch Ratings, the failure to form a government after April’s Bulgarian election raises the possibility of prolonged political uncertainty, but is unlikely to result in significant changes to key economic policies.
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