So begins the start of a defining week in many ways, both in terms of the UK economy kick-starting itself again and also in terms of assessing people’s behaviour as lockdown rules are relaxed.
I had reservations about how things would go, I won’t lie, as the tube trains started to fill up again and traffic increased, but apart from those that probably never ‘got it’ in the first place, people do seem to be trying to obey the social-distancing rules as the country gradually returns to work.
Whilst it remains a nervous time, as the fear of a second spike of the virus outbreak looms large, Europe seems to be finding a positive outcome to re-opening its countries and so, hopefully, we will follow suit.
Yesterday saw a fascinating day in the investment markets, as shares surged upwards by around 4% both here and in some overseas markets, led by positive news about a possible vaccine breakthrough in the US with a company called Moderna (as opposed to the treatment which the US President is recommending for himself) and whilst this was tempered by the news that the treatment being pioneered back in the UK, in Oxford, is showing early signs of not being as successful in the prevention of the virus as was hoped, the mood on Monday was generally extremely positive.
Further to this, the EU announced that they have put together a support package for their members, of 500 million euros, to assist them in moving out of lockdown and, within the United States, the Federal Reserve have emphasised that they ‘have a lot more to give’ if their economy needs it, adding that they also feel that the US economy will bounce back very strongly in the second part of 2020 (a little different to what was being said only a week ago!).
So all good in terms of rhetoric, but let’s not forget it’s only borrowed money and will need to be repaid at some point; however, for some reason, everything in the financial world seemed very bullish yesterday and I’m all for some optimism, so I’ll gladly take it.
Only a brief one today, but hopefully a positive one, as we edge our way towards getting things back to how they were and hopefully without too much more damage to the employment market; after all, we didn’t create this problem and it would be sad to see it inflicting further consequences on our economy, after the heavy price we have all paid throughout the world in terms of lost loved ones.