IHS Markit estimated Wednesday that world oil demand in Q1 will be 3.8 million barrels per day lower than a year earlier, marking the biggest quarterly drop ever and topping the previous record seen in Q1 2009, when demand fell by 3.6 million bpd. Source Investor’s Business Daily
Labour frontbenchers have criticised the chief executives of HSBC and Standard Chartered banks for supporting China’s political leaders, urging them to revoke their support for Beijing’s controversial security law, which they say threatens democratic rights in Hong Kong. They warned the banks that they could face a boycott. Source The Guardian
China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdown. Source Reuters
- The European Central Bank increased its Pandemic Emergency Purchase programme by a further €600 billion ($676 billion) on Wednesday.
- Markets were largely expecting a €500 billion ($563 billion) increase.
- The new package takes the ECB’s total announced monetary stimulus to €1.35 trillion ($1.52 trillion).
- ECB also extended its horizon for net purchases until at least June 2021. Source Business Insider
