17 to 23 April: Passing the Batton

On Friday GDP data for the US in Q1 will be released. We expect this to show a “passing of the baton”, as US growth moderates (to around 1% annualised) but Europe and Emerging Markets continue to improve. Some asset re-allocation has started, but we expect this to continue.

The oil price sunk below USD 50 per barrel again (both WTI and Brent more than 7% lower for the week) on evidence that US production and inventory growth is offsetting OPEC’s attempts to reduce supply.

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