Weekly Economic and Financial Commentary – 06 April, 2020
J.P. Morgan Global composite output Index in March falls to a 133-month low of 39.4 from 46.1 in February with the United States composite Index falling to 40.5 from 46.9 as business activities slump in the country. The Eurozone final output PMI plunged to an all time low of 29.7 from 51.6 as the UK Composite Output Index fell from 53.0 to an all-time low of 36.0.
Meanwhile, China saw a marked easing in its rate of contraction, with its composite Output Index rising from 27.5 in February to 46.7 in March as its PMI stabilises. Elsewhere, the Naira depreciates to ₦388.40 and ₦405.79 in the NAFEX and Parallel markets respectively while Crude oil closes on Friday at $34.11/barrel above the Federal Government’s 2020 revised budget benchmark of $30/barrel.
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