How cruel and cynical when people monetize COVID-19? We've seen the FTSE100 drop by 2000 points and wipe billions from share prices. It's supposed to be about virus uncertainty. Nope. It's about profit taking.
Fat cats have done okay out of this on the way down and can now buy cheap equities on the way back up again. Kerching.
Now the Russians, Saudi Arabia and Americans are squabbling over oil prices to mix in more uncertainty. The Americans can wash their hands in messy shale oil production $65, with Texan oil needing to be around $50, Russian around $42 and Saudi around $80 per barrel for break even. The sustained low prices ($35?) will crash smaller players out of the market as big players buy market share. tRump will say it's good for the motorist, of course.
I've been travelling recently and I noticed one UK hotel I was booked to stay had closed. It was preparatory work for a National Isolation Centre, where travellers could be booked into isolation. The men on the gate in yellow hats were very pleasant and handed me the three-page explanation.
Never a dull moment.
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