Westpac's economics team has a relatively positive view on things, arguing the market will likely put on almost 15 per cent from its June low to the end of 2020.
"A turnaround in lending will be necessary to sustain the current boost to prices and the likely increase in activity that will follow." "Economic growth in Australia remains very low at 1.4 per cent [over the year] and we expect only a gradual recovery from here. Apparently that was enough to annoy President Donald Trump and see the S&P500 reverse early gains. By the end the day it was down 0.5 per cent and down about the same for the week.
Following Monday's 20 per cent spike in the wake of the weekend attack on the Abqaiq oil processing facility, which temporarily halved Saudi production and cut global supplies by 5 per cent, the market regained its composure.The global Brent benchmark ended the week gaining 7 per cent, while the impact on US crude was even weaker.