June 29, 2020/Coronation Weekly

The International Monetary Fund (IMF) recently revised downwards its estimates of global economic activity. The global economy is now forecast to contract by 4.9% this year, with Nigeria due to shrink by 5.4%. Global equity markets were already nervous in June, giving up some recent gains.

Yet key commodity markets (e.g. oil and copper) continue to trend upwards, suggesting that global demand is gaining ground.

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