This week’s events of interest include the Bank of Canada’s interest rate decision, a report on GDP in China, and the OPEC Monthly Report.
Major Events on the Economic Calendar
- April 13 is Easter Monday – a public holiday observed in many countries.
- The Bank of Canada will release its interest rate decision on April 15.
- Australia releases the report on employment change on April 16.
- China releases data on the country’s Q1 GDP for 2020 on April 17.
April 13. Tesla Economizes on Employees
Tesla announced 10-30% pay cuts for the employees, and some of the workers will be furloughed without any pay. Against the background of the global crisis caused by the spread of COVID-19, the corporation is redirecting resources from development to maintaining its financial stability.
April 14. ASEAN Discusses Measures to Combat COVID-19
ASEAN leaders will participate in a teleconference on combating the spread of coronavirus in Southeast Asia. Representatives of Japan, China and South Korea may join the event. It is known that the countries are planning to create a special fund, a stock of medicines, as well as a public medical network.
April 15. China Begins to Stimulate Business
The People’s Bank of China will cut the reserve requirement ratio for small and medium-sized banks. This will enable them to release more funds for lending to the real economy, which is awakening after the quarantine. The second stimulus move is scheduled for May 15.
April 16. OPEC Report
OPEC will publish its monthly Oil Market Report. This time, the data provided by organization of the petroleum exporting countries is unlikely to be optimistic: the volume of oil consumption is declining and its reserves are actively growing.
The last two reports on crude oil reserves showed record increases of 13 million and 15 million barrels respectively.