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Coronavirus1 min read time

Market update 2 April: Hopes of an oil agreement

2 April 2020
  • Trump confirmed that he has spoken with the two leaders of the countries and that he expects a deal on production cuts within days. China's plan to increase oil storage has also contributed to the increase in price.
  • On Wednesday, the S&P 500 and Dow Jones both closed down 4.4 percent.
  • Thursday morning started with the Oslo stock exchange up 1.7% and the oil price significantly up.
  • Yesterday afternoon the the manufacturing PMI and ISM numbers from the US came in slightly better than expected. However, both ended slightly below 50.
  • New orders and new export orders also fell below 50, but levels are far from what we saw during the Great Financial Crisis.
  • BRIC numbers also fell. Surprisingly, India is still above 50.
  • It is reasonable to expect numbers to fall further in April due to the massive shutdown from mid-March.

SKAGEN Funds Summary

  • No material changes.
  • The portfolio managers are having a lot of management calls with current and potential holdings.
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