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Chancellor: Coronavirus crash is inverted bubble

Financial manias are often described in epidemiological terms, with “contagion” leading investors to become “infected” with speculative “fever”. In a sense, the response to Covid-19 may be a mirror image where fear replaces greed and errors of pessimism replace those of optimism.

Beware battered sterling’s rebound

The currency is up from 35-year lows against the dollar. The worst of the pummelling is over, partly due to official efforts to sate a hunger for the greenback. But such demand is still worryingly high and options prices show deep gloom about the pound’s outlook. Caveat emptor.

U.S. bailout needs fewer diversions, more speed

Lawmakers are wedging non-Covid-19 concerns into the stimulus bill. Some are worthy causes, like getting airlines to cut emissions. But the $2 trln-odd rescue package’s goal should be to get aid where it’s needed fast. As the 2010 Dodd-Frank Act showed, broader issues can wait.

Twitter’s revenue problem is bigger than Covid-19

Users of the social network are flocking but advertisers are bailing as coronavirus content proliferates. But for revenue, it’s the ads that matter most. Twitter may hope to turn its new users into advertising dollars, but being widely read doesn’t guarantee being profitable.

Corona Capital: Special weed, U.S. oil

Concise views on the pandemic’s corporate and financial fallout: The cannabis industry lobbies for special viral status, and U.S. shale oil producers face an existential dilemma.

Breakingviews TV: Ex-dividend

Spain’s $39 bln Santander may pause shareholder payouts for 2020, freeing up capital to support lending amid the pandemic. As Liam Proud explains, a more radical move would be for banks to all cut 2019 dividends as well. Doing so could help save the world economy.

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