MATCO'S QUARTERLY MACRO OVERVIEW – Q2 2020
The first half of 2020 has been a rollercoaster on several fronts. At the beginning of the year, the COVID-19 virus was widely viewed as a minor medical and sociological threat. However, on March 11th it was declared a global pandemic by the World Health Organization which led to a halting of the global economy, outside of essential services. This significantly impacted consumer behaviour, while many individuals around the world began self-isolating and working from home. Then in early April, the U.S. and Russia initiated an oil price war, pushing down the price of oil by over 25%. Finally, the inhumane death of George Floyd initiated a global movement and protests with people demanding a greater degree of equality and justice not only in the U.S., but around the world. Although manyp rotests were peaceful and focused on the cause at hand, the situation escalated at times sparking violence and theft.