Lockdown April the nadir, but slow recovery ahead

Following the further slump in the April surveys, the lifting of some restrictions in a number of member states over the past week or so has provided a glimmer of hope that April might mark the bottom. But the recovery in activity will take time and will be dependent on policy support. And with EU leaders struggling to agree, the onus will be on the ECB, which we expect will announce an increase its asset purchases next week.