In this edition of their Economic Update, Euler Hermes share their view on How Covid-19 is Disrupting Every Industry and on How Emerging Markets Fight Covid-19. They also share their insights on The German Labor Market and The Oil Market.

No stone unturned: How Covid-19 is disrupting every industry

As the Covid-19 pandemic accelerates, hardly any global industry will be spared. For Q1 2020, we register a record level of 126 sector risk-rating downgrades, the highest since we began monitoring in 2012. Transportation, automotive, electronics and retail sectors are most at risk.

Emerging markets: How to fight Covid-19 without "Whatever it takes"

Emerging markets have registered record capital outflows over the past few weeks, triggering very strong currency depreciation and liquidity constraints for the weakest. Emerging markets have unequal capabilities to fight a pandemic. The lower their capabilities, the longer confinement could last.

Germany: The calm before the labor market storm

In March, the German labor market appeared unaffected by the Covid-19 induced economic crisis, with unemployment posting a small decline compared to the previous month. But don't be fooled by the latest figure, which looks like "the calm before the storm": The German labor market miracle is about to come to an abrupt end.

Oil: The floods We expect significant volatility around our Central Brent crude price forecast as an unprecedented inventory build battles with a hope-driven news flow. Global oil storage capacity might get exhausted in less than one quarter if pessimistic demand estimates come true. This could lead to negative oil prices at times and forced production shutdowns.