In today’s Macro Briefing we highlight some crucial macro touch points, firstly, RenMac look at how investors should be monitoring systemic risk in the US banking sector amid the health crisis and melt down of the energy sector, and then secondly, what do slumping oil prices mean for the economy. Here Ned Davis Research have modelled the mining employment multiplier to extrapolate what that means for job losses in the wider economy. Staying with oil, Cornerstone Macro reckon it could take two years for the oil market to rebalance. On equities, yesterday’s bounce has provided some respite, but the key question is whether there will be another big move lower. Longview Economics have studied 50-years of equity market routs to ascertain the timing and degree of the next big move. Finally, to end of an optimistic note (hopefully), Jefferies highlight their expert call from earlier in the week on the latest trials for a vaccine that inhibits COVID-19, Remdesivir (RDV). This drug is being developed by a company named Gilead Sciences.