Coronavirus epidemic changed its dynamic during the last week, with huge impact all over the place. The stock markets lost up to 20% in the US, more than that in Europe. The crude oil price declined by more than 20%, for a staggering 38% fall for the month. Many countries in Europe were forced to ask their citizens and business to reduce their mobility – in a ‘social distancing’ approach of unprecedented scale in recent times. Some of them almost entirely closed inside their borders, with little more than food and drug stores still open. Even more, there are many territories where the virus has not made its full presence noticed yet, so it will be worse before it will get better.
As always, there are experts ready to talk about “a new phase of bearishness” on the markets, and about economic recession, fueled by reduced travel, trade and industrial production. It might be the case! Part of it is the Covid-19 pandemic declared this week by the Health Organization. Part of it is the delayed and/or inappropriate response from the authorities from most of the countries. However, part of the stock markets downturns is certainly related to the fact that they come from record high levels; the best example – the US Dow Jones Industrial Average reached an all-time high level, after a 11 years bull market, the longest in US history which saw a more than 4 times increase in the value of DJIA.
The crude oil decline seems to be more related to geopolitics than real economy – at least for now. The massive fall followed the news that the Saudi Arabia and Russia failed to agree on a common approach for stabilizing the prices. The first decided to teach the former a lesson – officials in Riyadh announced a strong increase in production, at a time when demand is expected to further decrease. The two play a chicken game which means huge fiscal costs to each of them, in the hope that, maybe, they’ll cause a stronger hit to the US economy and oil sector.
In Romania, like in some other countries, people and companies (mostly) adhered to the authorities repeated calls and actions; first the schools were closes, this week, and then many of the public offices reduced their direct interaction with public. Many businesses decided to follow this ‘social distancing’ approach for protecting their employees and their partners, for stopping the virus spread in the hope for a less impactful and maybe a shorter lived epidemic at home.
Last Tuesday we talked about balancing precaution with reason, in a call for a responsible, alert and courageous approach when dealing with what we fear. Today we have something more specifically for you!
New tools available from Energynomics
Such circumstances impact our ability to visit our partners, customers and prospects for direct interaction. However, companies and professionals cannot allow for their businesses to fall behind in exposure in this new environment, but also looking ahead and preparing for when the special crisis conditions will end.
Thus, Energynomics team has decided to make a turn in order to help the Romanian energy community to maintain a strong and timely communication, while safely and effectively at the same time.
You probably know us as the most prolific event organizer for the energy industry in Romania – as we have a portfolio of over 20 conferences each year (Energy Breakfast Club, Energy Efficiency campaign, Spring Cocktail, Energy Strategy Summit, Energynomics Awards, among them).
The present situation considered and understanding that maximum responsibility and precaution are necessary in respect to exposure that could lead to any risk, we have decided to reschedule the Energynomics events in the near future. We will come back with the new dates as soon as we will make sure that we are able to take all necessary precautions for your health and comfort.
Energynomics team will continue to be active in online and print (we are currently closing the Q1 2020 edition of the Magazine!), open for any suggestion that might came from you and preparing new services and activities tailored to the needs of partners and companies wishing to keep on their business plans using methods adapted to the current context. This is what we recommend as more appropriate for the time being.
Energynomics Magazine – reaching the most of the decision makers in the companies and also in the public domain (Government, regulatory bodies etc.), every three months, in high quality bilingual format.
Energynomics Website – with 2 Newsletters per week, read by specialists in the industry, and the meeting point of news and analyses, strategic overviews and presentations of products or services, new business models and impactful leaders.
The Business Development set of services – among which PR & Communication Services, Energynomics Working Groups, Energynomics Workshops, Energynomics Video Online, Energynomics Webinars.