US oil prices fell sharply on Monday after the world’s largest oil-backed exchange traded fund began offloading all of its short-term contracts, and investors in European banks are braced for significant loan-loss provisions as the sector reports quarterly earnings this week. Plus, the FT’s John Reed will explain why the Philippines’ coronavirus lockdown is causing pain for the country’s vast outsourcing sector. To get free access to the FT’s Coronavirus Business Update newsletter for 30 days, visit ft.com/newsbriefingcovid. See acast.com/privacy for privacy and opt-out information.