Blogs

South Korean industrial output in April -6.0% m/m (sa) – for the y/y -4.5% Retail sales in the month +5.3% m/m, which was its best gain since December of 1995

Comments from global asset management group Janus Henderson, in brief:  ICYMI   See here for global coronavirus case data

ANZ Consumer Confidence Index for May comes in at 97.3, up 14.7% m/m – prior -20.2% to 84.8 Via ANZ: See here for global coronavirus case data

Group of 20 major economies offered a suspension of official bilateral debt payments to77 eligible countries – 36 of the 77 have applied The offer is to help countries combat the coronavirus pandemic and its economic impact.Saudi G20 secretariat said the debt relief initiative approved in April could provide immediate liquidity of $14 billion

A snippet from Citi overnight on the Australian dollar, in a nutshell they see the S&P/AUD relationship holding. Citi summarise RBA Gov Lowe comments yesterday (this should be familiar if you were following along here as Lowe spoke):

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Forex news for North American trading on May 28, 2020: Markets: – S&P 500 down 6 poitns to 3029 – Gold up $9 to $1718 – WTI crude oil up 67-cents to $33.48 Who would have thought that the market could so easily brush off another 2.1m jobless claims and some of the worst durable […]

Disappointing close It had been a one-way trade in US stocks from yesterday's low but equities quickly changed course after President Trump said he will make an announcement about China in a press conference tomorrow.

Some important changes A bi-partisan bill passed the House today to alter the terms of the $2.2 trillion Paycheck Protection Program. It's now more of a Paycheck-and-Rent Protection Program. The vote was 417-1 so I'm assuming this cruises through the Senate, which passed a similar bill last week.

That can't be good news Trump is going to campaign on being tough-on-China. That that might just be another exercise in gaslighting but this is certainly an opportunity to step up with something serious on Hong Kong. My guess is that its special status is revoked and it's tough to say if that's fully priced […]