Crude oil is currently trading up $0.90 or 3.19% at $20.78 but off the highs of $29.19 OPEC Secretary-General Barkindo is on the wires saying that is premature to say OPEC+ may keep the 9.7M cuts beyond June.
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Canada's Trudeau: Gov't to extend emergency wage subsidy program by another 3 mo.
Prime Minister Trudeau speaking Canada's Prime Minister Trudeau is speaking and says: See here for global coronavirus case data
White House economic advisor Kudlow: May see some better economic numbers
White House economic advisor Larry Kudlow speaking on FOXBusiness The interesting spin is the cutting of the corporate tax rate in half for companies moving production back to the US. Clearly there is an economic incentive for companies to be overseas from a cost standpoint. However the coronavirus situation and impact on supply chains is […
US business inventories for March -0.2% vs. -0.2% estimate
Business inventories for March 2020 – business inventories for March fall by -0.2% vs. -0.2% estimate – prior month revised to -0.5% from -0.4% previously reported See here for global coronavirus case data
JOLTS job openings 6191 vs. 5800 estimate
JOLTS job openings for March 2020 – JOLTS job openings come in better-than-expected at 6191 vs. 5800 estimate – The prior month was revised to 7004 vs. 6882 previously reported The jobs opening level was the lowest level since May 2017 but better than expectations. However keep in mind that this data is for Ma
University of Michigan consumer sentiment for May 73.7 vs. 68.0 estimate
University of Michigan consumer sentiment – University of Michigan preliminary estimate for May 73.7 vs. 68.0 estimate – the prior month came was at 71.8 – expectations index 67.7 vs. 60.2 estimate. The rise seems to be reaction to the CARES relief checks.
Fox Business. Health Sec. Azar hopes to have 1 or more vaccine by the EOY
Fox Business The White House earlier today indicated that Pres. Trump would be making comments later in the day on a vaccine. Of course we really don't know but hope is a good thing for shifting investor sentiment and confidence.
Huawai measures go into effect at 1415 ET on Friday
US officials reporting The Huawai measures go into effect at 1415 ET on Friday. The US is moving to prevent Huawei from acquiring semiconductors and chipsets made using US software technology.
US industrial production for April fell -11.2% vs -12.0% estimate
Industrial production and Capacity Utilization for April 2020 Better than expectations but the estimates are like horseshoes and hand grenades. It was close enough given the magnitude of the decline.
Canada International securities transactions for March C$-9.78B vs. C$20.61B
Canada international security transactions for March 2020 – last month C$20.61 billion See here for global coronavirus case data