Market updates for May 7: Global stock markets falter as the U.S. reports another 2 million+ unemployment claims yesterday.
Blogs
Consumer credit from March falls $-12.04B versus a consensus estimate of +$15B
US consumer credit contracts in March In February consumer credit grew by the most in 7 months by $22.3 billion. The tumbling consumer credit was the lowest since February 2010. The low point during the financial crisis saw consumer credit contract by $-18.53 billion in June 2019.
White House considering delaying tax filing deadline – NBC
White House considering action that could stimulate the economy without need for legislation. See here for global coronavirus case data
Italy reports 274 coronavirus deaths versus 369 on Wednesday
Italy statistics for the day – coronavirus deaths 274 versus 369 yesterday. That is a gain of 0.9% versus 1.3% gain yesterday – total deaths 29,958 – coronavirus cases increased by 1401 versus 1444 yesterday. That is a gain of 0.6% versus 0.7% yesterday Meanwhile UK numbers are also being reported:
New York coronavirus hospitalizations at about 8600 versus 9179 yesterday
Near Gov. Andrew Cuomo giving his daily report on coronavirus – total hospitalizations at about 8600 versus 9179 yesterday – New York three-day rolling average of new Covid – 19 hospitalizations at 607 on May 6. About flat versus yesterday See here for global coronavirus case data
Canadian government/provinces have struck a deal to boost pay of essential workers
Canada Prime Minister Trudeau Canada's Prime Minister Trudeau is on the wires saying that the Canadian government and all the provinces have struck a deal to boost pay of essential workers.
Pres. Trump and VP Pence have tested negative for coronavirus
Reports that a Trump valet had the virus led to the test of the Pres and VP A Trump valet has tested positive for coronavirus. However according to the White House Pres. Trump and VP Pence each tested negative since finding out about the valet infection.
Another positive start to risk in today's session
Session starters In this video, we recorded this morning at the start of the London session, we outline. We identify which currencies are being supported on the market sentiment and analyse the Bank of England rate's decision released earlier at 0700UK. Watch the video below to find out more.
IMF's Georgieva: IMF wants to see strong impetus to return to growth
IMFs managing director Georgieva speaking See here for global coronavirus case data
Fed's Bostic: Fed to err on providing too much support, not too little
Atlanta Fed Pres. Bostic speaking with reporters via a conference call See here for global coronavirus case data