Australian inflation data for the first quarter showed an increase while the Reserve Bank of Australia (RBA) slashed interest rates to an all-time low of 0.25% in response to the global Covid-19 pandemic.
Blogs
Italian bonds fall after Fitch ratings downgrade
Italy bond yields open with a gap higher to start the day See here for global coronavirus case data 10-year yields are up by about 10 bps to start the day, after an unscheduled ratings review by Fitch saw Italy's credit rating cut to one notch above junk i.e. BBB-.
Eurostoxx futures +0.5% in early European trading
Slightly better risk tones observed in early trades – German DAX futures +0.5% – French CAC 40 futures +0.5% – UK FTSE futures +0.5% See here for global coronavirus case data
Russia's Novak says that Russian oil companies will cut output by 19% compared to February
Comments by Russian energy minister, Alexander Novak – Oil market volatility to continue in May – Small oil firms in Russia will also cut output under OPEC+ deal See here for global coronavirus case data
Germany March import price index -3.5 % vs -2.5% m/m expected
Latest data released by Destatis – 29 April 2020 – -0.9% – Import price index -5.5% vs -3.8% y/y expected – Prior -2.0% See here for global coronavirus case data
German Ifo survey shows 29% of companies can survive for 3 months or less if restrictions remain
Ifo shares their latest findings on German business conditions – 29.2% of companies surveyed say they can survive for 3 months or less – 52.7% of companies surveyed say they can survive for 6 months or less See here for global coronavirus case data
Trade ideas thread – European session 29 April 2020
Daily thread to exchange ideas and to share your thoughts As we learned yesterday, market sentiment now isn't as straightforward and even more so when you factor in the Fed still to come later on alongside key earnings/guidance from Apple and Amazon after the close today.
Germany to extend global travel warning to 14 June at the minimum – report
According to a report by Der Spiegel As things stand, entry into Germany for tourism purposes is strictly prohibited so if this ties to the above travel warning, it just means that border restrictions will stay in place for quite some time yet despite the steps to reopen the economy.
Germany reports 1,304 more coronavirus cases, another 202 more deaths
The daily case count is still hovering just above 1,000 cases See here for global coronavirus case data The latest update by RKI sees the total confirmed cases now stand at 157,641 cases with total deaths now at 6,115 persons. That said, an estimated of 120,400 persons are reported to have recovered from the disease […]
Heads up: Germany states' CPI readings due later today
German states will be releasing their CPI prints for April today March release Headline annual inflation is expected to slump to just +0.7% y/y later today. Amid the coronavirus crisis, inflation expectations across the globe have fallen and this will be reflected in CPI readings over the next few months so brace yourselves for that.