That's a sharp drop That's as ugly as it gets. See here for global coronavirus case data
Blogs
Poll: Canada GDP to contract 35.7% this quarter and 5.7% this year
Reuters poll of economists This is all deeply unknowable. Don't bother analyzing the numbers here. The message is that there is a consensus that this quarter will be awful but that the recovery will start in Q3 and continue through next year.
Mnuchin repeats that the US is looking at providing liquidity to the oil industry
What a joke The shale industry has been the greatest incinerator of capital this decade. They couldn't make money last year at $55 oil and that was with cheap private-sector credit. No one is going to lend them money any time soon in the real world.
The US dollar is showing some life
Bid for dollars emerges ahead of the equity open The story in European trade was the weakness in the US dollar but the move is a bit more nuanced in the past few minutes.
US Feb CaseShiller 20-city house price index 3.5% y/y vs +3.19% expected
February CaseShiller house price index data The US housing market was undoubtedly strong ahead of the virus. If COVID-19 hadn't happened, we would undoubtedly be talking about a big housing tailwind for the US consumer.
Mnuchin: It is highly unlikely that the government would buy stocks
He didn't say it was impossible There's nothing unexpected here. The US dollar is having a rough day though. See here for global coronavirus case data
US March advance goods trade balance -$64.2 vs -$55.0B expected
March trade data from the USA That's a big miss for a trade report but March data and beyond is going to be very difficult to forecast. See here for global coronavirus case data
US wholesale inventories for a March (P) -1.0% versus -0.4% estimate
US wholesale inventories for March 2020 See here for global coronavirus case data
The JPY is strongest and the USD is the weakest as NA traders enter for the day
Stocks rise in pre-market trading As the North American session gets underway, the JPY is the strongest and the USD is the weakest. Stocks are moving higher on hopes that coronavirus testing will ramp up and allow for the reopening of the US and global economies. The USDs moves today were initially lower, but has […]
Audio recap: Yen strength, oil weakness despite risk on flow
What's moving markets today The US dollar continues to take its hits across the board as the market keeps on with its feeling good about pushing past the worst of the coronavirus pandemic. It's no surprise to see stocks benefiting as well from all of this, with the S&P500 running up towards a healthy retracement […]