The latest numbers from several spots I'm not sure that case and death data in these economies has much relevance to economies any longer. There are some questions that need answered:
Blogs
Baker Hughes US oil rig count 378 vs 438 prior
Rigs continue to crater Unusual early release in this report. The speed of the drop in rigs is breathtaking. See here for global coronavirus case data
Mnuchin: Administration taking stakes in energy companies is one option
They're going to bail out oil companies Trump said he wants to help energy companies and now Mnuchin is out with this: I expect this will be very difficult to get through Congress, in particular because major oil companies don't want or need money; what they want is smaller companies to go bankrupt so they […]
Trump signs latest $484B coronavirus package into law
The taps are open This opens up $310B in new PPP funding with $60B of it restricted. It might not last the weekend. Some other comments from Trump: There are some strange things going on with the postal service.
What earnings are on tap for the week of April 27 to May 1
A full week of key earnings next week The earnings calendar reaches its apex next week with a full slate of earnings for some of the biggest names.
Italy virus deaths 420 vs 464 yesterday
Virus deaths hit 5-week low Six weeks into a lockdown, the number of new cases remain stubbornly high even if the mortalities are at five-week low. This is an interesting study but I wonder if workplace is so low because no one is working.
European equity close: More losses in a tough week
Closing changes for the main European bourses: On the week: There is a similar picture in many equity markets of consolidation and uncertainty. The lack of urgency for more stimulus on the fiscal side in Europe is going to be a drag. Next week the ECB will roll out something new but I fear it […]
New York coronavirus cases up 422 vs 438
The latest New York data Meanwhile Florida cases rose to 30174 from 28832 a day earlier. The state also crossed 1000 deaths. See here for global coronavirus case data
Oil gives back 9% gain to fall flat
Oil pares gain to just 12-cents WTI crude has fallen flat on the day at $16.46 after rising as high as $17.96. That's two days in a row where sellers have stepped in close to $18.
No one knows what's going to happen to all the debt
Trillions upon trillions in debt is the economic legacy of the virus I'm going to write about this all day today because it appears to be relatively quiet. Here is the basic playbook right now.