Blogs

Comments from Cuomo Cuomo says the question now is how quickly the decline in cases and hospitalizations comes is the big question. See here for global coronavirus case data

Big rally today The moves in oil in the past week have been truly remarkable and now we're almost back where we started. June crude is up $4.22 today, or 30.6%, to $18.01. A rally above $20 would essentially wipe out the rout as shorts are squeezed out.

A beat for the KC Fed Note that there were only 6 economist estimates so take 'expected' with a  grain of salt. See here for global coronavirus case data

Gold gaining There's no single reason for the sudden weakness in the US dollar but the backdrop is: What's fascinating is that the bond market isn't taking part in this move at all. Yields are pretty much flat on the day.

German fiscal restraint is dead EU leaders are meeting today. There's talk of more than 2 trillion euros of stimulus. The euro has risen on this headline as it fights back after the poor PMIs. The US dollar is also under pressure.

US new home sales data This is worse than the headline suggests because of the downward revisions. Housing was off to a great start to the year but it's a mystery about what will come next.

The death count continues to rise 31% of people are still testing positive, which is a very high number relative to places like Spain or Italy where there is a clear rollover in the curve.

Markit US flash PMIs for April 2020 Selected details: See here for global coronavirus case data

Futures higher The S&P 500 gained 2.3% yesterday or 63 points. Futures are another 12 points higher today after a wave of earnings late yesterday and before the open. Few companies are offering guidance.

The numbers in Australia are upbeat There was always going to be a time when the market began to reward winners and losers in the coronavirus fight. The countries that limit infections and offer stimulus with minimal waste and turmoil will benefit, and so will their currencies.