25Mar2020 Midday Update: Wall Street Fractionally Higher, DOW Up 865 Points, Expect Rollover Shortly, WTI Remains Stationary At 24.17, Gold Steady At 1615

Here is the current market situation from CNN Money

North and South American markets are sharply higher today with shares in Brazil leading the region. The Bovespa is up 13.75% while Mexico’s IPC is up 6.75% and U.S.’s S&P 500 is up 1.62%.

UK’s Sainsbury’s to assist smaller suppliers during coronavirus pandemic

British supermarket Sainsbury’s said on Wednesday it would help its smaller suppliers during the coronavirus emergency by paying them immediately and making finance available.

Thyssenkrupp to cut 3,000 jobs at struggling steel unit

German conglomerate Thyssenkrupp will cut 3,000 jobs and invest 4.2 billion euros ($4.6 billion) at its struggling steel division by 2026 as part of a wage deal struck with powerful labor union IG Metall, it said on Wednesday.

Exclusive: ECB’s Lagarde asked euro zone ministers to consider one-off ‘coronabonds’ issue – officials

The head of the European Central Bank Christine Lagarde asked euro zone finance ministers at a videoconference on Tuesday evening to seriously consider a one-off joint debt issue of “coronabonds” to help fight the epidemic, two officials said.

Stocks rebound passes 10% after $2 trillion U.S. stimulus boost

A rebound in world stocks reached a lofty 11% on Wednesday and commodities made gains too, as coronavirus-battered markets leapt on news of a $2 trillion U.S. fiscal stimulus package.

Walmart taps Sameer Aggarwal as CEO of Indian unit, says in touch with suppliers

Walmart Inc on Wednesday named Sameer Aggarwal chief executive officer of Best Price, its Indian cash and carry business, and said it was in touch with supplier partners for adequate stocking at its stores during the 21-day government sanctioned lockdown.

China to resume U.S. LPG imports as Beijing waives trade-war tariff: sources

China has begun buying U.S. liquefied petroleum gas (LPG) again after a hiatus of nearly 20 months as Beijing waived punitive tariffs to boost imports of U.S. goods as part of the Sino-U.S. Phase 1 trade deal, industry sources said.

Futures rise as Washington reaches deal on $2 trillion aid package

U.S. stock index futures rose on Wednesday, putting Wall Street on course to extend its massive bounce from the previous session, as Washington reached a deal on a $2 trillion stimulus package to help ease some economic pain from the coronavirus pandemic.

Kia Motors may make face masks at China factory to fight coronavirus

South Korea’s Kia Motors Corp is considering making face masks at its Chinese factory to help battle the spread of the coronavirus, a spokesman said on Wednesday.

Treat with caution: rocketing stocks aren’t cause for comfort

Those pining for a bottom to the gut-wrenching stock market selloff may be disappointed to learn that mega one-day rallies like the historic one witnessed on Tuesday are typically not the start of a durable recovery.

$5 Trillion Down The Drain

$5 Trillion Down The Drain

Authored by Stephen Moore via RasmussenReports.com,

In the face of the coronavirus pandemic, everyone should read Robert Higgs’ economic classic “Crisis and Leviathan.” The critical warning of this masterpiece is that government always uses a crisis – from the Civil War to the Great Depression to World War II – to expand power, not only during the emergency but also afterward. Emergencies tend to ratchet up the cost and power of government permanently.

That expansion of government authority is especially unwise now, given that when this coronavirus fiasco is finally over, it may go down in history as one of the greatest government screwups in American history. That’s saying a lot.

As a nation, we spend just short of $5 trillion a year in Washington and at least another $1 trillion at the state and local level. Our government spends 1 of every 3 dollars that passes through the U.S. economy. It is the largest enterprise in the history of the world.

Mayor de Blasio Fighting Coronacrisis By Letting Hundreds Of Criminals Out Of Prison

Mayor de Blasio Fighting Coronacrisis By Letting Hundreds Of Criminals Out Of Prison

In the latest example of “outside the box thinking” from America’s favorite mayor, Bill de Blasio – whose city is being ravaged by the coronavirus and is slowly becoming the epicenter for the outbreak in the U.S. – decided to release inmates from jail.

Approximately 300 inmates were released from Rikers Island and other city facilities this week in an attempt to, drumroll, stop the virus spread, because apparently confining potential covid carriers in a closed space is more risky than letting them frolic among the general population. Perhaps de Blasio missed the part where prisoners are already in quarantine, even if one gets the virus.

The socialist mayor and failed presidential candidate commented on the non-violent offenders serving yearlong sentences or less that he was releasing: “Some have many months, some have only a few months, some have only weeks, but I’m going to treat this category across the board. We will move to release those 300 inmates immediately.”

We wonder if New York resident, forced to live under quaratine indefinitely, will appreciate the latest stroke of brilliance from the NYC mayor who has worked for his entire tenure to de-criminalize… well, crime.

Environmentalist Group: “Corona Is The Cure – Humans Are The Disease”

Environmentalist Group: “Corona Is The Cure – Humans Are The Disease”

Authored by Paul Joseph Watson via Summit News,

A climate change group that aligns itself with Extinction Rebellion posted stickers claiming that coronavirus is a œcure for the œdisease that is humanity.

Japan’s QE On Verge Of Failure As Nobody Wants To Sell To The BOJ

Japan’s QE On Verge Of Failure As Nobody Wants To Sell To The BOJ

Over a decade since central bankers started a stealthy nationalization of capital markets by purchasing a wide range of securities from Trasuries, to MBS, to corporate bonds, to ETFs and single stocks, their actions are finally catching up to them, and in the process breaking the very markets central bankers have worked so hard to prop up. And nowhere is this more obvious than in Japan, where the shrinking universe of Japanese government bonds (as a reminder the BOJ now owns more than 100% of Japanese GDP in JGBs) is “causing havoc” in Japanese money markets as the Bank of Japan continues to buy while dealers refuse to sell.

The result is that rates in Japan’s repo market, which traditionally connects holders of bonds with investors looking to borrow them, jumped to a record Tuesday (although they since retreated on Wednesday) because as Bloomberg notes, “the introduction of cheaper, more regular dollar-swap auctions has generated huge demand from U.S. currency-starved dealers who are keeping their JGBs to put them down as collateral.”

The cost India may end up paying for staying behind Covid’s curve

The cost India may end up paying for staying behind Covid’s curveAnalysts have pegged the cost of the COVID-19 lockdown in India at $120 billion or 4 per cent of the GDP.

Covid puts a chill on big-ticket expat hiring

Covid puts a chill on big-ticket expat hiringExpat hiring will get pushed out at least temporarily, including for OCI cardholders, experts say.

How Day 1 of lockdown unfolded in India

How Day 1 of lockdown unfolded in IndiaWith most businesses having to work from home or with minimal personnel, many have temporarily shut shop.

The Fed: Here’s how to think about the economy right now, says Fed’s Bullard: A car slowing in a construction zone

St. Louis Federal Reserve President James Bullard warns that because of the coronavirus pandemic, second-quarter economic data will likely be worse than any we’ve ever seen, but he urged Americans to see this as a temporary roadblock.

The Ratings Game: Square stock on track for back-to-back record rallies after ‘candid’ business updates

It might not take long for Square Inc.’s stock to top Tuesday’s record day of gains.

Just one in three suppliers are fully operational during coronavirus shutdowns, survey finds

Just one in three suppliers in a global survey said they are fully operational as the coronavirus that causes COVID-19 forces workers to stay at home and shutters stores, offices and manufacturing sites.