09Apr2020 Market Close: Wall Street Rises On Fed’s $2.3 Trillion Rescue Plan, DOW Closes Up 286 Points, WTI Crude Settles Lower At 23.51, Feds Start A Gold Rush – Gold Rising To 1584, We Are Facing A New ‘Great Depression’

EasyJet to defer delivery of 24 Airbus planes, hold shareholder meeting

British airline easyJet on Thursday said it would defer the delivery of 24 Airbus jets and hold a shareholder meeting after the airline’s founder Stelios Haji-Ioannou stepped up a disagreement over the airline’s expansion plans.

Uber to give drivers millions of face masks to battle coronavirus

Uber Technologies Inc on Thursday said it plans to ship millions of face masks to its active drivers and food delivery people around the world to help prevent the spread of the novel coronavirus.

U.S. jobless claims exceed six million for second week in a row

A staggering 16.8 million Americans have filed for unemployment benefits in the last three weeks, with weekly new claims topping 6 million for the second straight time last week as the novel coronavirus outbreak relentlessly savages the economy.

Airbus’s landmark jet output cut faces crucial test

Airbus’s decision to cut output of its best-selling jet by a third amid coronavirus marks a huge shift for the European planemaker, which has enjoyed virtually unbroken growth since it began competing toe-to-toe with Boeing almost 20 years ago.

Fed rolls out $2.3 trillion to backstop ‘Main Street,’ local governments

The U.S. Federal Reserve on Thursday announced a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses, the latest in an expanding suite of programs meant to keep the U.S. economy intact as the country battles the coronavirus pandemic.

Explainer: Next from the Fed – Help for Main Street

The U.S. Federal Reserve responded fast to the coronavirus crisis with open-ended programs to keep financial markets running and ensure major companies could raise cash as they usually do through large capital markets.

Morgan Stanley CEO diagnosed with coronavirus in March, since recovered -bank video

Morgan Stanley Chief Executive Officer James Gorman was diagnosed as being infected by the novel coronavirus after first experiencing symptoms nearly a month ago and has fully recovered, according to a video that was sent to the bank’s employees on Thursday.

Saudi, Russia closing in on record oil cut deal

OPEC and it allies held talks on Thursday on record oil output curbs of 15 million to 20 million barrels per day (bpd), or 15% to 20% of global supplies, to support prices hammered by the coronavirus crisis, OPEC and Russian sources said.

Wall Street rises on Fed’s $2.3 trillion rescue plan

Wall Street rose for the third time in four days on Thursday as the U.S. Federal Reserve rolled out a massive $2.3 trillion program to bolster local governments and businesses hammered by the coronavirus outbreak.

Why Central Planning By Medical Experts Will Lead To Disaster

Why Central Planning By Medical Experts Will Lead To Disaster

Authored by Gary Galles via The Mises Institute,

A great deal of the coverage of the COVID-19 crisis has been apocalyptic. That is partly because œif it bleeds, it leads. But it is also because some of the medical experts with media megaphones have put forward potentially catastrophic scenarios and drastic plans to deal with them, reinforced by assertions that the rest of us should œlisten to the experts, because only they know enough to determine policy. Unfortunately, those experts don’t know enough to determine appropriate policies.

Wimbledon Just Got Paid $141 Million On “Pandemic Insurance” They’ve Been Paying For The Last 17 Years

Wimbledon Just Got Paid $141 Million On “Pandemic Insurance” They’ve Been Paying For The Last 17 Years

Somebody at Wimbledon is definitely earning their keep.

As the pandemic hit this year, the tournament was far more prepared than most organizations. For the last 17 years, Wimbledon has paid $2 million per year in “pandemic insurance” to prevent against exactly the type of scenario that prevented the tournament from happening this year.

We’re not sure what type of meetings and pitches needed to happen to convince the Board at Wimbledon to continue to shell out $2 million per year in insurance for a possible catastrophe that most people would have bet would have never happened in their lifetimes.

The insurance was first highlighted by The Times back in late March.Â

Mexico Folds, Agrees To Join OPEC+ Output Cut After Dramatic Objection

Mexico Folds, Agrees To Join OPEC+ Output Cut After Dramatic Objection

Update: Well, that didn’t take long. Less than an hour after news of its objection to the OPEC+ production cut hit, with Mexico even threatening to quit OPEC and become an observer, the OPEC member state has folded and has agreed to join the flock.

MEXICO AGREES TO OPEC PLUS PRODUCTION CUTS, SOURCES SAY

ALL OPEC PLUS MEMBERS AGREE TO CUT OUTPUT, SOURCES SAY

It’s unclear what the terms of the backroom deal were that prompted Mexico to change its mind, but the fact that Mexico will now produce even less out despite the slump in oil prices, will only add further pressure on the Mexican economy and soon lead to new all time lows in the MXN peso.

* * *

There is a reason why we noted earlier that the “deal” reached between Russia and Saudi Arabia had not been ratified by any other R-OPEC members: because it was unlikely the draconian caps and production terms imposed by the two super producers (23% across the board cuts for everyone) would be accepted by all oil producing nations.

Sure enough, just a few hours after the deal emerged, we got latest OPEC+ drama twist, Mexico – whose economy is already reeling between a collapse in production and a surge in covid cases – and refused to go want to go along with the cuts and has asked if it can withdraw from the OPEC+ group and become an observer.

As Bloomberg notes, “so far, its involvement had just seen it contribute natural declines in output, but it clearly doesn’t want to contribute active cuts.” But more importantly, Mexico’s threat “just goes to show the weakness at the heart …

Ron Paul: Resistance Building To Coronavirus ‘House Arrest’ Orders… “It’s About Time!”

Ron Paul: Resistance Building To Coronavirus ‘House Arrest’ Orders… “It’s About Time!”

Authored by Mac Slavo via SHTFplan.com,

Americans have suffered under the boot of tyranny long enough.

The world now faces a new ‘Great Depression’ as virus toll mounts

The world now faces a new ‘Great Depression’ as virus toll mountsGiven the containment measures to slow the spread of the virus, the world economy is taking a substantial hit.

Beginning of the end of jobs as we know it

Beginning of the end of jobs as we know itIn the long run, if we subtract the real estate & transit costs, this is an opportunity, not a challenge.

A country when its 1.3 bn citizens stay home

A country when its 1.3 bn citizens stay homeAbsent the throngs of buses, two-wheelers, rickshaws and hand-drawn carts, birdsong and clean air is back.

Key Words: One journalist’s ‘brilliant’ take on the coronavirus pandemic cheered as ‘the best cold open … to a news show’

Emily Maitlis shared her thoughts on the coronavirus pandemic in an opening monologue on the BBC that helped her become a viral sensation across social media.

Bond Report: Treasury yields tick lower as Fed deploys ‘M1 tank’ to support economy

U.S. Treasury yields edged lower on Thursday after the Federal Reserve said it would deploy up to $2.3 billion of funds to support the flow of credit in the economy.

Futures Movers: Oil prices settle lower as investors weigh reports of an OPEC+ output cut deal

Oil futures finished with a loss on Thursday, giving up an earlier rally that had lifted U.S. prices by as much as 13%, as investors weighed reports of an OPEC+ output cut deal that some believe won’t be enough to offset losses in demand amid the COVID-19 pandemic’s hit to the economy.