24Jun2020 Midday Update: DOW Down 655 Points (1:30 ET) On Resurgent Coronavirus Cases And Rising Trade Tension, WTI Crude Slips Further To 38.41, Gold Losses Ground, Down To 1767

Here is the current market situation from CNN Money

North and South American markets are sharply lower today with shares in U.S. off the most. The S&P 500 is down 2.33% while Brazil’s Bovespa is off 1.95% and Mexico’s IPC is lower by 1.01%.

Oil Markets Are Right To Be Nervous Of A Second-Wave

Oil Markets Are Right To Be Nervous Of A Second-Wave Tyler Durden Wed, 06/24/2020 – 13:00

Authored by Paul Hickin via S&P Global Platts Insight blog,

Oil markets are recovering quickly, but may have hit the buffers.

Deep production cuts from West Siberia to West Texas and resurgent gasoline demand have helped revive prices, however, a huge stock overhang and fears of further economic lockdowns to counter a second wave of the coronavirus pandemic remain significant risks to a full recovery.

œWe see 4 million b/d of new demand coming on each month through to August as the world recovers from the lockdowns, said Chris Midgley, global director of S&P Global Platts Analytics, at a media briefing June 18.

œBut in September, as you go to the lower traditional seasonal demand, it’s only 1 million b/d, and that’s maybe when you will see more oil coming on the market. So there is a danger that people get too confident.

The next move on output levels by OPEC and its major ally Russia is critical. The so-called OPEC+ group of 23 producers has rolled overÂ

Canada Loses Its AAA Rating

Canada Loses Its AAA Rating Tyler Durden Wed, 06/24/2020 – 12:45

Fitch Ratings has downgraded Canada’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘AA+’ from ‘AAA’ (outlook stable) citing the deterioration of Canada’s public finances resulting from the pandemic.

The nation is expected to run a bigger general govt deficit this year and emerge from recession with œmuch higher public debt ratios

œThe higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus

The headline extended the losses on the loonie…

US Election 2020: The State Of Events

US Election 2020: The State Of Events Tyler Durden Wed, 06/24/2020 – 12:30

Authored by Randeep Somel via BondVigilantes.com,

œEvents, dear boy, events , UK Prime Minister Harold Macmillan responded to a journalist when asked what is most likely to blow governments off course.

At the beginning of this year, Donald Trump was favourite to follow in the footsteps of the previous three Presidents and win re-election. However, events have since unfolded that put his re-election into serious doubt.

Polling

The Democratic candidate Joseph Biden is ahead in every single national poll by wide margins, polling well outside the margin of error. The swing state polling is much closer, but it still looks favourable to Biden right now.

We need to factor in that most polls in 2016 gave Hillary Clinton a commanding lead, which did not materialise on election day. Given the unrest at the moment, this may be due to ‘shy Republicans.’Â The election is still likely to be close. The latest Zogby poll of œWho do you think will win? rather than œWho will you vote for? gave Trump a 51%-43% lead.

The Electoral College

The US election is not won b …

NHTSA Opens “Preliminary Evaluation” Into Tesla Model S Touchscreen Issues

NHTSA Opens “Preliminary Evaluation” Into Tesla Model S Touchscreen Issues Tyler Durden Wed, 06/24/2020 – 12:15

The U.S. NHTSA has opened a preliminary evaluation into Tesla Model S vehicles due to reports about the car’s touchscreen having issues. The investigation covers 63,000 Model S vehicles and is tied to “complaints of media control unit failures due allegedly to early memory wear-out,” according to Yahoo.

The investigation “covers 2012-2015 model year vehicles and comes after [the NHTSA] received 11 complaints alleging failures.”

The touchscreen failure can lead to “loss of audible and visual touchscreen features, such as infotainment, navigation, and web browsing and loss of rear camera image display when in reverse gear.”

Trump’s visa curbs: Who is affected and what may happen next

Trump’s visa curbs: Who is affected and what may happen next US President Donald Trump’s move to suspend visas is a mixed bag for the Indian diaspora.

Here’s another grim warning for economy

Here’s another grim warning for economyThe IMF projected a sharp contraction of 4.5% for the Indian economy in 2020, a “historic low”.

Can India snap economic ties with China?

Can India snap economic ties with China?Here are a string of issues that law makers and regulators will have to deal with.

Square enables retailer customers to offer on-demand deliveries via courier

Square Inc. will let small businesses offer courier delivery through established partners as merchants look for new ways to generate sales in the COVID-19 era.

Retire Better: Why your first five years of retirement are critical

Don’t get forced into a corner

: Do you regret taking a distribution from your retirement plans? The IRS says you can give it back

The Internal Revenue Service just allowed individuals to roll required minimum distributions back into their retirement plans.