Written by Gary
US jobless claims surged past 3 million last week and the markets rise, wait and see what happens after over 4 million are out of a job (SPY +5.8%). Green volume was high today, but not enough to sustain a bull rally.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | U.S. weekly jobless claims surge to record 3.28 millionThe number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic brought the country to a sudden halt, unleashing a wave of layoffs that likely ended the longest employment boom in U.S. history. |
| Instant View: U.S. jobless claims balloon to record on coronavirus impactThe number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history.[] |
| India’s Yes Bank to raise up to 50 billion rupees after government-led rescueYes Bank Ltd said on Thursday it was looking to raise up to 50 billion rupees ($665.88 million) in an effort to shore up its capital base after a government-led rescue of the private sector lender. |
| Deutsche Bank studies state aid for staff in coronavirus crisisDeutsche Bank said on Thursday it is preparing for the possible use of a government-run short-time work scheme for some of its staff in Germany to cope with the coronavirus crisis, a move that could face union resistance. |
| Harley-Davidson withdraws outlook due to coronavirus disruptionHarley-Davidson Inc on Thursday withdrew its financial forecasts as the coronavirus outbreak hurts its supply chain, and warned further disruptions could dent its ability to supply and sell motorcycles. |
| HSBC delays job cuts in face of coronavirusHSBC has said it is delaying the “vast majority” of its planned redundancies to deal with the fallout from the coronavirus pandemic, a memo sent to staff seen by Reuters said. |
| Ford to restart U.S. truck plants in April to combat virus cash squeezeFord Motor Co said on Thursday it planned to restart production at some plants in North America as early as April 6, bringing back its most profitable vehicles at a time when U.S. demand has slumped and the No. 2 U.S. automaker is conserving cash to survive the coronavirus pandemic. |
| Wall Street jumps at open as jobless claims raise hopes of more stimulusWall Street jumped at the open on Thursday, building on a two-day rally, as investors bet on more stimulus measures after the U.S. jobless claims surged past 3 million last week, underscoring the economic impact of the coronavirus pandemic. |
| Hedge fund manager to lead Norway sovereign fund after $124 billion lossNorway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion this year as stock markets tanked due to the coronavirus pandemic. |
| Kathy Griffin Hospitalized With “Unbearably Painful” Symptoms, Blames TrumpKathy Griffin Hospitalized With “Unbearably Painful” Symptoms, Blames Trump It has been almost three years since CNN fired Kathy Griffin for posing in a photo holding President Trump’s bloody severed head. Now Griffin is in the hospital, bashing Trump on his coronavirus response, while she gets tested. ¦Karma is a b*tch. |
| Tax-Dodging Cruise Industry Begs For Taxpayer Bailout Amid Collapse In RevenueTax-Dodging Cruise Industry Begs For Taxpayer Bailout Amid Collapse In Revenue The cruise industry, which has dodged US taxes and regulations for years by registering their vessels overseas, is in dire need of cash in order to remain afloat – and aren’t confident that they can borrow from any of the existing taxpayer-funded loan programs due to their offshore registrations. |
| “I’ve Never, Ever, Ever Seen Anything Like This Before”“I’ve Never, Ever, Ever Seen Anything Like This Before” With the Fed buying $622 billion in Treasury and MBS, a staggering 2.9% of US GDP, in just the past five days… |
| “The Situation Is Unthinkable” – Restaurant Suppliers Give Away Unsold Produce As Industry Freezes“The Situation Is Unthinkable” – Restaurant Suppliers Give Away Unsold Produce As Industry Freezes We’ve noted in recent weeks that OpenTable has shown a collapse in restaurant traffic across the US and in London. Some five to seven million people working in the US restaurant industry are expected to lose their jobs over the next three months. With restaurants shuttered, except for take-out, as per new social distancing rules, food distributors who regularly supply fruit and vegetables are stuck with tons of unsold produce. Bloomberg interviews Franco Fubini, the owner of produce seller Natoora Ltd., supplies high-end fruit and vegetable to top restaurants in the US and Europe. Fubini said sales have “evaporated” in the last several weeks as restaurants and hotels have been forced to close. “The situation is unthinkable,” said Fubini. “Here in the US, the situation is very critical for small farmers. Very critical. It’s incredibly, incredibly challenging.” Fubini supplies produce to David Chang’s Momofuku Ko, London steakhouse Hawksmoor and Gordon Ramsay’s restaurants, said food has been piling up in his warehouse with no place to go. He has had to give away food to charities and churches in recent weeks. |
| How catastrophic will virus be for economy? This holds clueHow catastrophic will virus be for economy? This holds clue Pronab Sen says India’s growth in the next two quarters will not be more than 3% due to the lockdown. |
| State banks throw customers a Covid lifelineState banks throw customers a Covid lifelineAs many as 15 out of the total 18 PSB have announced schemes to mitigate hardship faced by various segments. |
| Will Sitharaman’s 1st covid shot do the trick?Will Sitharaman’s 1st covid shot do the trick?Some very hard choices lie ahead for the finance minister-led economic response taskforce. |
| Rishi Sunak unveils package to pay self-employed 80% of income, but the money won’t be available until JuneBritain’s chancellor describes scheme to help self-employed as œone of the most generous in the world. |
| The Margin: ‘We needed each other in this crazy mess.’ Is it a good time to rescue a dog during the coronavirus lockdown?Animal rescues are seeing a spike in adoptions and fosters, but what will happen when people eventually go back to work? |
| Slack’s CEO shows how many more people are now using the platform since the coronavirus outbreakAnd Slack’s stock jumped after its CEO tweeted a thread showing user growth. |
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