08Apr2020 Pre-Market Commentary: Wall Street To Open Fractionally Higher, DOW Up 250 Points, WTI Crude Slips To 23.86, US Dollar Higher At 100.08, Gold Steady At 1649

Here is the current market situation from CNN Money

European markets are lower today with shares in France off the most. The CAC 40 is down 0.94% while London’s FTSE 100 is off 0.72% and Germany’s DAX is lower by 0.42%.

Global stocks turn negative as virus death toll mounts

World stocks turned negative on Wednesday as the coronavirus death toll mounted and euro zone finance ministers failed to agree a rescue package to help economies recover from the impact of the outbreak.

Spirit AeroSystems halts production for Boeing jets indefinitely

Spirit AeroSystems , Boeing’s top supplier, said on Wednesday it had stopped production for the planemaker for an indefinite period and would furlough workers supporting Boeing programs in Kansas and Oklahoma.

Tesco defends dividend payout as warns coronavirus costs could top $1 billion

Tesco has defended its decision to pay investors a 635 million pound ($782 million) dividend while accepting business tax relief from the British government aimed at helping distressed retailers through the coronavirus crisis.

Zoom sued for overstating, not disclosing privacy, security flaws

Zoom Video Communications Inc was slapped with a class action suit by one of its shareholders on Tuesday, accusing the video-conferencing app of overstating its privacy standards and failing to disclose that its service was not end-to-end encrypted.

Wobbly U.S. fiscal response could deepen coronavirus recession

The U.S. government’s massive effort to nurse the economy through the coronavirus crisis was billed as a send-money-and-don’t-sweat-the-details flood of cash to people and businesses in a $22 trillion system that has ground to a halt.

H&M borrows 980 million euros to boost liquidity buffer amid pandemic

H&M , the world’s second-biggest fashion retailer, said on Wednesday it had signed a 980 million euro ($1.1 billion) revolving credit facility to strengthen its liquidity buffer in light of the novel coronavirus pandemic.

Oil holds near $32 ahead of OPEC-led talks on output cuts

Oil steadied near $32 a barrel on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.

Dollar firms on rising coronavirus crisis worries

The dollar firmed on Wednesday as optimism that the coronavirus crisis was slowing waned, increasing investor concerns over the economic impact of the pandemic.

SoftBank-backed Oyo furloughs some U.S. workers as coronavirus hits revenue

SoftBank-backed Oyo Hotels and Homes is furloughing some employees to cut costs, it said on Wednesday, as lower travel due to the coronavirus pandemic slams the hospitality industry.

The Greatest Idiot…

The Greatest Idiot…

Authored by Bill Blain via MorningPorridge.com,

The greatest idiot is a man who thinks strong stock markets are an indication of economic health.

Futures Rebound From Tuesday’s Historic Reversal Despite European Chaos

Futures Rebound From Tuesday’s Historic Reversal Despite European Chaos

S&P futures rebounded and European stocks fell as investors were conflicted by Tuesday’s late plunge – which saw stocks close red after the biggest surrender of gains since Oct 2008…

Boris Johnson Said To Be “Stable”, But Remains In ICU

Boris Johnson Said To Be “Stable”, But Remains In ICU

As promised, Downing Street has released its morning update on the condition of Prime Minister Boris Johnson. And according to Spokesman James Slack, who spoke with reporters on a conference call on Wednesday, Johnson is still in “stable” condition, but remains in intensive care after spending Tuesday night there.

Slack also said Johnson is “responding” to whatever treatment he is receiving.

“The prime minister remains clinically stable and is responding to treatment,” Slack said. He added that Johnson is in “good spirits”, but is unable to work right now.

The PM is not working, he is in intensive care. He has the ability to contact those that he needs to. He is following the advice of his doctors at all times �

Slack affirmed that Foreign Secretary Dominic Raab has been deputized to stand in for Johnson.

News of the PM’s recovery, though still not guaranteed as he remains in the ICU, is still unquestionably good news for a country that has rallied around Boris Johnson, a politician whose popularity inside and outside Britain have made him a uniquely beloved figure in British politics.

One nationwide movement involved neighborhoods walking outside at the same time to ‘clap for Boris’.

Proud as punch, our estate clapping for Boris. #ClapForBoris pic.twitter.com/n77ZpPA6xM

” Graham Walker (@Graham_Wa1ker)

Tesla Furloughs Majority Of Workers, Cuts Employee Pay Through The End Of Q2

Tesla Furloughs Majority Of Workers, Cuts Employee Pay Through The End Of Q2

Despite somehow delivering 88,000 vehicles in Q1, Tesla came out on Tuesday and announced it was going to be furloughing all non-essential workers and implementing salary cuts due to the very same coronavirus outbreak that CEO Elon Musk once publicly labeled as “dumb”.

In true “carrot on a string” fashion, the company also disclosed at the same time that it expected to resume normal operations on May 4, “barring any significant changes”, according to Reuters.A

Recall, Tesla had suspended production at Fremont and in New York on March 24. The Fremont suspension came after a spat with the Alameda County Sheriff’s department about whether or not Tesla was an “essential” business. It also came 8 days after Musk told his workers they were “more likely to die in a car crash” than from coronavirus.A

Modi drops hints about possible extension of coronavirus lockdown

Modi drops hints about possible extension of coronavirus lockdownIt comes amid raging speculation of a likely 2-week extension of the lockdown being on the cards.

UP is trying to corner the coronavirus

UP is trying to corner the coronavirusHotspots in 15 districts of UP, including Agra, Lucknow, Noida & Varanasi will be sealed till April 15.

Banks, Modi’s Achilles’ heel in Covid fight

Banks, Modi’s Achilles’ heel in Covid fightThe weakest link in the Indian economy is its banking sector. This has been the case for some time.

Bernanke rejects Great Depression comparisons as he says GDP could slump by 30%

Ben Bernanke, the former chairman of the Federal Reserve, is a scholar of the Great Depression, a background he put to use during the global financial crisis. But he thinks the Great Depression is a bad comparison to make to the current economic nosedive.

In One Chart: Stock market’s daily price swings during coronavirus crisis are largest since 1929 crash

Daily U.S. stock market volatility is no illusion. Analysts at Bespoke Investment Group note that average daily price moves over the past five weeks are the largest since the aftermath of the 1929 crash.

Market Extra: Is the Dow staging a genuine rebound? Here’s what experts think as the stock market attempts to shake the bearish grip of the coronavirus pandemic

Investors are seeing light at the end of the tunnel after a brutal period. But is it a train? Here’s what some strategists are saying about the outlook for the market as it tries to recover from COVID-19.