09Apr2020 Pre-Market Commentary: Wall Street To Open Fractionally Higher, DOW Futures Up 48 Points, WTI Crude Up To 26.56, Gold At 1670 And Trending Upwards

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in London leading the region. The FTSE 100 is up 1.06% while Germany’s DAX is up 0.40% and France’s CAC 40 is up 0.05%.

Index Ventures raises $2 billion for growth investments

Venture capital firm Index Ventures said on Thursday it had raised $2 billion for growth investments, backing entrepreneurs it reckons will lead the way out of the economic slump caused by the coronavirus pandemic.

Oil prices rise on hopes OPEC+ will agree supply cuts

Oil prices rose on Thursday on expectations the world’s leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand.

Costco set to open new store in China’s Suzhou city

U.S. retail giant Costco will open a new store in China’s eastern city of Suzhou, near Shanghai, state media reported on Thursday.

Saudi, Russia debate record oil cut as U.S. resists action

OPEC and Russia will discuss record oil output cuts on Thursday to support prices hammered by the coronavirus crisis but talks are complicated by internal disagreements and the reluctance of the United States to join in any action.

Putin has no plans to talk oil with Trump, Saudis on Thursday: Kremlin

Russian President Putin has no plans as of Thursday to discuss oil markets with U.S. President Donald Trump and Saudi Arabia’s leadership, a Kremlin spokesman told Reuters.

Global stocks gain on hopes pandemic is nearing peak

Global shares rose on Thursday on hopes the COVID-19 pandemic was nearing a peak and that governments would roll out more stimulus to support their economies, while expectations of a deal to cut oil production bolstered crude prices.

Exclusive: Airbnb restricts bookings on its platform in Britain

Home rental firm Airbnb blocked British bookings on its platform for the vast majority of customers on Thursday, allowing only key workers to stay in properties for as long as emergency government coronavirus restrictions are in place.

Rosneft believes OPEC+ output cut of 10 million bpd would rebalance markets: RenCap

Rosneft believes a cut in oil production of 10 million barrels per day (bpd) by OPEC+ would be sufficient to rebalance oil markets, Renaissance Capital (RenCap) said late on Wednesday following a call with the Russian energy giant.

Factbox: OPEC+ talks face challenges over baseline for cuts and U.S. role

OPEC and its allies hold talks on Thursday to discuss plans for the biggest coordinated oil output cut in history but two hurdles remain: reaching a deal on the levels from which to make reductions and securing the participation of the United States.

A Shocking 17 Million Americans Have Filed For Unemployment In Past 3 Weeks

A Shocking 17 Million Americans Have Filed For Unemployment In Past 3 Weeks

Two weeks ago it was a record 3.3 million initial claims; last week it was an additional (upwardly revised) 6.875 million in initial claims, and this week another 6.606 million claims (almost exactly our expectation of 6.5 million).

That is a shocking 16.78 million people who have applied for unemployment benefits in the last three weeks.

Visualizing The Pandemiconomy: What Are Shoppers Buying Online During COVID-19?

Visualizing The Pandemiconomy: What Are Shoppers Buying Online During COVID-19?

The COVID-19 pandemic is having a significant impact on every aspect of life, including how people shop for their necessities, and their not-so-necessities.

With online retail sales estimated to reach an eye-watering $6.5 trillion by 2023, the ecommerce sector was already booming. But, as Visual Capitalist’s Katie Jones details below, since the outbreak, online shopping has been catapulted into complete overdrive. Even the largest retailers on the planet are struggling to keep up with the unprecedented consumer demand – but what exactly are people buying?

To answer this question, retail intelligence firm Stackline analyzed ecommerce sales across the U.S. and compiled a list of the fastest growing and declining ecommerce categories (March 2020 vs. March 2019) with surprising results.

Futures Reverse Rally As Oil Slides Ahead Of Surge In Unemployment Claims

Futures Reverse Rally As Oil Slides Ahead Of Surge In Unemployment Claims

U.S. stock index futures dipped on Thursday, reversing a 3-day rally as investors braced for another staggering weekly jobless claims number, while European stocks clung to modest gains on the last trading day before the Easter holiday. Oil initially rose in the wake of Russia signaling readiness to cut output although US resistance to join the conversation has sparked concerns today’s OPEC+ meeting could end up a major disappointment.

Japan & Russia Report Worrisome Surge In New Cases, Italian PM Warns “EU Could Fail” Over Outbreak: Live Updates

Japan & Russia Report Worrisome Surge In New Cases, Italian PM Warns “EU Could Fail” Over Outbreak: Live Updates

Summary:

Italian PM says “EU could fail” if bailout package isn’t handled

Russia, Tokyo report record jumps

Russian case total passes 10k

Over the past 24 hours, the US reported 32,176 new cases

US moves to try and stop the IMF from approving Iran’s request for a $5 billion bailout

South Korea warns risk of virus “reactivating” in cured patients

332,000 people have recovered globally so far

Dr. Fauci says US deaths might be “closer to 60k”

19 Syrians have tested positive as health orgs alarmed by outbreak

President Trump says US could reopen in phases “ahead of schedule”

Spain has now confirmed 152,446 cases of the virus

EU pressures Netherlands to drop opposition to bailout plan

Support for ‘Unity Government’ surges in the UK

Italian PM says lockdown might start to lift at end of April

Spain government celebrates lockdown achievements as opposition suspects cases are undercounted

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Update (0800ET): Offering some more surprisingly optimistic comments, Dr. Fauci said in what have become routine morning comments in the press that he now expects US fatalities due to the virus to be “closer to 60k” than the 100k-200k previously anticipated. Trump once said that as many as 240k might die.

“The real data are telling us it is highly likely we are having a definite positive effect by the mitigation things that we’re doing, this physical separation, …

For RBI, Covid is an 800-pound gorilla that moves like a cheetah

For RBI, Covid is an 800-pound gorilla that moves like a cheetahAny benefit from a prolonged downturn in the price of crude is unlikely to offset the drag.

Modi govt may be readying Stimulus No. 2

Modi govt may be readying Stimulus No. 2India had earlier outlined a Rs-1.7 lakh-crore Covid package for the poorest of poor.

More to this market surge than meets the eye?

More to this market surge than meets the eye?Stocks have bounced smartly over the past couple of days, despite occasional slips.

Economic Report: Jobless claims soar 6.6 million in early April as coronavirus layoffs swell to nearly 17 million

The latest round of coronavirus-induced layoffs and furloughs soared by 6.6 million in early April based on records from state unemployment offices, bringing the number of job losses in less than a month to a stupefying 16.8 million.

Need to Know: S&P 500 dividends are in better shape than the market expects. Here’s where investors should worry, says Bank of America.

Our call of the day looks at the tricky question of dividends. The goods news is that big S&P 500 companies will probably hold up on those better than investors think.

London Markets: Just Eat Takeaway shares surge as European deliveries recover

Just Eat Takeaway shares rallied on Thursday after reporting that orders have recovered in key European markets, following a brief dip when the coronavirus shutdowns first started.