Written by Gary
Global stocks seesaw, yields fall on dire economic outlook (SPY +0.9%). Investors concerned about rough first-quarter earnings and lasting economic damage from the coronavirus pandemic.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | S&P 500, Dow slip on grim earnings, coronavirus worriesThe S&P 500 and Dow Jones slipped on Thursday, giving up early gains as concerns about rough first-quarter earnings and lasting economic damage from the coronavirus pandemic offset weekly jobless claims that were better than some had feared. |
| Air traffic in Latin America falls 91% due to the coronavirus outbreakAir traffic in Latin America in April has fallen 91% compared to a year earlier due to the coronavirus outbreak that fully grounded two of the region’s largest airlines and canceled almost all other flights, industry group ALTA said on Thursday. |
| Exclusive: Italy sees 2020 budget deficit near 10% of GDP – sourceItaly’s budget deficit will be near 10% of gross domestic product this year, a senior government official told Reuters, as Rome increases borrowing to try to soften the impact of the new coronavirus and the economy plunges into a deep recession. |
| U.S. crude set to close at 18-year low after OPEC cuts demand forecastOil prices slid, with U.S. crude on track for its lowest close since 2002, after OPEC lowered its global oil demand forecast due to the plunge in demand delivered by the coronavirus outbreak. |
| Nissan extends U.S. production shutdown until mid-MayJapanese automaker Nissan Motor Co said Thursday it will extend a shutdown of U.S. manufacturing plants until mid-May, citing the ongoing impact of the COVID-19 pandemic. |
| U.S. opposes massive liquidity IMF boost: MnuchinThe United States opposes creation of liquidity through issuance of the International Monetary Fund’s Special Drawing Rights (SDRs) as part of the response to the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin said on Thursday. |
| Italy unions agree health measures with CNH Industrial for restartItalian trade unions said on Thursday they had agreed with CNH Industrial on health and security measures so the vehicle maker is ready to resume work as soon as lockdown rules are eased. |
| Global stocks seesaw, yields fall on dire economic outlookWorld stock markets seesawed while bond yields retreated on Thursday as dire U.S. jobless data underscored a deepening downturn amid the coronavirus pandemic and tamped down investor hopes a listless economy would soon be back on its feet. |
| Hand-holding in the pandemic: Wealth managers grapple with new realityDuring the early days of March, Jill Fopiano was having trouble sleeping, waking up at 3 o’clock in the morning, maybe 4 o’clock. She’d been watching news of a virus in China, first out the corner of her eye ” was this like swine flu? ” then more squarely, as headlines rushed in about outbreaks on the west coast of America. Fopiano wondered, in the darkness, if she should shut down her office in Boston’s upscale Back Bay neighborhood. |
| Stocks Surge On Soaring Unemployment For 4th Week In A RowStocks Surge On Soaring Unemployment For 4th Week In A Row S&P is up 255.4 point cumulatively each Thursday in the past 4 weeks; over the same period we have lost 22.03 million jobs. |
| Every Resident Of This Super-Wealthy Florida Island Has Been Given Access To COVID-Antibody-TestingEvery Resident Of This Super-Wealthy Florida Island Has Been Given Access To COVID-Antibody-Testing Antibody testing is going to be the next big project in attempting to understand and control the coronavirus outbreak in the United States. It’ll give us data not only on who currently has the virus, but much needed data on who has already had the virus. This will help the country shape the picture of how far the virus has run its course and what areas could potentially be close to herd immunity, if any. More importantly, it shows whether or not people have encountered the virus despite potentially not ever having symptoms. But even though regular testing its starting to become widely available, antibody testing remains a challenge. Except for the people of Fisher Island, an exclusive community off Miami beach that is one of the wealthiest places in America. Everybody on the island can now get an antibody test, after the island secured tests through the University of Miami, according to the NY Times. Fisher Island paid for the tests after they were purchased by the University of Miami’s health clinic. |
| Trump Reportedly Tells Governors Some States Can Reopen Before May 1: Live UpdatesTrump Reportedly Tells Governors Some States Can Reopen Before May 1: Live Updates Summary: Germany reports jump in new cases, deaths Spain reports most new cases in a week North Dakota releases plan to reopen state May 1 France confirms Turkey releases mafia boss from prison Global Times editor denies report about leak from Wuhan lab Trump reschedules tonight’s press conference for 6pmET Switzerland unveils bailout package Singapore reports another record daily jump as 2nd wave arrives Italy reports slight rise in new cases, pullback in deaths NJ reports jump in cases Phil Murphy opens investigation into nursing home deaths Details of Trump’s reopening guidelines are leaking out Cali gov says Trump said “what we were hoping to hear” Sweden reports another alarming jump Chinese factories on verge of second shutdown France coronavirus-linked deaths fall for first time in 4 days UK health minister says it’s too early to end lockdown as measures set to be extended Trump set to release reopening ‘guidelines’ some time after 3pmET Belgium reports more than 1k new cases UK extends lockdown by “at least” 3 weeks 7 Midwestern states drop guidelines for reopening economy Britain crosses 100k case threshold European Commission President apologizes to Italy Russia’s streak of record new cases stretches to 5th day Japan expands state of emergency to cover whole country Cuomo reports 606 more deaths in NYS UK plan … |
| Boris Johnson’s Stand-In Backs Up Trump On China: “We’ll Have To Ask Some Hard Questions”Boris Johnson’s Stand-In Backs Up Trump On China: “We’ll Have To Ask Some Hard Questions” Every Buzzfeed-reading lib who immediately dismissed reports about the real provenance of SARS-CoV-2 as just another White House smoke bomb should take note: UK Foreign Secretary Dominic Raab, the man who is Britain’s de jure leader while Boris Johnson convalesces, just backed Trump up. During a press conference on Thursday evening, a reporter asked Raab about Trump’s comments and the Fox News report claiming the virus leaked from a biosafety level 4 lab at the Wuhan Institute of Virology, likely when an employee was accidentally contaminated. We’ve been raising questions about the virus’s provenance and sharing this ‘conspiracy theory’ for months – we were even deplatformed for it – now, Raab believes that Beijing should furnish an explanation. < … |
| Stop coronavirus or save economy? India can actually do bothStop coronavirus or save economy? India can actually do both ‹ ‹To the extent rural India is free of, and isolated from, Covid-19 contagion, it can be opened up. |
| For big cos, a Covid relief may be on the wayFor big cos, a Covid relief may be on the way The government is likely to provide income tax and GST refunds to large companies. |
| Will the RBI special window help NBFCs?Will the RBI special window help NBFCs?In the non-bank lending space, most financiers don’t have high-grade marketable bonds the banks could buy. |
| Documentary Of The Week: Complementary CurrenciesWritten by John Lounsbury One of the most unique monetary economists of the last century died a little over a year ago. Bernard Lietaer proposed that global economies would be much more stable if there were a currency (or possibly a number of currencies) parallel to the existing sovereign fiat currencies. The unique characteristic of the currency is that it would be strictly a medium of exchange and be completely separated from store-of-value function.
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| 16 April 2020 New York Fed Weekly Economic Index (WEI): Index Now Well Below Great Recession LevelsWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continued its steep decline, and now shows an economy that is significantly worse than seen during the Great Recession.
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| April will be ‘hideous’ for retail as stores remain shuttered and shoppers stay home, analyst saysApril’s retail sales could be worse than March’s record 8.7% retail sales decline, experts say. |
| Shopping in a pandemic: Gluten-free pizza looks more tempting when the supermarket shelves are bareShoppers are dealing with out-of-stock items at the grocery store by trying new foods and brands they may not have previously. |
| Amazon CEO Jeff Bezos has made the same salary for decades, a little more than double the median U.S. employee’s payJeff Bezos is the richest person in the world and runs the third largest company by market capitalization in America, so there’s a good chance he doesn’t much care that his œlow base salary, that is just a little more than double that of Amazon.com Inc.’s median U.S. employee, hasn’t changed since the company went public. |
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