Written by Gary
US stock index futures have rebounded this morning as upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due (SPY +1.7%).
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 1.69% while Germany’s DAX is up 0.86% and France’s CAC 40 is up 0.54%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Explainer: How the EU can finance economic recovery after the COVID-19 pandemicThe European Union is looking at ways to revive its economy after what is expected to be the 27-nation bloc’s deepest recession, caused by the coronavirus pandemic. |
| Rogers pulls 2020 outlook, misses estimates as coronavirus crisis deepensCanada’s Rogers Communications Inc on Wednesday pulled its 2020 forecast and reported lower-than-expected quarterly profit due to a drop in ad sales and weaker demand for its wireless services as a result of the coronavirus outbreak. |
| Tissue sales help Kimberly-Clark beat quarterly resultsKimberly-Clark Corp said on Wednesday sales of tissue and toilet paper rose 13% in the first quarter as consumers stocked up in preparation for the coronavirus pandemic, helping the company beat Wall Street estimates for profit and sales. |
| AT&T misses revenue estimates as coronavirus weighs on businessAT&T Inc’s first-quarter revenue fell short of Wall Street expectations and the company pulled its financial forecast on Wednesday, as the impact of the coronavirus outbreak overshadowed strong growth in monthly phone subscribers. |
| Facebook invests $5.7 billion in Reliance unit, plans digital services for Indian grocersFacebook will spend $5.7 billion to take just under 10% of Reliance Industries’ digital unit, seeking to roll out services for India’s grocers and other small businesses by capitalising upon WhatsApp’s extensive reach within the country. |
| Elevator maker Kone beats forecasts, sees China recoveryKone reported a smaller than expected 10% fall in first-quarter profit on Wednesday, with demand for its elevators and services strong in many countries despite the coronavirus outbreak. |
| American quandary: how to secure weapons-grade minerals without ChinaThe United States wants to curb its reliance on China for specialized minerals used to make weapons and high-tech equipment, but it faces a Catch-22. |
| Futures bounce after two days of oil-led routU.S. stock index futures rebounded on Wednesday as upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due to a record crash in oil prices, although companies warned of more pain in the coming months. |
| Delta posts quarterly loss and warns of choppy, sluggish recoveryDelta Air Lines Inc reported on Wednesday its first quarterly loss in eight years as the coronavirus crisis devastates air travel demand, and warned that a recovery could take two to three years. “We should be prepared for a choppy, sluggish recovery even after the virus is contained,” Chief Executive Ed Bastian said in an employee memo on Wednesday. |
| S&P Futures Rebound As Oil Buyers EmergeS&P Futures Rebound As Oil Buyers Emerge &P futures rebounded alongside European and Asian stocks on Wednesday as oil pared its recent historic losses and upbeat quarterly earnings reports lifted investor sentiment following a two-day selloff due to a record crash in oil prices, even as companies warned of more pain in the coming months. Treasurys and the dollar dropped while gold gained, rising above $1700. Emini futures climbed after the cash index dropped more than 3% a day earlier, when investors shrugged off the progress of a fresh relief package to counter the economic hit from the coronavirus. The Stoxx Europe 600 Index rose broadly in the wake of Tuesday’s slump. |
| AOC And Jerry Nadler Want $4 Billion In COVID-19 Bailout Funding For MuseumsAOC And Jerry Nadler Want $4 Billion In COVID-19 Bailout Funding For Museums Submitted by Adam Andrzejewski, first published in Forbes, The Kennedy Center’s $25-million taxpayer-funded grant may just be the tip of the iceberg when it comes to coronavirus œstimulus. Even after receiving heavy criticism for including the Center’s generous gift in the latest relief package, members of Congress are pushing for billions more to be sent to other arts organizations. |
| Trump Orders Navy To “Shoot Down And Destroy” Iranian GunboatsTrump Orders Navy To “Shoot Down And Destroy” Iranian Gunboats Ever the showman, and a practiced master of distraction, President Trump has just lobbed another smokebomb at the MSM by tweeting that he has ordered Navy ships to fire on Iranian gunboats if they “harass” US ships.
The Iranian military has on occasion harassed US servicemen station in the area, and back in 2016, there was a brief but intense international when Iran detains US sailors and 2 ships, one of which had reportedly broken down. Both ships had accidentally floated into Iranian waters, according to the Iranians. So far, Trump’s tweet doesn’t appear to be getting too much attention. The Iranian regime is struggling with a brutal coronavirus outbreak that has forced the regime to start reopening its economy for fear of an all-out collapse. The US’s push to enforce sanctions and add further strain has appalled some European allies, who have moved to try and shore up the regime via a facility that bypasses the dollar-based financial system to transact directly with the Iranians. For everybody wondering ‘why now?’, Trump’s command follows the release of footage s … |
| First US Coronavirus Deaths Occurred Weeks Earlier Than Believed, Officials Find: Live UpdatesFirst US Coronavirus Deaths Occurred Weeks Earlier Than Believed, Officials Find: Live Updates Summary: German biotech company begins clinical trials for vaccine Oxford U. begins human testing for vaccine FT says UK coronavirus deaths 2x+ official number Trump: “Our Country is starting to OPEN FOR BUSINESS” Chinese scientist finds deadly new coronavirus mutations Cali officials reveal first US coronavirus death occurred weeks earlier than realized Dominic Raab says at least 69 health-care workers have died in the UK South Korea unveils ‘New Deal’-style stimulus *Â Â Â Â Â *Â Â Â Â Â * Update (0810ET): President Trump is starting the day by once again encouraging the ‘reopen now’ protesters and courting even more responsibility for the eventual outcome of the reopening – something that we’ve repeatedly argued is a boneheaded political strategy.
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| A herd immunity strategy could actually work in youthful IndiaA herd immunity strategy could actually work in youthful IndiaThe herd strategy would allow a majority of the population to gain resistance to the virus. |
| Study sees 0 use in drug Trump riled India forStudy sees 0 use in drug Trump riled India forHydrochloroquine – touted as a Covid “game-changer”- is not effective against the disease, a study has found. |
| Four thumb rules to avoid a financial ICUFour thumb rules to avoid a financial ICUCalendar 2020 has made almost all Indian investors look like really sick patients. |
| Paul Brandus: Coming back from this mess could depend upon Joe Biden’s choices for vice president and the cabinetAs president, Joe Biden would want to right the helm and project a calm, steady-as-she-goes stability as the U.S. recovers from the pandemic and recession. |
| Market Snapshot: Dow futures rise 200 points as Congress looks to roll out new stimulus packageU.S. stock-index futures head higher on Wednesday, a day after the broader market finished at the lowest level in about two weeks, amid concerns about oil’s price and the economic impact of the COVID-19 pandemic. |
| Rex Nutting: Explaining the oil market’s dive: Petroleum became more trouble than it’s worthThe broken global economy can’t provide what we need, like PPE or a night out, but it has no problem producing what we don’t need, like petroleum. |
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