Written by Gary
US stock index futures have risen this morning (SPY +1.8%). April 2020 Richmond Fed Manufacturing survey jumps deep into contraction.
Here is the current market situation from CNN Money | |
![]() | European markets are mixed today. The FTSE 100 is up 0.95% while the DAX gains 0.37%. The CAC 40 is off 0.17%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
![]() | Anthem profit beats on IngenioRx strength; backs 2020 earnings forecastAnthem Inc beat quarterly estimates for revenue on Wednesday, helped by the launch of pharmacy benefits business IngenioRx and as more people opted for its health plans. |
![]() | Samsung’s phone fortunes wane as COVID-19 hits 5G phones in Europe and U.S.When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing. |
![]() | Futures rise on Alphabet, Boeing earnings ahead of GDP dataU.S. stock index futures rose on Wednesday, bolstered by solid earnings reports from Google-parent Alphabet and Boeing that provided some optimism as the country moved cautiously to ease lockdowns, while investors braced for data which could reveal a sharp contraction in the domestic economy. |
![]() | GE warns more pain ahead as pandemic deals $1 billion cash hitGeneral Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months. |
![]() | VW, Daimler urge Germany to boost car demand as profits plungeVW and Daimler on Wednesday urged the German government to help boost demand for cars as the coronavirus pandemic hammered first-quarter profits and forced both carmakers to drop their outlooks for the year. |
![]() | Volkswagen sees second-quarter operating loss over coronavirus impactGerman carmaker Volkswagen is expecting an operating loss in the current quarter due the impact of the coronavirus pandemic, its chief financial officer said on Wednesday. |
![]() | Boeing cuts 787 production after second straight quarter of lossesBoeing Co reported a loss for the second straight quarter and said on Wednesday it would cut its workforce by about 10% as the planemaker further reduces 787 Dreamliner production against a slump in global travel demand. |
![]() | Daimler sees profits at Mercedes-Benz Cars rising in 2020Daimler said it expected the full-year operating profit of its Mercedes-Benz Cars & Vans division to be above the prior-year level but warned that the coronavirus pandemic will push the group to an operating loss in the second quarter. |
![]() | Daimler warns of difficult second quarter, hikes risk provisionsDaimler on Wednesday warned the carmaker faces a difficult second quarter as it hiked credit risk provisions to anticipate rising delinquencies among customers who leased or bought Mercedes-Benz passenger cars. |
![]() | Futures Surge On “Positive” Gilead HeadlinesFutures Surge On “Positive” Gilead Headlines Gilead Shares are halted on Wednesday morning for pending news, likely about its potential coronavirus drug remdesivir. At 0830 ET, right around US GDP release, Gilead releases positive clinical data:Â GILEAD SCIENCES STATEMENT ON POSITIVE DATA EMERGING FROM GILEAD SAYS STUDY TO PROVIDE INFO ON 5-DAY DURATION OF THERAPY Futures soar on Gilead data…Â |
![]() | Boeing Burns Through A Record $4.7BN In Cash As Revenue Crashes 26%, Will Fire 10% Of WorkersBoeing Burns Through A Record $4.7BN In Cash As Revenue Crashes 26%, Will Fire 10% Of Workers The hits just keep on coming for Boeing which last quarter was slammed with the continued grounding of the 737 MAX and now had to contend with the collapse in airline travel due to the coronavirus. As a result, moments ago Boeing reported another dismal earnings report with the following highlights: Q1 Revenue of $16.9BN, exp. $17.3BN, and down 26% Y/Y Q1 EPS Loss of ($1.70), exp. ($1.61) and down from a profit of $3.16 year ago Q1 Operating Cash Burn ($4.3BN) vs positive cash flow of $2.8BNÂ year ago; total free cash flow was a record negative ($4.7BN) Q1 Core operating margin of (10.1%) vs 8.7% year ago Q1 Cash and marketable securities of $15.5BN Exploring All Options for Additional Liquidity |
![]() | US Government Report Concludes Wuhan Lab ‘Most Likely Source’ Of COVID-19 OutbreakUS Government Report Concludes Wuhan Lab ‘Most Likely Source’ Of COVID-19 Outbreak A US government analysis leaked to the Washington Times concludes that the Wuhan Institute of Virology or the Chinese CDC is the “most likely” source of the COVID-19 pandemic which has killed over 200,000 people worldwide in roughly four months. |
![]() | Consequences Imminent: The Dam Threatens To BurstConsequences Imminent: The Dam Threatens To Burst Authored by Bill Blain via MorningPorridge.com,
I am beginning to suspect this market might be following the script from some long forgotten 1970’s Disaster Movie. |
![]() | America hardsells India to companies moving out of ChinaAmerica hardsells India to companies moving out of China Modi is learnt to have asked states to roll out red carpet for firms exiting Beijing. |
![]() | India Inc in a huddle for post-Covid lifeIndia Inc in a huddle for post-Covid lifeFor India Inc, disaster planning for business continuity and survival has emerged as the top priority. |
![]() | Startups do whatever it takes to surviveStartups do whatever it takes to surviveSmall businesses are venturing out into unchartered territories to stay relevant. |
![]() | April 2020 Conference Board Consumer Confidence Decline Continues After March’s Record Decline
The latest Conference Board Consumer Confidence Index’s headline number again significantly declined, following March’s record decline. The Index now stands at 86.9 (1985=100), down from 118.8 in March. A quote from the Conference Board: “The 90-point drop in the Present Situation Index, the largest on record, reflects the sharp contraction in economic activity and surge in unemployment claims brought about by the COVID-19 crisis” |
![]() | The Tell: The ‘Great Repression’ is here and it will make past downturns look tame, economist saysIn the wake of the coronavirus crisis, investors need to brace for the œGreat Repression, which may be even uglier than the financial crisis-caused downturn of a decade ago. |
![]() | The Conversation: Coronavirus is ‘a silent disaster’ for rural states in the SouthIn Mississippi, rural infection rates per 100,000 people have been much higher than rates in urban areas. |
![]() | Bond Report: Treasury yields tick lower as Fed policy update, first-quarter GDP comes into focusU.S. Treasury yields fall on Wednesday as investors await the outcome of a policy update from the Federal Reserve. |
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