Written by Gary
US GDP shrank 4.8% in the first quarter amid biggest contraction since the financial crisis (SPY +2.7%). GE warns of more pain ahead as pandemic deals $1 billion cash hit.
Here is the current market situation from CNN Money | |
North and South American markets are sharply higher today with shares in Mexico leading the region. The IPC is up 2.94% while U.S.’s S&P 500 is up 2.53% and Brazil’s Bovespa is up 1.09%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
KFC parent Yum says April sales improving after virus hits Q1Yum Brands Inc said on Wednesday sales in April showed signs of improvement as stay-at-home consumers ordered in more and diners returned to restaurants after certain countries started to ease restrictions. | |
BP donates jet fuel in U.S. to help with COVID-19 reliefBP is donating 3 million gallons of jet fuel to FedEx and Alaska Airlines [ALKAIR.UL] to help with the distribution of personal protective equipment in the battle against the new coronavirus. | |
EU clears French 5 billion euro loan guarantee to RenaultThe European Commission approved on Wednesday a 5 billion euro ($5.4 billion) loan guarantee to carmaker Renault group to mitigate the impact of the coronavirus crisis. | |
Lufthansa to get financial support from Switzerland and AustriaSwitzerland and Austria pledged to help Lufthansa with state-backed loans as the German airline pursues talks with Berlin over a 9 billion euro ($9.8 billion) rescue package. | |
Top Boeing shareholder Vanguard says it voted against chair KellnerTop Boeing Co shareholder Vanguard Group voted against the company’s chairman Lawrence Kellner, citing “control failures” under its audit committee after two 737 MAX plane crashes, according to a stewardship report issued on Wednesday that will further pressure the planemaker. | |
Coronavirus savages U.S. economy in first quarter; worse still to comeThe U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation’s history. | |
White House adviser sees ‘cash’ phase of economic rescue winding downWith the U.S. economy poised for a sharp rebound, it is time for policy to move from a “cash” rescue phase to focus on more long-term measures that can underpin growth, a top White House adviser said on Wednesday. | |
China committed to Phase 1 trade deal despite pandemic: U.S. officialChina remains “very, very committed” to meeting its commitments under a Phase 1 trade deal with the United States, despite the unprecedented economic and health impacts of the new coronavirus pandemic, a senior U.S. trade official said on Wednesday. | |
GE warns of 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. | |
“It’s Quite Good News” – Stocks Hit Session Highs As Dr. Fauci Praises Remdesivir Study“It’s Quite Good News” – Stocks Hit Session Highs As Dr. Fauci Praises Remdesivir Study Update (1200ET): Dr. Fauci endorsed the remdesivir study results released by Gilead and the NIAD (which helped coordinate the US leg of the study) as “quite good news” for patients. He added that the study suggests the drug can stop COVID-19 from progressing in vulnerable patients. FAUCI SAYS GILEAD STUDY `QUITE GOOD NEWS’ FAUCI: GILEAD TRIAL DONE IN VARIOUS COUNTRIES, NOT JUST U.S. FAUCI: GILEAD DATA SHOWS `A DRUG CAN BLOCK THIS VIRUS’ FAUCI: SIGNIFICANT POSITIVE EFFECT IN DIMINISHING RECOVERY TIME His comments sent stocks to their highs of the session: | |
Nearly 20% Of NYC First-Responders Likely Infected With Coronavirus, Cuomo Reveals: Live UpdatesNearly 20% Of NYC First-Responders Likely Infected With Coronavirus, Cuomo Reveals: Live Updates Summary: Elon Musk: “Give people their freedom back” Japan plans to extend state of emergency de Blasio threatens Williamsburg Jews with arrest after mass gathering Starbucks to reopen 90% of US stores North Carolina pug tests positive for COVID-19 EU consumer sentiment plunges UK industrial production at ~50% capacity Trump asks governors to ‘consider’ reopening schools before end of academic year UK launches massive study of 6 potential COVID-19 treatments Poland joins growing list of EU states with plans to reopen China reopens Beijing to outsiders *Â Â Â Â Â Â Â *Â Â Â Â Â Â Â * Update (1145ET): Gov. Cuomo reported Wednesday that hospitalizations continued to drop, while deaths remained steady day over day at 330, though the governor added that the number of death was still unacceptably high.
He added in a tweet that the reopening of his state will be based on “just the facts,” as he more or less r … | |
Pompeo: China Using ‘Classic Communist Disinformation’ To ‘Hide And Obfuscate’ Virus OriginPompeo: China Using ‘Classic Communist Disinformation’ To ‘Hide And Obfuscate’ Virus Origin Secretary of State Mike Pompeo blasted China on Wednesday, telling Fox News that the their ongoing efforts to hide information about the origin of the coronavirus poses a threat to the world. “The Chinese Communist Party now has a responsibility to tell the world how this pandemic got out of China and all across the world, causing such global economic devastation,” said Pompeo, adding “America needs to hold them accountable.” | |
Hertz Bankruptcy Imminent After Massive Layoffs, Missed Lease PaymentHertz Bankruptcy Imminent After Massive Layoffs, Missed Lease Payment Is an over-levered car-rental business “essential”? | |
Lockdown end in sight? Govt just dropped a major hint for May 4Lockdown end in sight? Govt just dropped a major hint for May 4Tremendous gains, improvement in COVID-19 situation due to lockdown till now, new guidelines will come into effect from 4th May, says MHA. | |
Barclays CEO on how virus will change banksBarclays CEO on how virus will change banks”The notion of putting 7,000 people in a building may be a thing of the past,” Jes Staley said. | |
Inside India’s biggest evacuation plan to get stranded citizens backInside India’s biggest evacuation plan to get stranded citizens backThe evacuation, which may happen post lockdown, is likely to be the biggest after ‘Operation Raahat’. | |
March 2020 Pending Home Sales Crash Due To CoronavirusWritten by Steven Hansen The National Association of Realtors (NAR) seasonally adjusted pending home sales index had a “temporary” slump this month [their words, not mine]. Our analysis shows the year-over-year rate of growth rate significantly declined. The quote of the day from this NAR release:
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The Number One: How ‘the single best trade of all time’ netted one investor a $2.6 billion profitBill Ackman had a hunch back in February that the coronavirus pandemic would have a greater impact on the stock market than investors were pricing in, so he essentially made a wager that the bubble would burst and started setting up a $27 million hedge. It turned out to be a stellar exercise in market timing. | |
NewsWatch: S&P 500 climbs above 2,900 as drug maker Gilead says trial for coronavirus treatment has met initial goalStocks traded sharply higher Wednesday as reports that a drugmaker’s clinical trial for a treatment to help patients recover more quickly from the COVID-19 disease helped to offset a plunge in U.S. first-quarter gross domestic product.. | |
Brett Arends’s ROI: As Trump orders the meat plants open, a French study says too much ‘steak frites’ may cause Alzheimer’sBetter stick to fish, nuts and vegetables, say researchers |
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