Written by Gary
For the 2nd. consecutive day, US equity futures have risen (SPY +1.0%). US imports fall 6.2% in March, while exports sink 9.6%. Disney’s (NYSE:DIS) stock down 30%.
Here is the current market situation from CNN Money | |
European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.09% while Germany’s DAX is up 1.97% and London’s FTSE 100 is up 1.78%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Oil spurt lifts stocks out of three-day losing streakStock markets snapped a three-day losing streak on Tuesday and oil was on its longest run of gains in nine months as moves to ease major economies out of their coronavirus lockdowns lifted sentiment. | |
Fiat Chrysler plunges to loss, scraps outlook on virus crisisFiat Chrysler Automobiles (FCA) plunged to a first-quarter loss of $1.8 billion and scrapped its full-year earnings forecast on Tuesday, as the automaker grapples with a coronavirus crisis that has hammered production and sales. | |
France’s Lagardere sees off activist Amber in shareholder showdownFrench publishing and media group Lagardere on Tuesday fended off Amber Capital’s most daring attempt yet to shake up governance at the company, after shareholders rejected the activist investor’s call to replace the supervisory board. | |
Futures climb on oil gains, easing of lockdownsU.S. stock index futures rose on Tuesday as oil prices staged a recovery and a slew of countries eased coronavirus-led restrictions in an attempt to revive their economies. | |
Thomson Reuters cuts sales outlook, narrowly misses earningsThomson Reuters reported higher quarterly sales and operating profit that fell slightly short of Wall Street estimates on Tuesday, while cutting its full-year sales outlook due to disruption to the global economy from the coronavirus crisis. | |
Judge questions VW’s defence in landmark case over diesel damagesA German federal court judge cast doubt on Volkswagen’s reasoning after the carmaker urged the court to dismiss a claim for damages brought by an owner of a diesel powered VW Sharan family van. | |
Carbon emissions cuts do not mean Repsol will exit oil sector: CEOA target to reduce carbon emissions to net zero by 2050 does not mean Spanish oil and gas firm Repsol will stop producing oil though it will focus on certain projects, Chief Executive Josu Jon Imaz said on Tuesday. | |
Tesla stock rise appears to qualify CEO Musk for $700 million paydayTesla Chief Executive Elon Musk appeared to qualify on Monday for a $700 million payday, just three days after he said the electric car company’s stock price was too high. | |
Wizz Air plans for easing of restrictions with holiday flights from JuneLow cost airline Wizz Air said it is planning for the easing of travel restrictions by starting new routes from Britain’s London Luton airport to holiday destinations in Portugal from 16 June and to Greece from July. | |
SoftBank-Backed Home-Flipping Company Says It’s Time To Resume Buying PropertiesSoftBank-Backed Home-Flipping Company Says It’s Time To Resume Buying Properties Opendoor, a company backed by SoftBank that specializes in buying homes and flipping them, says now is time to get back into the market. Far be it for us to question motives here at Zero Hedge, but one also must dryly note that their survival as a company likely depends on the market picking up, as well. The company’s main service allows owners to sell their homes without open houses or in-person closings, according to Bloomberg. Opendoor allows owners to request bids online and then buys homes from those who accept. Then, it makes light repairs and re-lists homes without large markups, instead profiting by charging a fee above normal real estate commissions. Opendoor uses debt to buy homes and its borrowing costs move higher the longer it holds onto a property. The company purchased about 19,000 homes in 2019 and 3,800 homes through March of 2020. The company had previously halted purchases in March and laid off more than 33% of its staff as the housing market, like the rest of the economy, simply disappeared due to the coronavirus. Chief Executive Officer Eric Wu said in an interview: œThe value proposition we provide to customers is to help them move with certainty and convenience. We should be willing to take on some of that exposure and we should price homes appropriately due to that risk. | |
Good Masks Are Critical, But How Do You Find Them?Good Masks Are Critical, But How Do You Find Them? Authored by Mike Shedlock via MishTalk, Recent evidence suggesting most Covis-19 transmission happens from pre-symptomatic individuals. | |
Global Markets Jump On Easing Of Lockdowns, Surging OilGlobal Markets Jump On Easing Of Lockdowns, Surging Oil Traders are buying in May and not going away. For the second consecutive day, US equity futures rose on Tuesday, bolstered by continued gains in the price of oil which headed for its longest winning streak in nine months amid optimism demand is rebounding and the peak of the production glut is behind us, while a slew of countries eased coronavirus-led restrictions in an attempt to revive their economies bolstering optimism for some random letter-shaped recovery. | |
Blain: Financial Assets Are Effectively Doomed…Blain: Financial Assets Are Effectively Doomed… Authored by Bill Blain via MorningPorridge.com, œHe’s so fluffy I’m going to die… A BBC producer once told me about the risk assessment she was required to complete before filming at a market in Wales. She quietly added œsuperglue to repair broken unicorn horns  to the first aid content list. She was never caught. No one ever checked. Full in-depth risk assessments by companies with 5 or more employees will be required for post lockdown business re-openings. I won’t be getting the train to London anytime soon ” the rail unions are insisting on full PPE, and arguing it I would be safer if trains were passenger-free to protect their members. Nothing ever really changes… I am going to instigate a prize for the most ridiculous threat identified or mitigated by a Risk Assessment. How many lives have risk assessments saved? | |
How not to tax your way out of a coronavirus crisisHow not to tax your way out of a coronavirus crisisWith jobs and incomes dwindling, the demand for tax relief acquires a new urgency. | |
The D-St veteran unfazed by Franklin falloutThe D-St veteran unfazed by Franklin falloutDebt gets repriced when interest rates come down and you make money, ICICI Prudential’s S Naren said. | |
India Inc is nervous about going back to officeIndia Inc is nervous about going back to officeWorkplaces remain empty despite the government allowing firms to host one-third of staff strength. | |
March 2020 CoreLogic Home Prices: Growth Rate Forecast to Decline Drastically by March 2021Written by Steven Hansen CoreLogic’s Home Price Index (HPI) shows home prices improved from 4.1 % to 4.5 % year-over-year. The data to date shows little effect of coronavirus, but CoreLogic is predicting small future increases for home prices.
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It’s ‘Giving Tuesday Now’ ” and you can help out during the coronavirus pandemic even if you don’t have money to donateThe online campaign usually happens on the Tuesday after Thanksgiving and raised more than $2 billion in 2019. | |
Weekend Sip: For Cinco de Mayo, this Mexican whisky is a new way to celebrate‘The flavor is pure corn ” well, more like a buttered roasted corn, maybe with a hint of honey.’ | |
Mother’s Day tech gifts to help you stay connected in beautiful and unexpected waysIf you are looking to splurge on mom, consider one of these five social distance friendly gifts. |
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