06May2020 Pre-Market Commentary: Wall Street To Open Fractionally Higher, DOW Futures Up 73 Points, WTI Crude Slipping, Now At 24.94, US Dollar Up At 100.06 While Gold Slips To 1695

Here is the current market situation from CNN Money

European markets are mixed. The FTSE 100 is higher by 0.48%, while the CAC 40 is leading the DAX lower. They are down 0.51% and 0.38% respectively.

New York Times warns of ad sales drop after upbeat first-quarter results

The New York Times Co warned of a steep fall in advertising sales in the current quarter after beating Wall Street’s profit and revenue estimates on Wednesday, as it added more subscribers in a period dominated by heavy news coverage around the COVID-19 pandemic.

U.S. private payrolls plunge by a record 20.2 million in April

U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy, setting up the overall labor market for historic job losses last month.

Fed’s Bullard: Drop in U.S. payrolls ‘not a surprise’ given shutdowns – CNBC

The massive drop in U.S. private payrolls for April, reported on Wednesday, is “not a surprise” but employment could recover dramatically in the second half of the year if the coronavirus pandemic is controlled, St. Louis Federal Reserve president James Bullard said.

China’s Alibaba launches ‘outlet’ platform to shift luxury overstock

Chinese e-commerce giant Alibaba Group Holding Ltd has launched a new luxury platform targeting younger consumers that also aims to help high-end brands shed excess inventory built up during the global coronavirus lockdown.

Qatar Airways expects to re-open routes this month

Qatar Airways said on Wednesday it would this month start to rebuild its network, in anticipation countries will ease air travel restrictions and based on monitoring of passenger trends.

GM sets May 18 North American restart as profit tops estimates

General Motors Co on Wednesday reported a huge plunge in first-quarter profit that still raced past expectations, and the automaker outlined plans for a May 18 restart of most of its North American plants shut down by the coronavirus pandemic.

StanChart chairman predicts economic recovery led by Asia in late 2020

Standard Chartered Chairman Jose Vinals said on Wednesday his Asia-focused bank was well placed to benefit from a late 2020 economic rally, despite the “extraordinary” impact of the COVID-19 pandemic on the global economy.

Barrick profit jumps on higher prices, trims gold 2020 output

Miner Barrick Gold Corp reported a nearly 55% rise in quarterly adjusted profit on Wednesday, benefiting from a surge in gold prices, but trimmed production outlook for the precious metal over a mining lease issue in Papua New Guinea.

Futures pare gains after data shows record job losses

U.S. stocks futures pared gains after ADP’s report showed the private sector lost a record 20 million jobs in April.

Texas Bar Owner, Quarantine Protesters Arrested After SWAT Team Swoops In

Texas Bar Owner, Quarantine Protesters Arrested After SWAT Team Swoops In

A SWAT team in the western Texas town of Odessa arrested a bar owner and a group of armed men conducting a peaceful protest against the coronavirus lockdown on Monday, after police say they violated the state’s order to remain closed.

“It’s Going To Get A Lot Worse” – Underestimating The Buba/ECB Split

“It’s Going To Get A Lot Worse” – Underestimating The Buba/ECB Split

Authored by Bill Blain via The Morning Porridge,

œLet us sing more cheerful songs, more songs full of joy!

I am wondering if my FT App is broken? I opened it this morning and the front pages of the Pink Un didn’t rate the German Constitutional Court’s stab in the back of the ECB an appearance on the top line? AirBnB and the Swiss National Bank did, but the German/ECB spat did not. (In an editorial the FT called the decision œmisguided .) I know the teenage scribblers know far more about what’s important to markets than grizzled old bond market veterans like myself ¦ but I did think a German court overruling the European Court of Justice was pretty critical stuff.

Oil Suddenly Crashes After Jobs Report

Oil Suddenly Crashes After Jobs Report

It would appear no one told the machines that ADP would report a devastatingly ugly jobs print this morning…

“Unprecedented” – Companies Slashed Over 20 Million Jobs In April, ADP

“Unprecedented” – Companies Slashed Over 20 Million Jobs In April, ADP

Given the fact that over 30 million Americans have filed for initial jobless claims in the last six weeks, it is perhaps no surprise that economists expected a 20.5 million ADP job loss in April. In fact, silver lining, the number ‘beat’ with 20.236 million

India’s shadow banks get a second chance, but conditions apply

India’s shadow banks get a second chance, but conditions applyRBI had earlier announced a three-month moratorium on loans by banks to NBFCs.

ET Online’s 43-day lockdown scorecard

ET Online’s 43-day lockdown scorecardThe virus has brought the Indian economy to new low after new low over the past six weeks.

Stay home, Maruti will now bring cars to you

Stay home, Maruti will now bring cars to youThe company has managed to open 474 Arena outlets, 80 Nexa dealerships & 45 commercial vehicle sales outlets.

April 2020 ADP Employment Declines 20,236,000

Written by Steven Hansen

ADP reported non-farm private jobs growth at –20,236,000 which was at expectations. A quote from the ADP authors:

The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession.

Dispatches from a Pandemic: ‘For me, the uncertainty generated by coronavirus isn’t new’ explains this 21-year-old Oxford University student tackling stage 4 cancer

Olivia Downes says death has become part of her daily routine: ‘But the same is now true for us all: death is unavoidable. It is at the top of every newspaper article, the bottom of every television screen, alongside other mundanities, like the time and the weather.’ But she asks, ‘when lockdown ends will our death denial resume itself?’

Heathrow, Britain’s biggest airport, is testing out coronavirus-beating tech to get the world flying again

Heathrow airport will trial new technology in a push to combat coronavirus and boost confidence in flying.

Economic Report: ADP says 20.2 million private-sector jobs lost in April amid coronavirus crisis

Private-sector companies shed a whopping 20.2 million jobs in April as many were forced to shutter during a nationwide shutdown to slow the coronavirus, underscoring the biggest crisis for the U.S. labor market in nearly a century, acccording to a new ADP report.