07May2020 Midday Update: Wall Street Jumps As PayPal Outlook, China Data Fuel Recovery Hopes, DOW At 1 PM ET Is Up 340 Points, US Dollar Slips As Gold Eases Up To 1715, Chinese Exports Raised Hopes Of A Faster Economic Recovery

Here is the current market situation from CNN Money

North and South American markets are mixed today. The S&P 500 is up 1.76% while the Bovespa gains 0.91%. The IPC is off 0.77%.

Wall Street bullish on ride-hailing firms on lower driver costs, recovery signs

Wall Street gave a resounding vote of confidence to ride-hailing stocks ahead of Uber’s results on Thursday, after Lyft indicated a slow recovery in demand and lower costs as rising unemployment creates greater supply of drivers.

Lufthansa seeks 9 billion euro bailout amid political discussions

Lufthansa is negotiating a 9 billion euro ($9.71 billion) bailout with Germany’s economic stabilisation fund to ensure its future, the airline said on Thursday, confirming an earlier Reuters report.

Panama’s Copa Airlines planning to retire Boeing 737-700 fleet

Panama’s Copa Airlines said on Thursday that it is planning to retire early its fleet of 14 older Boeing 737-700 NG planes, the latest carrier to do away with planes due to the coronavirus crisis.

Millions more Americans file for jobless benefits; productivity tanks

Millions more Americans sought unemployment benefits last week, suggesting layoffs broadened from consumer-facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.

U.S. employers must try to accommodate workers vulnerable to coronavirus: agency

The U.S. agency that enforces laws prohibiting disability discrimination said on Thursday that employers must try to accommodate workers with medical conditions that make them vulnerable to the novel coronavirus before sending them home.

H&M’s sales tumble, stockpiles grow in March to May

H&M , the world’s second-biggest fashion retailer, said local currency sales had tumbled 57% since the start of March compared with a year ago as the COVID-19 pandemic and lockdowns kept most of its stores closed.

AB InBev sees worse ahead, but some light in China

Anheuser-Busch InBev , the world’s largest beer maker, forecast a “materially worse” second quarter as coronavirus restrictions curb drinking across the globe, although China was showing early signs of recovery.

Liberty and Telefonica agree $38 billion UK tie-up to take on BT

Liberty Global and Telefonica have agreed to merge their British businesses in a $38 billion deal that will create a powerhouse in mobile and broadband to take on market leader BT .

Wall St jumps as PayPal outlook, China data fuel recovery hopes

U.S. stocks jumped on Thursday as an upbeat outlook from PayPal and a surprise rise in Chinese exports raised hopes of a faster economic recovery from what is expected to be a deep coronavirus-led recession.

US To Remove Patriot Missile Protection From Saudi Arabia Amid Oilpocalypse

US To Remove Patriot Missile Protection From Saudi Arabia Amid Oilpocalypse

Petrodollar panic?

As tensions between OPEC (cough – the Saudis – cough) and Washington rise over the supply (and price) of oil globally amid a pandemic-driven demand collapse, it would appears President Trump may have just gone ‘nuclear’.

Everyone Knows The Gov’t Wants A “Controlled” Weimar

Everyone Knows The Gov’t Wants A “Controlled” Weimar

Authored by Jeffrey Snider via Alhambra Investments,

There are two parts behind the inflation mongering. The first, noted yesterday, is the Fed’s balance sheet, particularly its supposedly monetary remainder called bank reserves. The central bank is busy doing something, a whole bunch of something, therefore how can it possibly turn out to be anything other than inflationary?

The answer: the Federal Reserve is not a central bank, not really. What it œprints are, as Emil Kalinowski likes to call them, the equivalent of laundromat tokens (I wonder if they’re even that useful). Even Jay Powell knows this, but he’s absolutely thrilled that so many people believe otherwise.

Database Of Wuhan’s ‘Batwoman’ Altered 48 Hours Before COVID-19 Samples Ordered Destroyed

Database Of Wuhan’s ‘Batwoman’ Altered 48 Hours Before COVID-19 Samples Ordered Destroyed

As Western intelligence continues to investigate China’s handling of COVID-19 as it spread throughout Hubei province in December, disturbing evidence continues to emerge that the Chinese Communist Party (CCP) engaged in a massive cover-up of what was going on.

Now, we’ve learned that the Wuhan Institute of Virology – which was conducting controversial experiments into animal-to-human transmission of bat coronaviruses, altered their database in an apparent attempt to distance the lab from the outbreak.

2Y Treasury Yield Plunges To Record Low, Gold Spikes As “Fatal” NIRP Reality Dawns

2Y Treasury Yield Plunges To Record Low, Gold Spikes As “Fatal” NIRP Reality Dawns

With short-dated futures now signaling negative-rates…

A health check on Yes Bank shows the crisis is far from over

A health check on Yes Bank shows the crisis is far from overExcluding the extraordinary income, the lender reported a loss of Rs 3,668 crore in Q4.

MSMEs’ relief may come with new definition

MSMEs’ relief may come with new definitionThe plan, which has been in the works for months, is likely to be part of the stimulus package.

UK economy may see biggest crash in 300 yrs

UK economy may see biggest crash in 300 yrsThe BoE said it saw a plunge of 14% in Britain’s economy in 2020 followed by 15% bounce-back in 2021.

1Q2020 Preliminary Headline Productivity Hit By The Coronavirus

Written by Steven Hansen

A simple summary of the headlines for this release is that labor costs are growing significantly faster than productivity on a quarter-over-quarter and year-over-year basis – and the pandemic has caused productivity to crater.

Coronavirus update: U.S. death toll tops 73,000, as Trump administration shelves ‘too cautious’ CDC guide to reopening

The number of U.S. fatalities from the coronavirus that causes COVID-19 climbed above 73,000 on Thursday, as President Donald Trump’s administration said it is shelving recommendations from the Centers for Disease Control and Prevention on reopening safely because they were too cautious

Goldman Sachs official says companies switching to Zoom instead of business travel could hit oil demand by up to 3 million barrels per day

As companies adapt to Zoom and other video-conferencing tools fewer people will feel the need for business travel

FA Center: Here’s the good news ” and the bad ” about skyrocketing market risk

This market yardstick with a strong track record sees U.S. stocks substantially higher a year from now, writes Mark Hulbert.