Written by Gary
Stocks gain as vaccine rally falters (SPY +1.2%). Investors regained hopes of recovery from a coronavirus-fuelled recession, while oil prices also strengthened.
Here is the current market situation from CNN Money | |
 | European markets are mixed today. The FTSE 100 is up 0.41% while the DAX gains 0.40%. The CAC 40 is off 0.17%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Wall Street set to rise as investors hold out for recoveryWall Street was set to open sharply higher on Wednesday as investors clung to hopes of a recovery from a coronavirus-fuelled slump amid signs of more stimulus for ailing sectors, while retailer Lowe’s jumped on upbeat quarterly results. |
| U.S. Senator Rubio: Consensus seen to give companies more time for PPP loansThere appears to be agreement in Washington to give companies more time to utilize their coronavirus aid under the Paycheck Protection Program, the head of the U.S. Senate’s small business committee said on Wednesday. |
| SoftBank-backed Ola follows Uber with job cuts as revenue sinksSoftBank Group-backed Indian ride-hailing company Ola will cut 1,400 jobs, or about 35% of its workforce, as it navigates a strict coronavirus lockdown that has halted 95% of its business, company chief Bhavish Aggarwal told employees on Wednesday. |
| Rationale for FCA-PSA merger deal ‘stronger than ever’: ElkannThe reasons for Fiat Chrysler and Peugeot-owner PSA’s merger are “stronger than ever,” the FCA chairman said on Wednesday, as the COVID-19 pandemic adds to the car industry’s existing challenges. |
| Oil up on lower U.S. stocks, firmer demandOil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains. |
| Deutsche Bank chairman to stand down in 2022Deutsche Bank’s chairman Paul Achleitner said he intends to step down when his term ends in 2022, heralding a new era at Germany’s largest lender as it struggles to become profitable. |
| Norwegian Air’s lessors take majority ownershipLessors including AerCap and BOC Aviation are now the biggest shareholders in Norwegian Air after the budget carrier completed a debt restructuring and secured a long-sought credit guarantee from Norway’s government. |
| Harley plans to ship fewer models to U.S. dealer: WSJHarley-Davidson Inc is reopening its factories this week at lower production rates and sending dealers a narrower range of motorcycles, the Wall Street Journal reported on Wednesday. |
| Stocks gain as vaccine rally faltersGlobal stocks rose on Wednesday as investors regained hopes of recovery from a coronavirus-fuelled recession, while oil prices also strengthened. |
| In Latest Escalation, President Trump Blames China For “Mass Worldwide Killing”In Latest Escalation, President Trump Blames China For “Mass Worldwide Killing” Tyler Durden Wed, 05/20/2020 – 08:42 A day after the WHA approved a resolution authorizing a WHO-led investigation to the origins of the coronavirus in China, President Trump just lashed out at China’s state-approved conspiracy-peddlers who are desperately trying to convince the Chinese people that the virus didn’t come from China – but actually originated in the US.
The rhetorical tit-for-tat between the US and China has intensified in recent days, as the White House lambasted President Xi’s promise to share a vaccine “with the world” and pump $2 billion into the WHO’s effort to help the poorest countries as a “token” gesture to try and obviate China’s obvious culpability. T … |
| UK Sells Negative-Yielding Debt For The First TimeUK Sells Negative-Yielding Debt For The First Time Tyler Durden Wed, 05/20/2020 – 08:30 Who would have thought that Brexit would result in a convergence of the European and UK bond markets. With the UK swept by a debate whether it should follow Europe into negative interest rates, the bond market appears to have made the decision for it, when this morning the UK sold £3.75 billion in 2023 gilts at a negative yield of -0.003% for the first time, with a fall in inflation piling even more pressure on the fiscal and monetary policymakers to take new action to prop up the economy. |
| Bad? Buy Stocks!Bad? Buy Stocks! Tyler Durden Wed, 05/20/2020 – 08:12 Authored by Bill Blain via Morning Porridge, œWhen things in life are rotten, there’s one thing you’ve forgotten… |
| Futures Storm Higher, Reversing All Tuesday Losses Ahead Of FOMC Minutes, 20Y AuctionFutures Storm Higher, Reversing All Tuesday Losses Ahead Of FOMC Minutes, 20Y Auction Tyler Durden Wed, 05/20/2020 – 08:03 US equity futures staged another remarkable overnight reversal, recovering all late Tuesday losses and rising right back to the 2950 resistance level observed in recent weeks, as investors clung to hopes of a recovery from the global recession amid signs of more central bank and government stimulus while eyeing fresh outbreaks of the coronavirus. |
| Flights to take off on May 25: Here’s what flyers may be in forFlights to take off on May 25: Here’s what flyers may be in forFliers in the next few months may be advised to carry only one baggage, reach airports earlier than usual. |
| For Auto Inc, the worst is yet to comeFor Auto Inc, the worst is yet to comeWith deserted showrooms, no buyers and a shattered economy, auto dealers have to grapple with a new reality. |
| Agra steals a shoe company from ChinaAgra steals a shoe company from ChinaVon Wellx, owned by Casa Everz Gmbh, has announced the shifting of its entire production in China. |
| Forget bonds ” here are 5 safe tech stocks offering dividends and growthThese established, well-known technology leaders boast staying power in all markets, writes Michael Brush. |
| Prepare for the post-coronavirus-vaccine world by selling stocks that are hot today but will lose earnings momentumSmart money flows have already turned negative on Zoom, Peloton, Teledoc and Slack. |
| Market Snapshot: Dow futures gain 300 points as investors parse earnings from Target, Lowe’s and await Fed minutesU.S. stock-index futures point to sharp gains Wednesday as investors review upbeat quarterly corporate results from retailers Target and Lowe’s. An account of the Federal Reserve’s most recent policy meeting, released later in the session, may also draw investor attention. |
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