26May2020 Pre-Market Commentary: Wall Street Futures Surge On Recovery, DOW Up 531 Points, S and P Futures Soar Above 3,000, Dollar Tumbles To 99.07, WTI Crude Higher At 34.28

Here is the current market situation from CNN Money

European markets are higher today with shares in France leading the region. The CAC 40 is up 0.95% while London’s FTSE 100 is up 0.95% and Germany’s DAX is up 0.65%.

NYSE to reopen trading floor closed by coronavirus

The New York Stock Exchange will partially reopen the trading floors at its iconic 11 Wall Street building on Tuesday for the first time since March 20 when the bourse was forced to go all-electronic due to the coronavirus pandemic.

Qatar Airways plans summer flights to over 80 destinations

Qatar Airways said on Twitter on Tuesday that it planned to fly a summer schedule to over 80 destinations worldwide.

Uber cuts 600 jobs in India as lockdown hits business

Uber Technologies Inc will cut around 600 jobs in India as part of its plans to lay off 23% of its global workforce, as the company navigates a lockdown that has brought businesses in the country to a grinding halt.

Oil prices climb as faith in supply cuts grows

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

Europe’s travel sector soars, S&P 500 to break 3000 barrier

World shares forged ahead on Tuesday and commodity markets drove higher as well, as investors shrugged off Sino-U.S. tensions to focus on more stimulus in China and a re-opening world economy.

Macy’s announces $1 billion bond offering to repay credit facility

Macy’s Inc said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.

Exclusive: ECB prepares for the worst: life without the Bundesbank – sources

The European Central Bank (ECB) is drafting contingency plans to carry out its multi-trillion bond-buying programme without the Bundesbank in case Germany’s top court forces the main participant in the scheme to quit, four sources told Reuters.

S&P 500 futures surge on recovery, vaccine hopes

U.S. stock futures surged on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors returning from a long weekend to overlook Sino-U.S. tensions.

Sanofi shares down despite $13 billion Regeneron payday

Shares in Sanofi fell on Tuesday despite the French drugmaker’s impending $13 billion payday from selling most of its 20.6% stake in U.S. partner Regeneron .

German Government Offers Lufthansa $10 Billion Bailout

German Government Offers Lufthansa $10 Billion Bailout Tyler Durden Tue, 05/26/2020 – 08:37

Authored by Eric Kulisch of FreightWaves

Virgin Orbit’s First Air-Launch Of Space Rocket FailsÂ

Virgin Orbit’s First Air-Launch Of Space Rocket Fails Tyler Durden Tue, 05/26/2020 – 08:35

Sir Richard Branson’s Virgin Orbit’s first demonstration of air-launching a rocket into space ended in a very abrupt fashion.

The spaceflight firm reported the rocket, also called LauncherOne, was released from the wing of a Boeing 747 on Sunday, as the rocket booster ignited seconds later, the flight was “terminated shortly” as there was no chance of it reaching orbit.Â

“We’ve confirmed a clean release from the aircraft. However, the mission terminated shortly into the flight,” the company announced in a tweet.

We’ve confirmed a clean release from the aircraft. However, the mission terminated shortly into the flight. Cosmic Girl and our flight crew are safe and returning to base.

” Virgin Orbit (@Virgin_Orbit) May 25, 2020

“Cosmic Girl [the Boeing 747 plane] and our flight crew are safe and returning to base.” It added, “The team’s already hard at work digging into th …

“This Ship Is Sinking” – The Economy Is Holed Below The Waterline

“This Ship Is Sinking” – The Economy Is Holed Below The Waterline Tyler Durden Tue, 05/26/2020 – 08:19

Authored by Bill Blain via MorningPorridge.com,

œUntil then men felt they had found the answer to a steady, orderly, civilized life. For 100 years the Western world had been at peace. For 100 years technology had steadily improved. For 100 years the benefits of peace and industry seemed to be filtering satisfactorily through society. Life was all right. The Titanic woke them up.

We seem engaged in an all-out civil war to determine where to put the deckchairs on this Titanic of a country.  Credibility is shot. The UK is holed below the waterline.  This ship is sinking.  All is lost.. all is lost..

Futures Soar Above 3,000, Dollar Tumbles On Vaccine Hopes, Reopening Optimism

Futures Soar Above 3,000, Dollar Tumbles On Vaccine Hopes, Reopening Optimism Tyler Durden Tue, 05/26/2020 – 08:04

S&P futures continued their Memorial Day surge, rising 2% and breached the key 3,000 level on Tuesday morning as global easing of lockdowns, hope over new vaccines and business restarts boosted optimism about economic recovery among investors returning from a long weekend while putting concerns over a Hong Kong crackdown on the backburner. The Bloomberg dollar index concurrently tumbled below the key 1,240 level while 10Y yields jumped to 0.70%.

Worst-ever recession could be staring India in the face

Worst-ever recession could be staring India in the faceIn the past 69 years, India has seen a recession only thrice, in fiscals 1958, 1966 and 1980.

Wanted: Leaders who can bounce from crises

Wanted: Leaders who can bounce from crisesResilience has emerged as the most important trait in a leader steering an organisation.

TikTok’s No. 1 market wants to unseat it

TikTok’s No. 1 market wants to unseat itDownloads of the social media platform in India fell 34% in April and 28% up to May 23.

As coronavirus closes public pools, inflatable kiddie-pool sales are surging ” and many pool builders are back at work

‘With COVID, and the trepidation with travel, people are taking that money and investing it in a backyard pool.’

5 million student-loan borrowers may see their credit scores fall after CARES Act paused loan payments ” ‘It’s another battle’

A class-action lawsuit against Great Lakes, Equifax, TransUnion, Experian and VantageScore accuses the companies of illegally damaging borrowers’ credit scores.

Dispatches from a Pandemic: ‘I felt violated.’ This man says he was fired for ‘gross insubordination’ for refusing to reveal his mother’s COVID-19 diagnosis

Christopher Wells told MarketWatch, ‘I felt I didn’t have a fair shot at securing my job.’