02Jun2020 Midday Update: Wall Street Opens Higher, Hugs Unchanged Line, DOW Up 155 Points At 1:30 ET, Oil Rises Nearly 3% Ahead Of OPEC+ Meeting, S and P 500 Sustains Key Technical Breakout

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.95% while Mexico’s IPC is up 1.56% and U.S.’s S&P 500 is up 0.27%.

Financing hunt during pandemic lifts May U.S. convertible debt issuance to record

U.S. issuance of convertible bonds in May hit a record high of $20.7 billion, according to Bank of America data, as companies struggling with the impact of the coronavirus pandemic ventured into the one-time niche market seeking cheaper and easier ways to borrow cash.

Britain, EU clash over financial market access: diplomats

Britain wants binding commitments from the European Union on financial market access to avoid the country’s finance industry suddenly being cut off from the bloc, a request Brussels has rejected, EU officials and diplomats said.

China is using Huawei to drive a wedge in the UK-U.S. special relationship: senator

China is using telecoms giant Huawei to try to drive a wedge between Britain and the United States, Republican senator Tom Cotton told British lawmakers on Tuesday.

U.S. opens national security probe into vanadium imports

The U.S. Commerce Department said on Tuesday it was opening an investigation into whether imports of vanadium, a metal used in aerospace, defense and energy applications, impair U.S. national security.

Oil rises nearly 3% ahead of OPEC+ meeting, easing lockdowns

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns.

Global equities cruise to three-month highs, dollar under protest pressure

World stock markets hit their highest levels since March and oil prices jumped on Tuesday as signs of a global economic recovery from the coronavirus pandemic offset concerns over the worst civil unrest in the United States in decades.

U.S. sanctions four shipping firms for transporting Venezuelan oil

The U.S. Treasury Department on Tuesday said it had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation in Washington’s effort to oust socialist President Nicolas Maduro by cutting off the OPEC nation’s crude exports.

H&M closes U.S. stores amid protests, says it stands behind black community

H&M, the world’s second-biggest fashion retailer, said on Tuesday it had temporarily closed 95 of its stores in the United States because of the violent protests following the death of George Floyd in police custody.

S&P 500, Dow scale fresh three-month peaks

The S&P 500 and the Dow Jones indexes hit three-month highs on Tuesday as optimism about the reopening of the economy after weeks of coronavirus lockdowns countered concern over more disruptions from the street protests that have spread across the country.

NY Gov Cuomo Blasts De Blasio For “Underestimating Problem,” May Overrule NYC Mayor On National Guard Call

NY Gov Cuomo Blasts De Blasio For “Underestimating Problem,” May Overrule NYC Mayor On National Guard Call Tyler Durden Tue, 06/02/2020 – 12:31

Andrew Cuomo’s daily coronavirus press conference on Tuesday focused almost entirely on last night’s riots, as looters and criminals, emboldened by NYC Mayor Bill de Blasio’s refusal to call in the heavies, ransacked luxury goods stores down Manhattan’s Fifth Avenue, and caused chaos across the city.

During the briefing, the governor said that neither Mayor de Blasio nor the NYPD did their job last night. Cuomo said he offered to send in the national guard to de Blasio and all other mayors in the state, but the mayor said the city could handle it. He also said he offered to send in state police backup, but de Blasio – fearing being labeled as a “facist” by some idiot with a rose-emoji in his or her twitter profile – again demurred.

Will Spending Surge?

Will Spending Surge? Tyler Durden Tue, 06/02/2020 – 12:21

Authored by Paul Donovan, Chief Economist at UBS Global Wealth Management

Consumers have experienced spending falling faster than incomes during lockdowns. This has led to a period of enforced saving.

In Europe and the UK it is mainly middle and higher income groups that have saved.

In the US, lower income groups may have saved from increased benefit payments.

These savings may be spent as lockdowns ease, if consumers treat them like a tax rebate.

The policy reaction to the virus has generally hit spending harder than it has hit income. In developed economies, income has remained unchanged for people who are retired, those who are working normally, or those who are working from home.

Income has fallen for many workers who are on furlough. Furloughed workers tend to earn near normal income levels, however. In Europe the amount is around 80% of normal income (with some limits). US unemployed workers may see a temporary rise in income, as (until end July) unemployment benefit is around $1000 per week. Over half of American workers earn less than that at work. They will also receive a $1200 one-off payment. Thus lower income Americans will gain income if made temporarily unemployed. However, European unempl …

2020: The Year The Chairman Of The Joint Chiefs Went To “Check On The Troops” In D.C. Streets

2020: The Year The Chairman Of The Joint Chiefs Went To “Check On The Troops” In D.C. Streets Tyler Durden Tue, 06/02/2020 – 12:00

It’s the topper to an already insane year full of multiple ‘apocalyptic scenarios’Â and we’re merely halfway through.Â

It wasn’t just Army blackhawks swooping down on protests in D.C. last night, but in an unprecedented moment both the Chairman of the Joint Chiefs of Staff and Secretary of Defense appeared on city streets to “check on the troops”.Â

An estimated 1,200 to 1,700 DC National Guard were called up over the weekend and deployed to D.C. streets, more easily done in the federal district given it’s not a state and they are already directly under the federal chain of command. Joint Chiefs chairman Gen. Mark Milley was in a sense on “the battlefield” inspecting the “battle lines” after Trump designated him œin charge of the protest response.

Did Twitter Fact-Check Trump… Or Conformity-Check Him?

Did Twitter Fact-Check Trump… Or Conformity-Check Him? Tyler Durden Tue, 06/02/2020 – 11:40

Authored by Frank Miele via RealClearPolitics.com,

News flash for Twitter: When you start writing editor’s notes, you are an editor.

Five states show India how an economic recovery is done right

Five states show India how an economic recovery is done rightStates like Tamil Nadu and Punjab, contributing nearly 27% of India’s GDP have seen a pickup in activity.

IndiGo wants to change its spending habit

IndiGo wants to change its spending habitInterGlobe Aviation, the parent firm of IndiGo, reported a net loss of Rs 871 cr and won’t dole out dividend.

Inside the world’s biggest lockdown ever

Inside the world’s biggest lockdown everWithin days, millions of displaced migrant workers were coursing out of big Indian cities.

CityWatch: Officials urge protesters to practice caution to avoid spreading coronavirus

The COVID hot zones are the protest hot zones too.

The Technical Indicator: S&P 500 sustains key technical breakout amid bullish market rotation

Technically speaking, the U.S. benchmarks’ bigger-picture backdrop continues to strengthen amid market rotation, writes Michael Ashbaugh.

Millions of people of color in the U.S. do NOT have access to running water, affordable health care or quality education

Race proved ‘the strongest predictor’ of whether a household has access to water and sanitation.