04Jun2020 Pre-Market Commentary: Wall Street Futures Slipping After Jobs Report, DOW Down 100 Points, WTI Crude Unchanged At 36.79, Gold Volatile At 1712, US Trade Deficit Widens To $49.4 Billion In April

Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.22% while London’s FTSE 100 is off 0.18% and France’s CAC 40 is lower by 0.17%.

U.S. new weekly jobless claims drop below 2 million

The number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19.

American Airlines to boost U.S. flights in July as economy reopens

American Airlines Group Inc said Thursday it will boost its U.S. flight schedule next month over dramatic reductions since the coronavirus pandemic, planning to fly more than 55% of its July 2019 domestic capacity.

U.S. banks attract bargain hunters though hurdles to growth remain

Investors eyeing a turnaround in the U.S. economy are piling into U.S. bank stocks even as some caution that positive stress test results and an abatement of loan losses will be needed to sustain a rally in the battered sector.

Factbox: German stimulus to drive forward green vehicles

Germany’s coronavirus recovery stimulus package contains measures to boost low emission cars and electric vehicle charging infrastructure.

Germany forces all petrol stations to provide electric car charging

Germany said it will oblige all petrol stations to offer electric car charging as part of a sweeping 130 billion euro ($146.26 billion) economic recovery plan, boosting electric vehicle demand which has been hampered by consumer concerns over refuelling.

Virgin Atlantic says to restart some flights on July 20

Virgin Atlantic said on Thursday it would restart some flights that have been grounded by the COVID-19 pandemic on July 20 and aimed to restore further services in August.

China eases flight curbs after United States targets its carriers

China will ease coronavirus restrictions to allow more foreign carriers to fly to the mainland, shortly after Washington vowed to bar Chinese airlines from flying to the United States due to Beijing’s curbs on U.S. airlines.

Exclusive: Amazon in talks to buy $2 billion stake in Indian telco Bharti Airtel – sources

Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in Indian mobile operator Bharti Airtel , three people with knowledge of the discussions told Reuters, in a move that could turbocharge India’s digital economy.

“Only” 1.87 Million Americans Started To Claim Unemployment Benefits Last Week

“Only” 1.87 Million Americans Started To Claim Unemployment Benefits Last Week Tyler Durden Thu, 06/04/2020 – 08:37

Despite yesterday’s massive beat in ADP employment data, in the last week 1.877 million more Americans filed for unemployment benefits for the first time (slightly higher than the 1.83mm expected).

Watch Christine Lagarde Explains Why Hundreds Of Billions More In QE Is Inflationary

Watch Christine Lagarde Explains Why Hundreds Of Billions More In QE Is Inflationary Tyler Durden Thu, 06/04/2020 – 08:37

Earlier this week we showed a stunning chart confirming what so many have known for long: that after a point, aggressive monetary policy, which includes massive QE and other liquidity injections, becomes deflationary, not inflationary.

Schiff: All We’ve Got In This Market Is The Fed

Schiff: All We’ve Got In This Market Is The Fed Tyler Durden Thu, 06/04/2020 – 08:25

Via SchiffGold.com,

Sometimes you need to look back at where we come from to understand where you’re going. Peter Schiff does just that in his May 27 podcast. He analyzes the stock market surge of last year and concludes the mainstream might be a little over-optimistic on where we’re heading. The recent surge in stocks isn’t based on economic reality. The economic reality is we’re an insolvent zombie nation. We’re just on a giant Fed-induced sugar high.

Slumping Futures Spike After ECB Nearly Doubles Emergency QE Program

Slumping Futures Spike After ECB Nearly Doubles Emergency QE Program Tyler Durden Thu, 06/04/2020 – 08:17

When even Bloomberg has articles such as this one “A Stock Melt-Up Looks Like the Fed’s Latest Feat of Engineering”, you know it was time for the Fed to ease off the overnight ramp gas pedal, and that it was time for the insane rally from the past 2 months to ease a bit. And it did… until the ECB decided to pick up the monetary firehose when at 745am the European Central Bank announced it would nearly double its emergency QE to ‚¬1.35 Trillion from ‚¬750BN and extend it to at least June 2021, sparking a new bout of buying.

For India, the road to world-beating growth will be awfully painful

For India, the road to world-beating growth will be awfully painfulA Bloomberg survey of economists estimates a 1.9% contraction in GDP in the current fiscal year.

Has Amazon been talking to Airtel?

Has Amazon been talking to Airtel?According to reports, Amazon was in early stage talks to invest $2 billion in Airtel.

Drones may deliver your next Swiggy order

Drones may deliver your next Swiggy orderDunzo, Swiggy and Zomato are among 13 consortia to have received approvals to test fly drones.

Outside the Box: Trump needs to ‘get out of the way’ ” former Republican governor of NJ

Rather than calming, the president is rubbing œrhetorical salt in our country’s open wound of racism, writes Christine Todd Whitman.

Key Words: Some of the people who literally helped write Facebook’s community standards say Zuckerberg is wrong on Trump posts

Nearly three dozen former Facebook Inc. employees, dismayed with Mark Zuckerberg’s hands-off policy on President Donald Trump’s posts and his defensive posture on the matter, forcefully pushed back in a stinging letter released Wednesday.

Market Snapshot: Stock futures turn mixed as ECB injects more stimulus, investors await jobless claims

U.S. stock-index futures were trading slightly lower Thursday morning, but pared earlier losses after the European Central Bank announced plans to increase its emergency stimulus program.