09Jun2020 Pre-Market Commentary: Welcome To The “Anything Goes” Market, DOW Futures Down 300 Points As Historic Rally Fizzles, Treasurys, Dollar Jump

Here is the current market situation from CNN Money

European markets are sharply lower today with shares in London off the most. The FTSE 100 is down 1.59% while Germany’s DAX is off 1.52% and France’s CAC 40 is lower by 1.29%.

Singapore’s migrant workers fear financial ruin after virus ordeal

As Sharif Uddin contemplates leaving the cramped Singapore dormitory where he has spent weeks under coronavirus quarantine, fears about his future creep in.

Exclusive: Chanel, Revlon, L’Oreal pivoting away from talc in some products

Chanel, Revlon and L’Oreal, three of the biggest brands in cosmetics, are quietly moving away from using talc in some products as U.S. cancer lawsuits and consumer concerns mount.

Exclusive: Obscure Indian cyber firm spied on politicians, investors worldwide

A little-known Indian IT firm offered its hacking services to help clients spy on more than 10,000 email accounts over a period of seven years.

Oil down on stronger dollar, oversupply concerns

Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.

Macy’s says reopened stores performing better than expected

Macy’s Inc said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns.

Vitol veteran Ian Taylor dies after long cancer illness

Ian Taylor, who built Vitol into the world’s biggest oil trader, has died from pneumonia at the age of 64, the company said on Tuesday, after surviving bouts of cancer and a stroke last year.

Tiffany amends debt agreements amid LVMH deal, sales slump

U.S. luxury jeweler Tiffany & Co said on Tuesday it had amended certain of its debt agreements in order to have sufficient liquidity to navigate the coronavirus outbreak as it posted a 43% slump in quarterly sales.

Futures fall as recovery rally pauses ahead of Fed meeting

U.S. stock index futures dropped on Tuesday, giving back some gains after the Nasdaq notched a record closing high in the previous session, with focus now on the Federal Reserve’s two-day policy meeting.

S&P cuts Japan’s debt outlook as spending surges during pandemic

S&P Global Ratings on Tuesday lowered its outlook on Japan’s sovereign debt rating to stable from positive, citing increased uncertainty over the country’s fiscal health as it boosts spending to overcome the effects of the coronavirus pandemic.

Welcome To The “Anything Goes” Market

Welcome To The “Anything Goes” Market Tyler Durden Tue, 06/09/2020 – 08:15

Authored by Sven Henrich via NorthmanTrader.com,

President Trump is mocking Warren Buffett for having sold his airline stocks, Druckenmiller crying on TV about having been humbled by the market while every Robinhood retail trader piling into ever more calls is laughing all the way to the bank. The professionals gobsmacked at the complete upside down events in markets compared to any other time in recorded history given the economic backdrop while retail is giddy jumping into any ticker symbol that’s moving, valuations be damned, hey let’s even chase bankrupt companies, why not?

This market is so bullish even bankrupt companies are rallying.$HTZ pic.twitter.com/TPMh0wyay1

” Sven Henrich (@NorthmanTrader) June 5, 2020

Anything goes in the market.

I myself, hav …

Futures Tumble As Historic Rally Fizzles; Treasurys, Dollar Jump

Futures Tumble As Historic Rally Fizzles; Treasurys, Dollar Jump Tyler Durden Tue, 06/09/2020 – 07:59

After hanging around at 3-month highs well into the overnight session, U.S. equity futures took a sharp leg lower around the time Europe opened, sliding back under 3,200 along with European stocks on worries that the historic rally in risk assets has overshot the economic recovery giving back some of the gains from the recent historic rally after the Nasdaq notched a record closing high in the previous session, with focus now on the Federal Reserve’s two-day policy meeting. Treasuries advanced with gold and the yen.

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Judge Bars Minneapolis Police From Using Controversial Chokeholds, Neck Restraints

Judge Bars Minneapolis Police From Using Controversial Chokeholds, Neck Restraints Tyler Durden Tue, 06/09/2020 – 06:41

Following a city council vote to abolish the Minneapolis Police Department, a Hennepin County judge late Monday approved a proposed court order requiring the Minneapolis Police Department to stop using all neck restraints and chokeholds when dealing with suspected criminals.

Via the ruling, the judge has officially adopted a plan assembled by Minneapolis Mayor Jacob Frey and the Minnesota Department of Human Rights. Aside from barring certain techniques, the ruling ratchets up the penalties officers might face if they ignore incidents of misconduct. Hennepin County Judge Karen Janisch’s order requires officers to immediately notify a supervisor of any incidents of police brutality.

If they see another officer using inappropriate force against a suspect, officers in the city will be required to physically intervene, or otherwise “shall be subject to discipline to the same severity as if they themselves engaged in the prohibited use of force.”

North Korea Assumes ‘Warlike’ Posture, Cuts Off All Contact With South

North Korea Assumes ‘Warlike’ Posture, Cuts Off All Contact With South Tyler Durden Tue, 06/09/2020 – 06:20

Virtually overnight, the thaw in inter-Korea relations apparently ended, and hostility reemerged, as the North Korean leadership announced plans to cut off all communications, including an emergency hotline, in retaliation against South Korea allowing defectors to send propaganda leaflets back across the border.

How an 82-yr-old brand survived world’s biggest lockdown

How an 82-yr-old brand survived world’s biggest lockdownParle’s 5-rupees-a-pack cookie came handy for many migrants who walked back home.

TechM boss on why Covid crisis is the worst

TechM boss on why Covid crisis is the worst”The crisis is œmuch worse from an economic impact point of view compared to 2008 meltdown,” Gurnani said.

The wrong playbook to pick in a pandemic

The wrong playbook to pick in a pandemicSlogans like Narendra Modi’s vocal-for-local stir the pot and only thicken the confusion.

Upgrade: ‘Health care will keep us from going back to the U.S.,’ says Texas couple who retired to Spain on about $2,000 a month

Though they ‘love America,’ this couple has chosen to put their roots down in the coastal town of Denia in Spain.

Rex Nutting: The NBER is wrong ” the recession didn’t begin in February, it began in March

The available facts show that the recession began in March, not February. Just like the WHO, the CDC and the White House, the NBER will deservedly lose respect due to its failures during the pandemic.

Dispatches from a Pandemic: Is ‘vuelo maldito’ to blame? U.S. links to the Guatemalan COVID surge include migrant flights and infected textile plants

Rising COVID-19 numbers and extended partial lockdowns in Guatemala are fueled in part, some argue, by the contentious return of untested migrants and poor safety practices in the key textile industry.