Written by Gary
Stocks, oil under pressure amid fears of second wave of pandemic (SPY -2.1%) are plunging this morning on signs that a second wave of the pandemic is emerging.
Here is the current market situation from CNN Money | |
 | European markets are broadly lower today with shares in Germany off the most. The DAX is down 1.14% while London’s FTSE 100 is off 1.11% and France’s CAC 40 is lower by 0.99%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Revenue at airline Avianca falls 51% through early June on coronavirusPassenger revenue at Latin America’s No. 2 airline, Avianca Holdings , has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken on the company. |
| Walmart partners with Shopify to expand online marketplace businessWalmart Inc said on Monday it has partnered with e-commerce firm Shopify Inc , as it looks to expand its online marketplace business and cash in on the coronavirus-driven jump in online shopping. |
| Oil falls on growing fears of coronavirus second waveOil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could hamper a recovery in fuel demand. |
| Honeywell launches new business unit to capture drone marketHoneywell International Inc, a major supplier of aerospace products, said Monday it launched an unmanned aerial systems business to bet on the autonomous aviation space ” drones, air taxis, and unmanned cargo delivery vehicles. |
| Intesa, BPER revise terms to try to clear antitrust hurdles to UBI dealItaly’s Intesa Sanpaolo has agreed to sell more branches and assets to rival BPER to try to overcome antitrust objections to its proposed takeover of UBI Banca . |
| Volkswagen expects very bad second-quarter, positive 2020 adjusted operating profitVolkswagen expects a very bad second quarter, but also sees a positive adjusted operating profit before special items for 2020, Chief Financial Officer Frank Witter said in an internal newsletter. |
| Delta has received approval from Shanghai govt to resume flightsDelta Air Lines has received approval from the Shanghai government to resume flights from June 18, a company spokeswoman said on Monday, paving the way for the carrier to resume services to China after months of suspension due to COVID-19. |
| Stocks, oil under pressure amid fears of second wave of pandemicFears of a second wave of COVID-19 infections sent jitters across global markets on Monday with stocks and oil under pressure while investors bought into safe havens such as government bonds. |
| U.S. mattress business springs back from pandemic shutdownThe U.S. mattress business has bounced back after months of shutdowns from the coronavirus pandemic kept customers away. |
| “Hard Hats At The Ready…”“Hard Hats At The Ready…” Tyler Durden Mon, 06/15/2020 – 08:22 Authored by Bill Blain via MorningPorridge.com, œI’m not ready for Monday ” I’m going back to sleep..  (She-who-is-Mrs-Blain, this morning.) I understand the supply of high-quality recreational pharmaceuticals is fairly limited at present, so if anyone can send me a quarter ounce of whatever Morgan Stanley are smoking I would be profoundly grateful. Apparently the global economy is in a new expansion cycle, and we will surpass pre-coronavirus GDP before the end of this year in a V-Shaped Recovery, say my American former employers (many years ago..) Excellent! Sadly, no one seems to be sharing Morgan Stanley’s particular bullish insight with the market ” which is setting up this morning for a œbit of a tanking and a third consecutive down day. Markets are going to remain ¦Â fraxious ¦ for the next few days. Volatile, risk off and expect to see the bad news mount ¦Â |
| “Just A Huge Bear Market Rally?” Stocks Tumble On Fears Of Second Virus Wave“Just A Huge Bear Market Rally?” Stocks Tumble On Fears Of Second Virus Wave Tyler Durden Mon, 06/15/2020 – 08:03 In a continuation of the selloff that started overnight, US equity futures and world stocks are plunging on Monday on signs that a second wave of the pandemic is emerging in parts of the United States and China, dousing investor hopes of a quick economic rebound that had powered the Nasdaq to record levels last week. Beijing closed the city’s largest fruit and vegetable supply center and locked down nearby housing districts after dozens of people associated with the market tested positive for the virus. A record number of new infections and hospitalizations were reported in more U.S. states, including Florida and Texas over the weekend. After dropping as much as 1,000 points, Dow futures were down about 600 points at last check, with S&P futures dropping as much as 3.4% in early London trading in what some have dubbed “Meltdown Monday”, although S&P 500 futures managed to trim their losses in half, last down about 1.6%. |
| Virus Resurgence A Match For Liquidity?Virus Resurgence A Match For Liquidity? Tyler Durden Mon, 06/15/2020 – 07:29 Submitted by Eleanor Creagh, Australian Market Strategist at Saxo Bank Summary: Following the relentless run up in risky assets off the March lows, we are seeing 2-way price action return to the market. USD strength is resuming as risk sentiment sours and gravity is visible once again in risk assets. Last week’s price action underscored that despite the aggressive rebound off March lows, a degree of fragility remains. Of course, markets are all about 2-way price action and it is fair to say, prior to last week’s sell off, price action had been very one-sided, with sentiment and positioning reaching extremes. Bankrupt companies were flying, the put-call ratio was close to 10-year lows and sports betters were … |
| China Blames Imported Salmon For Biggest COVID-19 Cluster Since February, Major Indian City Revives Lockdown: Live UpdatesChina Blames Imported Salmon For Biggest COVID-19 Cluster Since February, Major Indian City Revives Lockdown: Live Updates Tyler Durden Mon, 06/15/2020 – 06:51 Summary: Chennai announced Monday that it’s returning to lockdown amid a resurgence of infections China blames outbreak on imported salmon Chilean health minister resigns Security checkpoints and other measures return to parts of Beijing 90k Chinese undergo mandatory testing China uncovers biggest cluster since February Official warns risk of resurgence is high World nears 8 million case mark Brazil surpasses UK death toll; now second only to US 23 US cases see new infections climb UK allows many retailers to reopen for first time in 3 months * * * Update (0815ET): Chennai, one of India’s largest cities with some 15 million residents, plans to reimpose lockdown measures on Friday as India sees a roaring spike in new cases, AFP reports.
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| A top economist explains the risk Nepal took by needling IndiaA top economist explains the risk Nepal took by needling IndiaNepal voted in unison to incorporate Lipulekh, Kalapani and Limpiyadhura in their map. |
| Investors trip over an RBI regulationInvestors trip over an RBI regulationMany investors have reached out to the RBI claiming that the regulation is creating a spectre of harassment. |
| Covid accelerates the shift to digital bankingCovid accelerates the shift to digital bankingCovid is likely to hasten the banking sector’s move away from branches and towards digital technologies. |
| Economic Report: Empire State index recovers in June from two months of record lowsThe New York Fed’s Empire State business conditions index jumped 48 points to just below a steady reading in June, the regional Fed bank said Monday. |
| Market Snapshot: Dow futures skid 600 points as fears of second coronavirus wave resurfaceU.S. stock-index futures on Monday tumble to start the week amid growing evidence of a resurgence of the deadly COVID-19 pandemic in parts of the world. |
| Bond Report: Treasury yields slip as worries about a resurgence in coronavirus fuels bond buyingTreasury yields fall early Monday trade as U.S. equity benchmarks look to extend their biggest weekly selloff since mid-March, buoying demand for haven assets. |
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