Written by Gary
A pullback in risk assets today has swerved the spotlight back to the burgeoning global coronavirus crisis (SPY -0.6%). Gold tests 8-year highs at 1778.
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 2.00% while Germany’s DAX is off 1.69% and France’s CAC 40 is lower by 1.66%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Global Coronavirus Deaths Near Half A Million As US Daily Cases Surge: Live UpdatesGlobal Coronavirus Deaths Near Half A Million As US Daily Cases Surge: Live Updates Tyler Durden Wed, 06/24/2020 – 08:32 Summary: Global COVID deaths top 475k Cases top 9.2 million US cases near 2.5 million Deaths top 120k 27 states see cases increasing Australia sees another cluster Beijing says latest cluster is contained China has done 90 million nucleic acid tests UK moving to relax restrictions WHO warns Africa testing capacity improving * * * A pullback in risk assets on Wednesday has swerved the spotlight back to the burgeoning global coronavirus crisis, a resurgence in global cases driven primarily by the US, Latin America and a handful of Asian or Eurasian countries including India and Russia (and several of their neighbors). Most alarmingly, the US is on track to seeing the average number of new infections reported daily eclipse the highs from the “peak” of the outbreak back in April, when New York, New Jersey, Massachusetts and Connecticut saw the number of patients hospitalized and in the ICU hit their peaks. While deaths have lagged amid evidence that the rising case counts in the US are being driven primarily by young people acting irresponsibly, in roughly a week, the US will eclipse the 50k cases per day m … |
| GNC Files Chapter 11 Bankruptcy With Plan To Sell ItselfÂGNC Files Chapter 11 Bankruptcy With Plan To Sell Itself Tyler Durden Wed, 06/24/2020 – 08:30 On Tuesday, we noted that weekly bankruptcies are soaring, the most in over a decade, and there is a striking correlation between the unemployment rate and chapter 11 filings. Not too long ago, we said that a “biblical” wave of bankruptcies is about to flood the U.S. economy. |
| “Money Can’t Buy A Movement” – AOC Trounces MCC In New York Primary“Money Can’t Buy A Movement” – AOC Trounces MCC In New York Primary Tyler Durden Wed, 06/24/2020 – 08:15 Authored by Isabel van Brugen via The Epoch Times, Rep. Alexandria Ocasio-Cortez (D-N.Y.), on Tuesday night won her Democratic primary in New York’s 14th District, defeating challenger Michelle Caruso-Cabrera, a former anchor for CNBC. |
| Futures Slide On Renewed Trade War Fears, Surge In Virus CasesFutures Slide On Renewed Trade War Fears, Surge In Virus Cases Tyler Durden Wed, 06/24/2020 – 08:02 After several days of surging on “recovery and trade deal optimism”, overnight sentiment took a big hit on “virus resurgence and trade deal pessimism” sending S&P futs and European stocks sliding the most in a week “following a surge in the number of coronavirus cases globally” according to Reuters. Spoos dropped following European shares lower, amid an acceleration in virus cases the American South and cautious remarks on a recovery by ECB’s chief economist.
Futures took a se … |
| Techies aren’t the only ones hit by Trump’s work visa restrictionTechies aren’t the only ones hit by Trump’s work visa restrictionTrump’s visa suspension has left the fate of spouses of H1B visa holders hanging in the balance. |
| Leave policies are changing due to CovidLeave policies are changing due to CovidFirms are tweaking their leave policies to give staff working round the clock time to recharge and rejuvenate. |
| What’s so unusual about this Market rallyWhat’s so unusual about this Market rallyIndia has seen about 1.8 million new accounts opened by first-time investors since March. |
| Need to Know: Why gold may continue to rally ” as long as U.S. stocks doWhat’s driving gold is the fall in inflation-adjusted bond yields ” and that should continue as long as the stock market rally holds up, says one researcher. |
| The Conversation: Surprise Gorsuch opinion fits Supreme Court pattern of setting aside ideology to address historical injusticesThe bold decision in Bostock v. Clayton County is consistent with how the top court has acted when faced with a major social transformation. |
| COVID-19 undid 3 years of economic progress in China. Don’t expect a quick rebound, these experts sayBeijing may be falling back on an old playbook as it reels from the impact of the coronavirus. it’s a reminder of just how desperate things may have become, the China Beige Book notes, and just how interconnected the world is. |
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