Written by Gary
Disney delaying its parks reopening, disappointing slowdown in the improvement in jobless claims (SPY +1.1%). Stocks surge as bank ‘bonanza’ beats covid concerns.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | ‘It’s too soon to go to a movie theater,’ infectious disease experts sayMovie theater owners may be eager to reopen their screens to the public, but health experts aren’t convinced that its time to head back to cinemas. |
| CDC says no clear evidence coronavirus quarantines for travelers, like in New York, workTravelers arriving in New York, New Jersey and Connecticut from Florida, Texas and other states with spiking Covid-19 infection rates will be subject to a 14-day quarantine and fines if they don’t self-isolate. |
| Airlines warn passengers: Wear a mask or you can’t flyAirlines are cracking down on travelers who refuse to wear a mask on board flights and in some cases temporarily banning them. |
| ‘Covid-19 still is very real’: Major grocery union calls for mask requirements as cases spikeThe United Food and Commercial Workers International Union, said the pandemic hasn’t ended and neither have health risks for workers. |
| Life Time Fitness CEO says gyms could see ‘small degradation’ as more people workout from homeLife Time Fitness CEO Bahram Akradi on Thursday said that the gym industry could see a “small degradation” as more people opt for at-home workouts. |
| Texas pauses reopening plan and elective surgeries as coronavirus cases and hospitalizations rise“The last thing we want to do as a state is go backwards and close down businesses,” Gov. Greg Abbott said |
| Darden Restaurants CEO says consumer behavior hasn’t changed as U.S. coronavirus cases spikeDarden Restaurants CEO Gene Lee said that the company has not seen any changes to consumer behavior even as Covid-19 cases begin to spike in some states. |
| New York City set to move further into reopening as early as July 6, indoor dining allowed to return, mayor saysNew York City is scheduled to begin its phase three reopening as early as July 6, which would reopen restaurants for indoor service and additional personal care businesses with reduced capacity. |
| Virgin Galactic completes second New Mexico glide test, with rocket-powered flights expected nextVirgin Galactic successfully completed its second glide flight test in New Mexico on Thursday. |
| CDC eyes TikTok to revamp coronavirus messaging for younger people as infections surgeCDC Director Dr. Robert Redfield said that while young people face a lower risk of severe disease and death due to Covid-19, a high rate of infection among young Americans increases the chances that they go on to infect older, at-risk people. |
| Bucks co-owner: NBA still plans to resume season despite coronavirus spikes in FloridaMilwaukee Bucks and Avenue Capital co-founder Marc Lasry said on CNBC’s “Halftime Report” that the NBA will continue with its plan to restart games despite an uptick of Covid-19 cases in Florida. |
| Disney’s Splash Mountain to get ‘Princess and the Frog’ makeoverThe Imagineers at Disney announced Thursday that the Splash Mountain ride at both Disneyland in California and Disney World in Florida will be redesigned to feature characters from its animated movie “The Princess and the Frog.” |
| Beyond Meat shares fall after McDonald’s ends Canadian trial of meatless burgerMcDonald’s has ended its testing of a burger made with a Beyond Meat patty in Canada. |
| Stocks Surge As Bank ‘Bonanza’ Beats COVID ConcernsStocks Surge As Bank ‘Bonanza’ Beats COVID Concerns Tyler Durden Thu, 06/25/2020 – 16:00 Disney delaying its parks reopening, disappointing slowdown in the improvement in jobless claims, more concerns over a second wave of COVID (directly impacting Texas and Apple), all offset by regulators easing regs on banks (and presumably hopes of no dividend cuts tonight from the bank stress tests)… 1000ET *BANKS GET EASIER VOLCKER RULE AND $40 BLN REPRIEVE ON SWAPS 1049ET *FLORIDA COVID-19 CASES RISE 4.6% VS. PREVIOUS 7-DAY AVG. 4% 1135ET *TEXAS GOVERNOR HALTS NEW PHASES OF REOPENING STATE’S ECONOMY 1140ET *ARIZONA VIRUS CASES JUMP 5.1%, ABOVE PRIOR 7-DAY AVERAGE 2.3% 1435ET *APPLE TO RE-CLOSE 14 MORE U.S. RETAIL STORES ON COVID-19 SPIKE 1510ET *CALIFORNIA HOSPITALIZATIONS NOW UP 32% OVER LAST 14 DAYS. 1532ET *FLORIDA’S DESANTIS: NO PLAN TO GO TO NEXT PHASE OF OPENING NOW 1558ET *U.S. VIRUS CASES RISE 1.7%, BIGGEST GAIN SINCE MAY 30 After yesterday’s chaotic headlines, today was far calmer – despite similar headlines – making for one of the lowest range days of … |
| Why Gold Will Hit A Record High In The Second Half Of 2020Why Gold Will Hit A Record High In The Second Half Of 2020 Tyler Durden Thu, 06/25/2020 – 15:50 Authored by Eddie van der Walt, macro commentator at Bloomberg A mix of slow growth, easy money and black swans can propel gold to record highs in the second half of 2020. Lingering fears about lockdowns and scarring to the real economy should keep haven demand strong, but the metal could also rally in a risk-on environment, as the 2008 play book showed. Comfortably the best-performing major asset in the past year, gold soared by a quarter. That put it within levels that Markets Live foresaw at the end of 2019. With a global recession arriving sooner and cutting deeper than expected, $2,000/oz is the next target. |
| Fed Releases POMO Schedule For Next Two WeeksFed Releases POMO Schedule For Next Two Weeks Tyler Durden Thu, 06/25/2020 – 15:47 Now that the Fed’s release of POMO is more of a periodic affair than every Friday, moments ago the NY Fed published its latest POMO schedule for both Treasurys and MBS, covering the period June 26 – July 13. In line with the recent Fed disclosure that the central bank will purchase about $80 billion in Treasurys monthly, the latest schedule shows an average daily purchase of about $4.5 billion, or $40.2 billion spread over 9 days; for MBS the average daily is nearly identical, at $4.6 billion daily, or $45.6BN spread over 10 days. Here is the latest summary of Treasury POMOS. Of note: the biggest POMOs will take place on July 6 and June 26, when the Fed will monetize $12.825BN and $8.825BN worth of US debt. |
| Florida, Texas “Pause” Reopening Plans After US Sees Record Jump In COVID-19 Cases: Live UpdatesFlorida, Texas “Pause” Reopening Plans After US Sees Record Jump In COVID-19 Cases: Live Updates Tyler Durden Thu, 06/25/2020 – 15:41 Summary: Fla. pauses reopening Apple closes more US stores NJ sees spread rate tick higher again Cali reports latest numbers Houston ICU capacity reached Lisbon brings back stay at home orders Arizona, Fla. report latest numbers Texas Gov pauses reopening Texas gov orders suspension of elective surgeries in some counties NYC mayor says phase 3 could begin as soon as July 6 Deaths continue to lag new infections Australia sees biggest jump in cases since April UK warned about second wave US sees ~45k jump in new cases reported yesterday Global total nears 10 mil Persian Gulf virus total tops 400k India to carry out virus ‘survey’ of New Delhi Russia sees ~7k new cases, 92 deaths Dr. Scott Gottlieb: “complacency” driving new US outbreak Eiffel Tower reopens Thursday * * * Update (1540ET): Florida Gov. Ron DeSantis just announced that he would “pause” his state’s plans for reopening as the number of hospitalizations and newly confirmed COVID-19 infections hits levels previously unseen si … |
| US Treasury sent $1.4bn of pandemic aid to dead peopleIt was one of several “challenges” identified in an audit of federal pandemic relief programmes. |
| Coronavirus: We’re taking pandemic seriously, says beauty firmSkin care company Dermalogica is calling on the UK government to announce an opening date for salons. |
| Coronavirus: New laws to ease outdoor drinking and dining rulesPubs and restaurants will more easily be able to get “pavement licences” under plans to boost hospitality. |
| Can India really take China’s place as the factory of the world?Can India really take China’s place as the factory of the world?India must take into account the altered global economic landscape that may emerge in the post-Covid-19 era. |
| The future of work is here, thanks to CovidThe future of work is here, thanks to CovidIndia Inc is opening up to the concept of white-collar staff working for multiple employers at the same time. |
| Buying a smartphone? Get ready to pay moreBuying a smartphone? Get ready to pay moreThese hikes come at a time when most of the brands are battling a shortage of products in the market. |
| Documentary Of The Week: Thermodynamics And EconomicsWritten by John Lounsbury Steve Keen presented a keynote address at the International Conference on Thermodynamics 2.0 on 23 June 2020. The conference was sponsored by the International Association for the Integration of Science and Engineering. The title of his presentation: “Macroeconomics, Minsky, & fraud in Neoclassical climate change economics”.
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| Central banks need to re-think rules on risk-taking at hedge funds, insurance companies and even corporations, IMF’s market division chief saysEmergency actions by central banks to shore up the financial system in the face of the coronavirus pandemic earlier this year were appropriate, but regulators will need to re-think the rules about risk-taking for hedge funds and insurance companies, often called non-banks that operate in the œshadow banking system , the top financial regulator at the International Monetary Fund says. |
| A lot of bad news is converging on the stock market ” here’s how to deal with itAs market weakness develops, scale into stocks that get hit the most. |
| The Ratings Game: Apple patents reveal ambitions in augmented reality and moreApple Inc.’s latest software announcements may have been fairly standard, but the company has some tricks up its sleeve “at least if its patent filings are any indication. |
Summary of Economic Releases this Week
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