30Jul2020 Pre-Market Commentary: Wall Street Set To Open Lower, Poor Financial Data Reported, DOW Futures Down 200 Points, WTI Crude Down Fractionally 40.60, Sliver Slips 23.21

Here is the current market situation from CNN Money

European markets are sharply lower today with shares in Germany off the most. The DAX is down 2.46% while London’s FTSE 100 is off 1.69% and France’s CAC 40 is lower by 1.36%.

Back-to-school delays, virtual classes could deepen pain for some retailers, and be windfall for others

Families may pull back on back-to-school spending or shift to different items as the pandemic delays the first day of school, leads to staggered schedules or prompts plans for virtual learning.

Procter & Gamble sales rise 4% as consumers buy more cleaning products

Procter & Gamble reported organic sales growth of 6% for its fiscal fourth quarter as the pandemic helped spur purchases of cleaning products.

Dunkin Brands second-quarter revenue falls 20% as customers make fewer visits due to pandemic

Dunkin’ Brands second-quarter revenue fell 20% as fewer customers stopped by its stores due to the coronavirus pandemic on their way to work.

Yum Brands same-store sales fall 15%, but company says trends stabilizing in June and July

Yum said net income for the quarter was $206 billion, or 67 cents per share, down from $289 billion, or 92 cents per share, a year earlier.

McDonald’s partners with Mayo Clinic for aid in coronavirus safety

The partnership as part of McDonald’s efforts to keep customers and employees safe during the pandemic.

Coronavirus live updates: Daily U.S. cases top 70,000 again; study finds J&J vaccine protected monkeys with one dose

The coronavirus has infected more than 17 million people around the world as of Thursday, killing at least 667,600 people.

‘We don’t know’: AstraZeneca CEO says ‘unpredictable’ coronavirus may require annual vaccinations

The British firm is just one company working on a potential coronavirus vaccine.

A third of small-business owners have tapped personal funds to stay afloat, survey finds

More than a third of small-business owners said they’ve needed to rely on their own funds ” i.e., their personal credit card and/or savings ” to help keep their business running over the last several months amid slower economic activity.

Lawmakers say airline contractors laid off more than 9,000 despite $728 million in federal aid

Lawmakers are urging the Treasury Department to stop payments or demand refunds of millions in federal aid to airline contractors who laid off workers.

Volkswagen posts $940 million first-half loss and cuts dividend as pandemic hammers sales

Volkswagen has reported an operating loss of 800 million euros ($940 million) for the first half of 2020 and cuts its dividend as the coronavirus pandemic hammered car sales.

Vietnam braces for a fresh wave of coronavirus despite earlier success in containing the outbreak

Vietnam, once praised for its success in containing the coronavirus outbreak, is now battling a resurgence in cases and has warned that the disease could spread wider across the country.

5 things to know before the stock market opens on Thursday

U.S. stock futures fell as traders braced for the release of corporate earnings from high-flying tech names such as Apple and Facebook.

What MLB’s Marlins outbreak could mean for the stock market and economy

With a 60-game baseball season in jeopardy, two traders break down what it could mean for gambling stocks and the broader economic recovery.

Continuing Jobless Claims Spike As Almost 50% Of Lost Jobs “May Be Gone Permanently”

Continuing Jobless Claims Spike As Almost 50% Of Lost Jobs “May Be Gone Permanently” Tyler Durden Thu, 07/30/2020 – 08:33

Initial Jobless Claims was above a million last week for the nineteenth straight week, and rose for the second week in a row…

“A Mug’s Game?” – Is It Time Fight The Equity Bulls?

“A Mug’s Game?” – Is It Time Fight The Equity Bulls? Tyler Durden Thu, 07/30/2020 – 08:18

Authored by Richard Breslow via Bloomberg,

Sometimes you have to struggle to get your emotions under control. At others, you just decide to give in to them. Instinct versus intellect. The status quo or demanding change. Sitting down this morning, looking at the screens, reading the news, reflecting on everything that’s known, unknown, surmised and taken for granted, there was a powerful urge to say enough is enough. To be prepared to fade everything and let the market prove it has the appetite to keep making new extremes. Sometimes it’s prudent to lie down until the urge goes away. The trend is your friend and all. Occasionally, you just decide to throw caution to the wind and take action. Get in the market’s face. This is one of those moments when, perhaps, the case can be made to take the latter approach. Wow, that felt good.

The market heard a dovish Fed Chairman Jerome Powell, with a kitchen sink message. Surely that shouldn’t have come as a surprise. They are also most likely standing down until after the results of their policy review. Window of opportunity to breath and, maybe, markets to have a rest. We know negative real rates are a problem. You can beat an issue to death, as well. How much more needs to be pri …

“Markets Are Nearing Their Limits”: Futures Falls, European Markets Tumble After German GDP Crashes

“Markets Are Nearing Their Limits”: Futures Falls, European Markets Tumble After German GDP Crashes Tyler Durden Thu, 07/30/2020 – 08:00

S&P futures tumbled, European stocks slumped to a three week low, 10Y Treasury yields dropped near all time lows (where the 5Y already was at 0.2374%, the lowest yield on record), and the EUR slid from near a 22-month high after the market reassessed that Powell’s message could have been even more dovish, and as German GDP crashed the most on record, alongside a surge in Covid-19 cases. Meanwhile, today’s US GDP report is expected to show shortly that the US economy contracted by a record 34.5%. The dollar strengthened against most Group-of-10 peers, with Scandinavian currencies leading losses.

China, Germany Suffer Alarming Jump In New COVID-19 Cases As “Second Wave” Spreads: Live Updates

China, Germany Suffer Alarming Jump In New COVID-19 Cases As “Second Wave” Spreads: Live Updates Tyler Durden Thu, 07/30/2020 – 07:53

Summary:

China reports another 105 new cases

Hong Kong suffers new COVID record

Japan reports another 1,200+ cases

Melbourne suffers new record

Germany sees cases at 6 week high

Dutch gov’t declines to advise face mask wearing

Local lockdowns reported in parts of UK

Poland suffers new daily record

* * *

We kicked off yesterday’s COVID-19 live blog with the latest alarming numbers out of Asia: Mainland China reported its biggest daily cluster since mid-April, and Hong Kong, which adopted its more restrictive social distancing measures yet last week, reported 100+ new cases for a fifth straight day.

The last 24 hours have seen both outbreaks intensify, in keeping with the general pattern exhibited by SARS-CoV-2 (that is, it spreads, and quickly). On the mainland, public health officials reported 105 new cases Thursday morning. 102 of these cases were domestically transmitted, while only 3 were imported. Of the domestic cases, 96 were recorded in Xinjiang, the far-flung western province occupied by China’s Muslim Uiyghers, a minority ethnic group that has been subjected to unimaginable brutality by the government …

Holiday firm Tui to shut 166 High Street shops

The UK’s largest tour operator says the move is partly down to more people booking online.

Argos axes ‘book of dreams’ catalogue after 48 years

The retailer says it will remove the last of its catalogues from stores by the end of the year.

Redundancy pay to be protected for furloughed workers

Furloughed workers losing their jobs will be eligible for redundancy pay based on their normal wages.

Mumbai’s slums may’ve found Covid holy grail

Mumbai’s slums may’ve found Covid holy grailSeveral Mumbai slums have seen steep drops in infections in recent weeks after cases first erupted in April, even as India’s overall cases grow at the fastest pace globally. Credit has largely been given to the intensive containment measures officials implemented in the slums, like door-to-door health screenings and rapidly-erected quarantine facilities.

Raj HC issues notices to Speaker, 6 BSP MLAs

Raj HC issues notices to Speaker, 6 BSP MLAsRajasthan High Court issues notices to Speaker, six BSP MLAs over their merger with Congress. The Court asks them to file reply by 11th August.

TikTok CEO blasts Zuckerberg

TikTok CEO blasts ZuckerbergZuckerberg’s testimony, published in advance, focused on the broader danger of allowing tech firms from the world’s No. 2 economy to dominate the online sphere.

Rail Week Ending 25 July 2020 – Mixed Data But Still Deep In Contraction

Written by Steven Hansen

Week 30 of 2020 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is recovering from a coronavirus pandemic.

What’s Worth Streaming: Here’s what’s worth streaming in August 2020: ‘Lovecraft Country,’ ‘Immigration Nation’ and more

It’s a good thing live sports are coming back, because with a few exceptions, there’s not much worth streaming in August.

The Ratings Game: Boeing’s ‘messy’ Q2 results get a pass from Wall Street

Focus shifts to a better-than-expected free cash flow picture at Boeing Co., looking past wider losses and lower sales.

Stock buybacks have totaled $5.3 trillion over the past decade ” has that contributed to U.S. pandemic failures?

Has the $5.3 trillion that U.S. companies have funneled to their shareholders in the past decade in the form of share buybacks contributed to the federal government’s failing management of the coronavirus pandemic?