Morning 3-24

Reason For “risk on” is that A Fiscal deal is within reach, Blah Blah . Spoos touched Limit bid NKY Closed +7%,European Stocks higher roughly by 5% or so Dollar down a good sign, Gold up again +7% as production hiccups surface due to Virus,Oil +2.25% All eyes on Senate if No Deal and or it appears no deal today risk Will turn.

Feds QE Schedule will stay the same for remainder of Week they will buy $75 b a day in treasuries and twice daily they will purchase 20-30 maturities.They want to tame the long end and not allow it to trade lower

Good sign as some of the Feds Alphabet Soup starts to work “The big winner yesterday was U.S. investment-grade corporate bonds as the Fed gears up to buy an estimated $100 billion of the debt through a newly-created SPV financed by the Treasury. LQD had a one-day inflow of $1.06 billion, the biggest since 2016. (Bloomberg)”

Why Has cattle markets been so busy? so active in fact that CME has adjusted the daily limit of front month feeder cattle,March to $10 “210 Analytics LLC says meat department sales without deli surged by 76.9% over the week ending March 15, 2020, based on data from IRI.  

Anne-Marie Roerink, principal and founder of 210 Analytics, a research and analytics firm, said, “During the week ended March 15, turkey registered the highest growth, nearly doubling dollar sales (+96.1%). Lamb increased sales by more than 50%. Beef and chicken, by far the largest categories, increased sales by $376 million and $183 million, respectively.” Fresh pork was up 89.2%.

This morning ‘s PMI data from Europe was ugly but not as Ugly as Most expected,this is either here or nor numbers will get worse Take Note it is the Services Number that are really ugly and not so much manufacturing.

France servives PMI f/c 42 vs 29 previous month 52

Germany services PMI f/c 42 ,actual 34 previous 53

News

  • The Federal Reserve launched an array of programs Monday aimed at helping the markets and economy through the coronavirus crisis.
  • Taken together, the programs are considerably more aggressive and done in quicker fashion than what happened during the financial crisis.
  • By the time it finishes, the Fed could take its balance sheet to as high as $10 trillion, one analyst estimates.(CNBC)
  • Sources: G20 Leaders will hold vid conf on Thur to discuss C-19; they agreed to develop joint action plan in response to virus with individual & collective action(ITC Markets)
  • . U.S. companies plan to hire: Instacart 300,000 Walmart 150,000 Amazon 100,000 Dollar General 50,000 CVS 50,000 Albertsons 30,000 Pizza Hut 30,000 Dollar Tree 25,000 Papa John’s 20,000 7-Eleven 20,000 Dominos 10,000 Kroger 10,000 Walgreens 9,500 Pepsi 6,000.(Mizuho)

COVID-19 Update via ITC Markets

-Update: Global cumulative 381,591 (+12.5% vs y’day); cumulative deaths 16559 (+12.6% vs y’day); cumulative cured 101806 (+3.0% vs y’day); active cases 263,233 (+16.6% vs y’day) https://bit.ly/2xyIxsT

-Update China cumulative: 81,748 (+0.17% vs y’day); cumulative deaths 3,283 (+0.21% vs y’day); 73,300 (+0.62% vs y’day); active cases 5486 (-6.07% vs y’day) https://bit.ly/2TGjL2F

-State Media: China’s Hubei province excluding the city of Wuhan is set to lift controls on movement for healthy people commencing tomorrow

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