morning 4-1

News and Notes:

  • According to bespoke Investments March, The Most Volatile Month ever for SPX
  • UK Banks measured by the FTSE350 Bank index down for 5th day in row off 7.5% today as UK joins the EU in demanding banks stop the payment and stock Buybacks.
  • Reserve bank of India Announced another Stimulus Package, they cut rates 75bps last week
  • Dollar, Not good For Risk, Higher today by .6% Both CAD and AUD down over 1% Surprisingly JPY Unchanged vs Dollar but JPY stronger vs. Most G-10 Currencies
  • Italy Extended Lockdown till April 13th 
  • In U.S. Corona virus task Force Dr Brix and Dr Fauci both said that 100-200 k Deaths from Virus might be near the lower side of expectations. America bracing for a “painful” next couple of weeks (IFR)
  • No takers for the Feds Overnight Repo operation this are expected as Quarter end Month end passes. The Repo Operation are not where the problems lie as of Late Use of this facility has been decreasing daily.

 Markets:

 Risk OFF   as Quarter end Activity pension re balancing completed the true Sentiment of market shows through. Spoos -100 handles, NKY closed down 4.1% Cac -4% Dax -3.8% Bonds +3 handles, Bunds only +43 .Gold little changed.  Some top tier Economic Data today and Markey is waiting to see how ugly it is.ADP report was less then Bad then feared but markets believe worse is yet to come so little reaction from release. China PMI data overnight better than expected, but Focus Has moved away from China to the US and Europe.

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