Optimistic Virus Comments lead stocks higher.
, Spoos Nasdaq +3.75%% Stoxx 50 +3.75%, Dax +4.4%. Virus proxy Travel and leisure Sector +7.9%, Autos +6.4% All 19 Stoxx sectors higher today. NKY closed higher +4%
President trump At yesterdays Virus press conference “We see light at end of tunnel” and It “will be a point where things start changing for the better” Italy and Spain reported fewest deaths in more then 2 weeks and Germany and France reported the fewest numbers in A few days”(Bloomberg) A bit Optimistic? Sure, but everyone is looking for any sign that the worst has pass. A sobering note U.S. surgeon saying this week likely the “Worst week of the pandemic” Hops springs eternal they say ..Japan is unveiling a $988 Billion Stimulus package ,Tokyo one step closer to declaring a national emergency and ordering a shutdown
Bonds and bonds lower nothing too crazy spot Gold +1.2% Silver +1.8%.Bug range in oil as OPEC Meeting canceled for today but hope is for a Meeting on Thursday to get all sides too Cut production ( Russia,OPEC maybe other G-20 Countries?) watch out for tweets and tape bombs to dictate flows WTI -3.5% Brent -2.8% Nat GAS +3.4% this morning as well. At one Point Oil -11%. Jpy offered against G-10 Currencies due to the Stimulus package and a bit to the Lockdown expected in Tokyo
Holiday Week with all Western markets Closed Friday and a Good Chunk of Europe Closed neat Monday.
U.K Prime minister Johnson Hospitalized as Virus symptoms not improving.
Per Bloomberg More S&P Companies are at a risk of Removal due to drop in Market capo Macy’s removed last week is an Example.
Lean Hogs looking to trade Limit down for 3rd consecutive day as too much supply overwhelms demand. Last week Front month hog futures dropped 25% biggest loss ever, Currently U.S. herd is the largest ever.