Morning 4-8

News:

WH “is developing plans to get the U.S. economy back in action .. according to people familiar with the matter. . The effort would likely begin in states that haven’t yet been heavily hit .. New York, Detroit, New Orleans would remain shuttered.” (CNBN)

Austria, the Czech Republic, Denmark and Norway have now all announced plans to slowly relax national lockdowns later this month. (CNBC)

It’s been a bad 24 hours for Europe in its efforts to coordinate a joined-up response to the pandemic among its 27 member states. First, news broke that the president of the EU’s main science organization quit over red tape and infighting; then the bloc’s finance chiefs failed to broker an EU-wide rescue package for the economy after all-night talks collapsed.

Officials said a feud between Italy and the Netherlands over what conditions should be attached to euro zone credit was blocking progress on half a trillion euros worth of aid. They will try again to break the deadlock on Thursday night.

French Finance Minister Bruno Le Maire was not amused. He was quoted by one official as saying: “Shame on Europe. Stop this clownish show!”(Reuters)

Direxion just filed for a Work from Home ETF (WFH). Will hold companies that “remote communications, cyber security, project and document management, and cloud technologies.” – Bloomberg.

The number of U.S. homeowners who have stopped making mortgage payments is surging, with the percentage of loans in forbearance jumping from 0.25% in early March to 2.66% at the start of April – Bloomberg.

Americans are hoarding cash. New data reveals that the amount of Benjamin’s in physical circulation are up, with the growth at a level not seen since the Y2K frenzy. Balances in checking and savings accounts are also up by double digits, as fears of a recession mount(quartz)

Markets:

 Spoos Higher But Europe lower as The Fight to get stimulus deal done weighing a bit on Sentiment along with  the first increase in Virus cases in three days in Germany and Spain’s daily coronavirus death toll and the number of confirmed cases increased by the most in four days. There were 6,180 new infections in the past 24 hours, taking the total to 146,690, according to Health Ministry data (BBG)… The Infighting between European Countries, the “haves and have nots “never ends. All European Bourses lower today  Dax -.7% France -1.3%.Bunds trading a bit lower over the last hour or so after having a small bid most of morning 100+ tick range in Bunds last night,BTPs 100 ticks off lows but still down 123 as Any delay In Fiscal stimulus package  weighs on Italy.30 year auction today will be watched closely to see the appetite for increased size of $1B

 Oil Complex trading a bit higher as India, worlds third biggest consumer of oil, plans to fill her SPR. Talk continues of a 10 Mln Barrell a day cut in production  between opec and Opec +  USA will not participate per se but yesterdays monthly Short energy out look predicted USA oil production to drop going forward. Yesterday’s API Numbers reported big Builds in oil and gasoline so a quick decision on Production cuts are wanted by all. Dollar a bit higher Gold and Copper

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