morning 4-9

Powell at 9:00

Jobless claims range 2.5 mln  to 7.5 mln

Markets really care about one thing updates on the Virus

  • *SPAIN’S VIRUS DEATHS, NEW CASES DECLINE ON THURSDAY
  • *FAUCI: IT LOOKS LIKE THINGS ARE GOING TO BE IMPROVING ON VIRUS
  • Fauci Says Death tool may be closer to 60-70K and not 100-200K as previously forecast
  • (Bloomberg) “Most NYC Covid-19 Cases Came from Europe, Genome Researchers Say”
  •  

But Not all Good

  • Both U.K, Spain and Italy may Extend Lockdowns (BBG)
  • South Korea said that Virus may be reactivating in people who have recovered (BBG)
  • Globally Cases still increasing (BBG)

Oil, OPEC and Russia

OIL IMPORTING COUNTRIES MAY ANNOUNCE PURCHASING OIL AT THE G20 MEETING TO SUPPORT DEMAND, IEA HEAD TELLS ARABIYA TV

Putin says he will not speak with Saudi Arabia or trump in regard to oil deal

Saudi Arabia pulling the switch -a -roo they say they will cut production by 4 million barrels but from April Levels of production-, thus cutting back to level they were pumping at in February. So not really A cut at all they are just forcing or attempting to force other countries to cut

 Still don’t know if a deal in place or just talk today and tomorrow there is an OPEC meeting and a G-20 Oil ministers meeting to try and hammer out a production cut deal plenty of tape bombs to be seen. Currently oil is higher by 1% but well-off session highs

Bonds and Economic Calendar:

 Busy Day on Calendar Powell, Jobless claims PPI and For Color Canadian Jobs data. A solid Italian BTPs auction has Europe exhaling a bit as Demand there is a good sign for all European sovereign Demand Bunds higher as well. Treasuries small bid s Stocks Sag here and in Europe. Holiday mood overtaking markets, but this slumber can change quickly due to deluge of data and of course any and all Virus updates. Take note that markets await Cuomo daily press conference and move based on the updates statistics, Markets also move on the update out of Europe .

 Silver and Gold +1% Copper down a bit Pallad

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.