Markets were a bit excited as Gov Cuamo announced a joint tele-conference with East coast Governors,it turned out to be a dud and in turn spoos sold off……Latest update via BBG California Gov. Newsom to unveil Plan to reopen State he along with Oregon and Washington Governors have a group plan in place…Spoos bid
BREAKING: NJ, NY, CT, PA, DE, and RI have formed a regional advisory council to help guide our re-opening once the #COVID19 emergency has passed. We cannot act on our own. We must be smart & tactical in how our region comes out of this, or else we’ll be right back to square(Reuters)
Spot Gold +1.4% Futures +.9% Gold basis roughly $48 dollars wide so the premium to acquire Gold via Delivery of Futures still wide. GLD and all other Gold ETFs so the biggest quarterly inflow since 2016(Kitco) plenty of investors looking to get into Gold,No wonder since prices are at an 8 year high and Gold holdings in GLD are at roughly 7 year highs.
Front month crude and Brent trading lower then the deferred months which makes sense since Production cuts not starting till May 1st.A Meeting tomorrow of Texas oil regulators could usher in a historic Production cuts from Shale drillers unlikely but never know during these Extraordinary times.
Livestock Complex showed Live and Feeder cattle limit down across all contract months and hogs only limit down in 2 months, hmmmm. I thought it would be other way around as the Hog plant in South Dakota shut not a cattle slaughter plant.The US can still export pork so possibly this elevates some of the Oversupply and eliminates some of the the pressure on Hog prices.Plenty of Confusion on Supply chain impact
Feds latest program to back stop Corp bonds are helping that corner of the market recover. Below is what some consider a benchmark for IG Credit default swaps the Markit CDS north American investment grade index made up of 125 companies over 6 sectors energy,financial, technology to name a few. Index heading lower and back towards the horizontal 200 day MA.