The Bigger the collapse the bigger the boost..

*LAGARDE SAID TO TELL EU LEADERS GDP MAY FALL UP TO 15% ON VIRUS(BBG)

So then…

  • *MACRON SAID TO TELL EU LEADERS RECOVERY NEEDS GRANTS NOT LOANS(BBG) Spain’s Prime Minister Sanchez reiterates the point
  • Merkel said to Tell EU Leaders virus response Must be huge

JAPAN SAYS ECONOMY IS ‘IN AN EXTREMELY SEVERE SITUATION’- NIKKEI

So then…

  • *BOJ TO DISCUSS UNLIMITED BOND BUYING AT NEXT MEETING: NIKKEI
  • *BOJ TO DOUBLE PURCHASES OF CORP BONDS, CP :NIKKEI

Risk On As Stocks bid due to comments European bourse’s all > +1.25% Nasdaq not your leader as it lags +1.46% compared to Spoos +1.5 and Russell +2.83%. Bunds steady BTPs off session highs but Still +100 ticks and U.S. Yield curve 2s-30s flatter today as it try’s to take out most recent lows

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