News:
- European Union failed to come up with a long-Term plan to deal with Fallout of Virus. For now, no Joint Response, no Joint bond issuance to pay for bailouts
- Spain had fewest deaths in Five weeks
- Mnuchin weighing lending program for struggling oil programs (BBG)
- According to industry sources Canada is now closed to shutting down a total of 1 million bpd of oil production (BBG)\
- Germany Forecast a 7 % Drop in GDP(BBG)
- Sources: Boeing is ready to cut prod of 787 Dreamliner by ~50%, will announce job cuts with Q1 earnings
- -Intel: Q1 Adj EPS $1.45 vs $1.28 cons; Q1 rev $19.8b vs $18.83b cons; pulled their FY guidance; reaffirmed their dividend (BBG)
(Bloomberg) — The three-month U.S. dollar Libor rate fixed lower by 10.425bp on Friday, ICE data show.( Good For Risk )
* The drop was the largest since March 9
* Libor fell for the sixth straight session to 0.88713% from
0.99138% April 23, lowest since March 13
* Libor-OIS narrows to 81.3bp, tightest since March 16, from
91.3bp prior session
Markets: A bit quiet this morning, news flow is stale. Spoos And Nasdaq up a bit. European Stocks steady to lower due to disappointment out of EU leaders. Dax -.8%, Stoxx 50 -1% Spain -1.3% Bunds firm as are treasuries. The Fed, ECB and BOJ meet next week markets attention could be focusing on that thus the Slow feel for today trade. Oil relatively quiet so far today Front month June out performance versus the Deferred months not nearly as prevalent as yesterday, June +3.8%, July +3% Gold +.5% ,1789 next area to watch in Gold. Durable goods Highlights economic calendar. Yesterday saw and Increase in the number of shorter-term treasuries to be auctioned next week increase in Supply weighing on Front end of Curve
