Morning 4-27

Risk On:

 Worldwide Countries will start or already started to loosen restrictions on lock Down measures, Germany allowing schools to restart, Italy announced a timetable for reopening economy and Spain allowed kids to play outside for first time in weeks  (WSJ)

Per white House Trump will move focus of daily Press briefings on Reopening states and not the Health statistics. Also, The President supposedly will pull back from appearing at these daily press briefings and turn it over to HUD secretary.

U.S. States taking steps to reopen, NY will move in stages and Georgia will expand which business are reopening this week. Top Two retailer trade groups representing such retailers as target, Walmart and best buy are calling on Governors to come up w a Uniform plan to reopen states (BBG) New York reported least amount new fatalities in a month. Besides Georgia Alaska, Tennesse,Texas and South Carolina begun to slowly reopen economy(WSJ)

No Downgrade for Italy on Friday is lifting European Bond prices and Providing a bid into Stocks

3-month libor is just .10 bps above the March Lows, pre-crisis levels as Credit worries subside

Markets:

 NKY closed higher 2.7%, Stoxx 50 +2.3% Dax +2.5% Mib +2.75% Spoos +.9%, Nasdaq +1.2% Russell +1.95%,10 year Italian yields -10 Bps. Treasuries a bit Heavy Recall that Fed has once again cut the Nominal size of QE purchases this week, on the flip side a heavy Dose of Treasury Auctions this week with increased size of 2s,5s and 7-year paper.

  Front month crude getting crushed today -22% Brent -5.7%. South Korea has run of storage room. The Cost to rent  Oil tankers near an all time high as floating storage surge and Tanker  becoming a problem (BBG)  The Head of Gunvor Group the giant oil trading firm said the “peak of the chaos could come in early to mid-May (BBG) Talk that  Chinese Investment arm got hurt badly in the Oil Plunge and has Notified Investors that no new positions will be open in oil and relayed commodities for the time being(BBG)

Calendar:

 Heavy week for Earnings

  • Tuesday -Google Cat, Merck 3M
  • Wednesday tesla, Microsoft, Facebook, Lowes, Yum Boeing, ADM,Exxon
  • Thursday Amazon, Apple, MCD, American Airlines, United and Visa

Central bank meetings

  • FOMC 4-29
  • ECB 4-30

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