Morning 6-1

Teflon Stock market, nothing seems to negatively impact it too long. Spoos Unchanged to slightly green, The riots and looting over the weekend possibly slowing or halting big cities reopening programs I though would weigh a bit more on Risk. Amazon scaling back deliveries and shut down delivery stations in a handful of cities, Target shut 32 stores in Minneapolis area and a handful in other cities. Many Cities and States finances are already stretched the Looting riots etc. will only further stretch them. Lastly what about the virus?  Protestors and police were awfully close to each other so worries about a spike in cases is a major concern as well.

 China said to order some state firms to suspend purchases of some American farm goods including soybeans a bit of retaliation, Beans -.6%        Corn  – 1%.China PMI data released over the weekend a bit better than expected Caixin Manufacturing PMI highest since January, one note of importance  Output grew the most since 2011 although demand remained subdued(Trading economics) China making plenty of things but demand still low.

  Plenty of Event risk this week Payrolls, ISM, ECB meeting, European retail sales just to name a few.

Markets:

  Yields Higher in U.S. and in Europe they just don’t seem to care about Event’s for now, Stoxx 50 +1%,Dax +1.2%  Mib +1.3% Dollar -.3% Gold down .25% I’m a bit shocked by this The whole market reaction this morning is a bit of a shock. All eyes on ISM at 9:00 

Amazon Announcing a 6 part deal with 30 and 40 year maturities weighing on long end a bit.

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