US STATE DEPARTMENT: HOUSTON WAS EPICENTRE OF CHINA RESEARCH THEFT || CHINA STOLE AT LEAST $1B OF RESEARCH
This morning — Senate Majority Leader MITCH MCCONNELL plans to unveil his coronavirus relief bill, and the Senate GOP leadership anticipates it will have the White House’s support. REMEMBER: MCCONNELL views this bill as a GOP marker for negotiations. (Politico….) Republican are not unified on anything right now .
…further THERE’S REAL IMPACT if Democrats catch a whiff of any disagreement among Republicans. If the White House and Senate Republicans are not on the same page, it strengthens the Dems’ hands. And we have seen the administration roll Republicans a few times already. (politico)…. Passage of any Bill By next Friday is in serious doubt
… A pair of cafeterias regularly used by White House staff members were reportedly closed this week after an employee tested positive for COVID-19, the disease caused by the novel coronavirus. (The Hill)
- Tesla higher a” Homerun quarter” per BBG Tsla reported 4th consecutive profitable quarter were china accounted for a sharply higher proportion of Its production and Sales…hmm Maybe USA should have tried harder to keep him here?
- Twitter +4% as they reported record user growth, add revenue missed expectations
- MSFT cloud computing business grew slower than expected stock 2%
European Auto Sector upgraded by Citi thus pushing autos to hefty gains, as sector +2.8% Renault +7%, Daimler +5.5 also Solid earnings from Unilver providing a lift for European stocks .European Bourse trading slightly in the green. The red-hot White metals market taking a breather today Silver, Platinum, and palladium all down >1% Gold +.6% narrow range in Dollar index, Euro traded up to 1.1598 in the spot assuise a touch lower. 10-year BTP yields below 1% 202 lows are .9% have not talked China Much but PBOC a bit aggressive in its Yuan Fix lower vs yesterdays fix Aussie dollar giving back some of this weeks hefty gains
- California: new cases +12112 to total of 421k, death toll +159 to total of 8050 (both record daily highs); California has overtaken New York as state with highest total virus cases
- -Texas: +9789 new cases to total of 351618, death toll +197 (record daily high)
Markets adrift so far this morning Weekly jobless claims were bad missed expectations the trend lower has stopped. Dollar rallying a bit on the bad news Higher dollar =Risk off, let us see what Silver and gold do here