Morning 10-15

Plenty of Bad news Overnight:

  • Treasury Secretary Steve Mnuchin said on Wednesday that the chances of passing a coronavirus relief bill before November 3 are slim: “I’d say at this point getting something done before the election and executing on that would be difficult, just given where we are.”
  • -@PaulBrandITV: Care Minister Helen Whately tells London MPs that the capital will move into Tier 2 from midnight Friday into Saturday. PM to make an announcement this morning. That means no household mixing indoors and avoid public transport
  • BBC: Talks continue about other English regions that could face new virus restrictions; Greater Manchester & Lancashire are at risk of being moved to tier 3,
  • -German Chancellor Merkel: Germany will take measures in 10 day if virus spread isn’t curbed
  • France will confine residents of nine of the country’s biggest cities to their homes between 9PM and 6 AM for four weeks starting Saturday BBG
  • Germany, Italy, Austria, and Czech Republic all Reported record increases in cases
  • China injected a bit more liquidity then expected into the banking system today, hmm Things not going so well.
  • Brexit impasse continues

Stocks and Risk in the Red Dollar higher, Yields worldwide lower, Commodities lower

Dax -2.8%  Cac -2%,Stoxx 50 -2.6%,Nasdaq -1.5% Spoos – 1.16%  CL -3.5%, Gold -.5%,Silver -2.4% DXY +.5% Buns yield -5 Bps,30 year Buxl -6.4Bps All the well to do European countries see yields lower  Italy,  Spain yields higher  Worries that Virus will further slowdown growth in an already struggling European Economy. Just released Empire a manufacturing missed Expectations, but sub- components are better than expected. Jobless claims too much noise   as it was worse then expected.    Risk Off, Stimulus off an ugly day for Risk so far

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