The last bit of good news for a while
The US stimulus news is probably the last piece of good news markets will get for a little bit, as attention now pivots back to the coronavirus curve and the scale of the economic damage.
Risk markets were softer in Asia, with the down 4.5%, as Japan moves closer to a state of emergency due to an increase in virus headcount. Japan was the outlier in Asian, but European and US equities are also off to a weak start, while fixed income is bid. Ultimately, any increase in new cases in China and other countries that are returning to work is the main risk to monitor.
Jobless claims will get focus today, with official estimate +1.7m but with plenty of chatter of 3m+ as the whisper. This is probably the main reason we are lower in Europe today.
Also, growth expectations are coming down by the day, and no wonder given the economic activity in France is currently running at only 65%, according to a note from…