Risk markets have grown used to brutal Monday opens for and are probably desensitized to the constant selling pressure as extraordinary global monetary and fiscal support is papering over a worldwide demand shock for now. A supply glut needs to be corrected by deeper cuts, something monetary or fiscal policy can’t do right now.
Caution gripped Asian share markets out of the gates amid expectations for a busy week of corporate earnings reports, and economic data will drive home the damage done by the global virus lockdown. But things calmed after the expected .
However, Japan reported its fell almost 12% in March from a year earlier, with shipments to the United States down over 16%. That data drove home Asia’s worst exporter fears that there’s no export consumption just yet to support an economic recovery.
The held up well despite a shaky start to the Asia session. Now traders in London are focusing on the divergence between European…