April 22, 2020
- cash lower by 11%
- Equities up more than 1%
- -0.74% 1.277%
- UST 10Y 0.58%
- Oil $11/bbl
- Gold $1697/oz
- $6945
Asia and the EU
North America Open
Markets were mixed in midweek trading with equities bid, continuing its slide, and FX flat as traders found no common themes today but remained optimistic about the further flattening of the curve of the coronavirus.
Although the rate of infection remains disturbingly high in Europe and North America, this week’s data suggests unequivocally that infection growth has peaked in key hotspots of the world as the draconian lockdown measures have clearly had their intended effect. Markets are now pricing in the prospect of mid-May as the partial return of economic activity and are beginning to discount that dynamic.
In the US the assured passage of the 2nd relief bill should also help ameliorate the economic damage caused by the lockdowns. The markets are clearly anticipating a rapid recovery and massive pent up demand but…
