Investors have remained fairly calm in the face of flash April PMI crashes and an increase of virus cases in several European countries. Most equity markets in the Asia Pacific region rose, with the notable exceptions of China and Australia. The rose for the first time this week, and its 1.5% gain led the region. Europe’s Dow Jone is little changed as it continues to move sideways in a 320-340 range. US shares are slightly firmer. In the bond market, the rally in the European periphery is the standout, as the ECB liberalized its collateral rules further.
The US is virtually unchanged at around 62 bp. In the foreign exchange market, the is mixed. The Norwegian krone is surging more than 1%, and the dollar bloc is also firmer, while the euro complex (euro, Swiss franc, and Danish krone) are nursing small losses. JP Morgan’s Emerging Market Currency Index is snapping a three-day slide.
, which approached $1660 earlier this week, is extending its recovery to press…