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A break in the clouds

Today’s news headlines:

  • ‘Asia stocks build on Wall Street momentum’ Once it became clear that rates of infections are peaking, markets went on a tear.  Yesterday S & P 500 gained 7% while EU equities appreciated more modestly.  In Asian Pacific, this morning’s equity rally has taken the baton from North America, but with a more cautious tone.  (Financial Times)

  • ‘Boris Johnson remains in intensive care after no change in condition’  IT started with precautionary hospital admission following ten days of fever, but yesterday we learned that Boris Johnson’s condition is worse when he was admitted to intensive care, deputising Dominic Raab in his stead.  (Financial Times)

Today's events, rates, and data 

  • Over the past day, we’ve seen a surge of optimism becoming embedded into asset prices exemplified by the S & P 500 rally, but the appreciation in endangered shares (hotels, cruise lines, etc) is more telling.  Given that economic data continues to print a bloody red and scientist warn that the peak is 7-10 days off, this might be the initial relief rally that embeds positivity but restrains much more appreciation for the next week.  Quite a few news venues report lower volumes which means crowds aren’t stampeding en masse into positions and supports the aforementioned argument.

Today's events

German Industrial Production m/m            0.3% versus 3.2% last month

Italian Retail Sales m/m                             09.00am

Interbank rates:

GBPUSD: 1.2325

GBPEUR: 1.1340

EURUSD: 1.0870