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Some bright spots and responsible decisions

Today’s news headlines:

  • ‘UK banks expect regulator to order dividend freeze’  The government is expected to ban dividend payments from financial institutions in order to shore up their capital against the potential movements.  At a time when mortgages and loans are being frozen, banks are expected to be particularly conservative with their capital.  (Financial Times)

  • ‘Big banks left hanging after ‘disaster’ in risky loan market’  Banks and hedge funds have made great strides in the domain of packaged loan products, but when those packaged products are leverage loans investors are rightly fearful.  Since the beginning of March the European Leveraged Loan Index has fallen by nearly 20% of its face value.  (Financial Times)

Today's events, rates, and data 

  • Some positive news out overnight, where Chinese Manufacturing displayed a marked uptick in the past weeks which holds out hope that quarantine measures can have good outcomes.  President Trump and President Putin are to meet to discuss measures to reflate oil prices, whose low levels threaten to wipe out many of US’s higher cost producers.  Yesterday was the first session in over week since the US Dollar held and even regained some ground, coming hot on the heels of top in an equity rebound.  

Today's events

Chinese Manufacturing PMI            52.0 versus 35.7 last month
Chinese Non-Manufacturing PMI    52.3 versus 29.6 last month
UK Business Investment                  -0.5% versus -1% last quarter
French Consumer Spending            -0.1% versus -1.1% last month
German Employment                       8:55AM
EU Consumer Price Index               10:00AM
US Chicago PMI                              14:45PM
US Consumer Confidence               15:00PM

Interbank rates:

GBPUSD: 1.2290

GBPEUR: 1.1180

EURUSD: 1.1000