Risk on
Strong moves overnight in most risk assets, ostensibly on somewhat vague reports of a possible vaccine being brought to market some time.
And we were off to the races!
- FTSE 100 +4.4 per cent
- Energy +8.2 per cent
- Shell +8.3 per cent
- BP +8.2 per cent
- S&P 500 + 3.2 per cent
- NASDAQ +2.4 per cent
- DJIA +3.9 per cent
- Emerging markets +3.9 per cent
- Poland +5.3 per cent
Iron ore futures were +5.6 per cent to hit record highs as Brazil's iron ore supply fails, which is positive news for Australia.
Raw material inventory in China hit the lowest level in three years.
Raw material inventory in China hit the lowest level in three years.
Fortescue Metals boomed +5.8 per cent to a record close of $13.28 yesterday.
Even Brazil's ETF was up +6.6 per cent.
In domestic news, Australia is steadily moving towards a reopening of the economy:
Even Brazil's ETF was up +6.6 per cent.
In domestic news, Australia is steadily moving towards a reopening of the economy:
Recession impacts
On a more cautionary note, the US Federal Reserve has warned that US Q2 GDP could shrink 30 (thirty) per cent, while the unemployment rate could run as high as 25 per cent, which is Great Depression territory.
With each passing week more and more high street brands are pulling up stumps.
Overnight Cafe Rouge and Bella Italia called in the administrators, while JC Penney announced it will shutter 30 per cent of its stores as part of its bankruptcy plan.
