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Commentary for 4/2/2020

Commentary for 04.02.20

Markets continue to assess the economic impact of COVID-19. Asian markets were mixed. The Nikkei 225 fell -1.17% while the Shanghai Composite added +1.69%.
The FTSE gained +0.47% to 5,480. The DAX edged up +0.27% to 9,570. The Stoxx 600 was up +0.42% to 312. 10-yr. Bunds yield -0.429%.
Initial Claims for 03/27 exploded to 6,648K. The February International Trade Deficit was -$39.9B and Factory Orders were unchanged. Challenger reported announced job-cuts for March at 222,288, up from 56,660 in February.
Yields on 10-year Notes are 0.62%. The June US$ Index gained +0.42% to 100170. June gold jumped +2.97% to $1,638. May crude SHOT higher by +23%, closing at $25.00.
Stock markets began mildly in the black, but after about an hour after the open Pres. Trump Tweeted that he expects MBS of Saudi Arabia and President Putin of Russia will cut back oil production by approximately 10 Million Barrels, or more. Crude shot up +25% and stocks strongly rallied. The Saudi version of what may or may not transpire is lot more measured. Regardless, stocks got a boost of bullish sentiment, and after nearly going flat, they rallied strong into the close.

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