Go ahead bulls… ditch P/E ratios as it becomes price to nothing.
Archives of “April 16, 2020” day
rssMost Japanese firms say govt’s $1 trillion coronavirus stimulus too little, too late
Reuters polling of Japanese combines:
- 46% of Japanese firms say govt’s $1 trln coronavirus stimulus somewhat not enough,
- 29% see it quite insufficient
- 56% see output, sales down due to coronavirus impact, 40% seen unchanged
- 33% say coronavirus impact to last several months; 60% say it will be even more prolonged
- 59% say supply chains affected by pandemic
Reuters corporate survey
Prime Minister Shinzo Abe last week declared a state of emergency for Tokyo and six other prefectures
- Announced an economic stimulus package equal to around 20% of economic output
- 108 trillion yen ($1 trillion) package includes cash payouts worth more than 6 trillion yen to households and small and midsize firms
List of corporate revolving lines of credit presently TAPPED
Japan data – Reuters Tankan (April) – business sentiment hits fresh decade lows
Reuters monthly Tankan is aimed at tracing the quarterly BOJ report of the same name
Japan manufacturers index -30 in April vs -20 in march (manufacturers’ index hits lowest level since Oct 2009)
- Non-manufacturers index -23 in April vs -10 in march (lowest level since Feb. 2010)
Manufacturers July index seen at -47, non-manufacturers -44
Trump says the data suggests US has passed the peak for new cases of COVID-19
US President Trump expressing optimism that coronavirus new case growth has peaked
- Says will be announcing new guidelines on reopening the US economy on Thursday *US time)
more to come
Mexico downgraded to BBB- by Fitch, outlook stable
Fitch ratings action on Mexico sovereign
Not wholly unexpected.
MXN:
US major indices close lower but near midrange
Major indices didn’t see a positive tick in the black today
The US major indices open lower and never traded in the black today. However, the good news is day closed near midrange after a near 3% decline in the S&P and Dow.
- All 11 sectors of the S&P closed lower.
- The NASDAQ @ its worst day since April 3, and
- The Dow closed 20% below its record high once again
A look at the final numbers are showing:
- S&P index -62.70 points or -2.2% at 2783.36. The low price reached 2761.54. The high price extended to 2801.88
- NASDAQ index fell -122.564 points or -1.44% at 8393.17. The high price extended to 8464.65, while the low fell to 8308.79. The NASDAQ snapped a 4 day winning streak.
- Dow industrial average fell -445.44 points or -1.86% at 23504.35. The high price extended to 23649.72, while the low fell to 23233.32
European indices all fell sharply and closed near low levels for the day (see the ranges and changes below).
Thought For A Day
