Archives of “April 28, 2020” day

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Major European indices close higher on the day

  
Analysis, Global Indices

Give up some of the gains for the day but still close solidly higher

The major European indices are ending the day with gains. However, some of those gains were eroded.
The provisional closes are showing:
  • German Dax, +1.25%. The high reached +2.23%
  • France’s CAC, +1.32%. The high reached +1.15%
  • UKs FTSE 100 +1.85%. The high reached +2.24%
  • Spain’s IBex +1.30%. The high reached +1.87%
  • Italy’s FTSE MIB +1.8%, The high reached +3.23%

In the debt market, the benchmark 10 year yields fell across the board with Portugal and Spain down -5 and -4.5 bps. The UK yield fell only -1.0 bps.

European yields fell

Russia’s Novak: Oil prices won’t recover quickly as storage is full

  
  Analysis

Comments by Russian energy minister, Alexander Novak

  • Global oil market may start rebalancing in 2H 2020
He also says that counting on the oil market balancing out the imbalance starting from next month once the OPEC+ deal is enforced. These are all pretty words but let’s see if they will walk the walk after talking the talk. Remember, Russia didn’t have the best track record in complying to output cuts in the previous OPEC+ agreements.

China’s Global Times editor says Trump has committed crime, has superb lying skills

  
Analysis, Politics

Editor-in-chief of Chinese and English editions of the Global Times Hu Xijin is known for his forthright opinions.

His latest tweet directed as US President Trump::
Stop putting on a show. It is you and your team that should be held accountable for the huge losses of the US. Don’t you know that you have acted incompetently and have committed the crime of dereliction of duty? The US political system has brought up your superb skills of lying.
This comes in response to Trump saying there are many ways to hold China accountable for COVID-19.
No love lost.
Editor-in-chief of Chinese and English editions of the Global Times Hu Xijin is known for his forthright opinions.

Japan PM Abe: The economy is in a situation I have not experienced before

  
Analysis, Economy

I think that is almost certainly the case for everyone in the world right now

Abe

  • The psychological situation is worse than the Great Depression
  • It is not true that cost of Olympics delay has been agreed
  • Important for IOC, organizers to cooperate on the extra costs
Even before the coronavirus pandemic, the Japanese economy had been struggling big time and all of the latest developments will just exacerbate those problems.
The BOJ is also starting to run out of creative juice to try and bolster economic confidence and there is a real fear of strong deflation risks the longer this keeps up.

US President Trump stock tips – says smart people investing in stock market right now

  
  Analysis
#  #

Trump says the economy will be ‘spectacular’ in Q3 and Q4 2020

  • expects unbelievable growth next year
Trump also comments on North Korean dictator Kim Jong Un:
  • he wishes Kim well, hopes he is fine
More on Kim:
  •  “I do have a good idea but I can’t talk about it now, I just wish him well…I hope he’s fine, I do know how he’s doing relatively speaking, we will see–you’ll probably be hearing in the not too distant future”

Oil traders book US vessels to store gasoline, ship fuel overseas

  
Analysis, Crude

An overnight piece via Reuters ICYMI, probably not breaking news to anyone keeping track of energy markets.

  • Oil traders are hiring expensive U.S. vessels, normally only used for domestic shipments, to store gasoline or ship fuel overseas, five shipping sources said, in a sign of the energy industry’s desperation for places to park petroleum amid a 30% drop in worldwide demand.
  • Several shippers said they have started to book Jones Act (JA) vessels for foreign voyages or to store refined products. The century-old Jones Act requires that vessels traveling between domestic ports be owned and operated by U.S. crews, and they are generally more expensive than other vessels.
  • “It’s very unusual to use JA tankers for international trips,” one shipping source said.
Here is the link to the Reuters article if you’d like more
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On another oil related item – tomorrow we’ll get the weekly private oil inventory survey. This will likely report a further build up of stocks – but there be a slowing in the builds as some US states begin to reopen.
oil
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