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Global recovery unlikely to be v-shaped, says Shell chief

  
Analysis, Crude
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The head of Shell spoke in an online interview, in a nutshell said that there will be no V-shaped recovery for the global economy after the coronavirus epidemic

  • this will  curtail oil and gas demand for years to come
Ben van Beurden, Chief Executive of Royal Dutch Shell:
  • “Energy demand, and certainty mobility demand, will be lower even when this crisis is more or less behind us. Will it mean that it will never recover? It is probably too early to say, but it will have a permanent knock for years”
  • “It is most likely not going to be a v-shaped recovery.”
  • Shell & others have had to reduce spending sharply, postpone investment and will continue to do so “for some time to come”
via Reuters
The head of Shell spoke in an online interview, in a nutshell said that there will be no V-shaped recovery for the global economy after the coronavirus epidemic

Coronavirus – Fauci says an antibody could be ready by fall

  
  Analysis
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Director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci spoke with (wait for it)  Facebook CEO Mark Zuckerberg in a YouTube event.

Some of Fauci’s remarks (via Bloomberg):
  • COVID-19 is very different from the severity of the 1918 virus
  • Monoclonal antibody drug could be ready for use by fall
  • No signs that face masks could cause harm to people
Director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci spoke with (wait for it)  Facebook CEO Mark Zuckerberg in a YouTube event.
A little more on his timing remark …
  • by mid-to-late fall, early winter, we’ll know whether we have candidates that are safe and effective, and I hope and anticipate that we will have one or more.
  • If that’s the case, by the end of this year, beginning of 2021, we may have one or more candidate that is actually safe and effective. That being the case we can start distributing doses widely at that time.

Texas coronavirus cases up >10k on Thursday, record deaths in one day

  
  Analysis
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COVID-19 numbers published from Texas for the preceding 24 hours

  • New cases +10,291 bring the total to 292,656. This is the fourth highest single day increase. If there is a positive to be gleaned maybe 4th biggest is it?
  • The death toll however has gained at a record pace, for a second consecutive day, up 129 to a total of 3,561
  • Hospitalisations down 14, down for a second consecutive day – again trying to gather some positive signs, this is one
COVID-19 Texas coronavirus

Major indices break winning streaks

  
Analysis, US Market
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S&P and NASDAQ break a today winning streak. Dow industrial average breaks its 4 day winning streak

The major indices have broken their recent winning streaks. Admittedly the NASDAQ and the S&P index is at only reason for 2 straight days, but the Dow industrial average had a 4 day winning streak snapped in trading today.

The final numbers are showing:
  • S&P index -10.99 points or -0.34% at 3215.57
  • NASDAQ index -76.66 points or -0.73% at 10473.83
  • Dow industrial average -135.39 points or -0.50% at 26734.73
Below are the percentage changes and percentage high low ranges for the North American and European indices. Apart from the Italian FTSE MIB and the Portuguese PSI 20, the major indices all closed lower today.
S&P and NASDAQ break a today winning streak. Dow industrial average breaks its 4 day winning streak_After the close Netflix showed a greater than expected rise in new subscribers (10.1 million vs. 8.2M estimate),. But forecast Q3 subscribers much less than expectations at 2.5 million vs. 5.1 million estimate

European shares end the session with mixed results

  
Analysis, Global Indices
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Italy and Portugal indices move higher

the major European indices are ending the session with mixed results. Germany, France, UK and Spain show declines while Italy and Portugal eked out gains. The closes are showing:

  • German DAX, -0.43%
  • France’s CAC, -0.42%
  • UK’s FTSE 100, -0.62%
  • Spain’s Ibex, -0.2%
  • Italy’s FTSE MIB, +0.3%
  • Portugal’s PSI 20, +0.95%
Italy and Portugal indices move higher_
In the European debt market, benchmark 10 year yields fell across the board with UK yields down the most at -2.8 basis points.
European 10 year yieldsIn other markets as London/European traders look to exit:
  • spot gold $-4.25 or -0.23% $1806.05. The high for the day reached $1813.48. The low extended to $1802.97
  • WTI crude oil futures fell $0.19 or -0.46% to $41.01. It’s high price reached $41.18 while the low extended to $40.60. The September contract is currently down $0.21 or -0.51% of $41.19
In the forex market,
  • GBPUSD. The GBPUSD is trading at new session highs in the currently hourly bar. In the process, the price has moved back above its 200 and 100 hour moving average. That tilted the bias back to the upside in what has been an up and down market over the last 7 or so trading days. On the topside a trendline connecting highs from this we currently comes in at 1.2634. The high from yesterday reached 1.26487. The high for the week on Monday reached 1.26652.
  • EURUSD: The EURUSD moved higher in the London session after finding support buyers near the 38.2% retracement of the move up from the Friday low at 1.13759. The high price reached 1.1441. The high price from yesterday reached 1.14512. There is close support at 1.14223 area

ECB leaves rates unchanged, as expected

  
  Analysis
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ECB continues to reiterate stands ready to adjust all of its instruments

ECB continues to reiterate stands ready to adjust all of its instruments
  • Full statement
  • Prior statement
  • Interest rates to remain at present or lower until it has seen inflation outlook robustly converge to a level sufficiently close to but below 2% within its protection horizons (repeat)
  • No change to rate tiering multiplier
  • Will continue purchases under PEPP with a total envelope of 1,350B euros
  • Will continue to fully invest maturing securities at least through end-2022
  • PEPP will run at least through end of June 2021
  • The ECB cites ‘very high takeup’ of TLTRO-III
  • In its June forecast the ECB saw GDP down 8.7% in 2020 and up 5.2% in 2021
There are no changes here whatsoever. The euro chopped around 1.1400 on the release but has ticked up to 1.1410 since.

IMF’s Georgieva: Rising global debt levels are a serious concern

  
  Analysis
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Comments by IMF chief, Kristalina Georgieva

Kristalina Georgieva
  • But warns against premature withdrawal of fiscal support
  • Monetary policy should remain accommodative
  • Global economy is “not out of the woods yet”
  • Second major virus wave could case further disruptions
  • Job losses, bankruptcies, industry restructuring poses significant challenges

Some token remarks as a whole, but the headline comment is going to be an issue that is likely reverberate across politics and markets in the decade to come.

Regardless, these high debt levels aren’t going anywhere and when the next crisis comes along, we’ll be back here talking about the same thing with zero lessons learned.

Here is the list (so far) of the crypto hacked Twitter account

  
  Analysis
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Accounts hacked so far by the Bitcoin scam, asking you send coins to a bogus address

  •  Bill Gates
  •  Elon Musk
  •  Joe Biden
  •  Warren Buffett
  •  Kanye West
  •  Michael Bloomberg
  •  Apple
  •  Uber
  •  Jeff Bezos
  •  Barack Obama
Tweet looks like this – DO NOT SEND COINS TO ANYONE AT ALL RIGHT NOW until this thing is fixed:
Accounts hacked so far by the Bitcoin scam, asking you send coins to a bogus address

A huge Twitter hack appears to be underway

  
  Analysis
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Elon Musk and crypto exchanges targeted

The Twitter accounts of many the largest cryptocurrency exchanges and influences appear to have been hacked, along with Elon Musk and others. They’re directing people to make bitcoin donations. Some on the list:
  • Cz
  • Binance
  • Gemini
  • Bitlord
  • Coindesk
  • Justin sun
  • Kucoin
  • Coinbase
  • Charlie lee(Satoshi lite)
  • Gate.io
  • Angelobtc
  • Tron
  • Bitcoin
It’s tough to imagine that the were hacked individually. Rather this looks like it’s something internally via twitter or some third party service involved with twitter. That looks bad for the company.
Elon Musk and crypto exchanges targeted
Let me tell you, if I wanted to make money and could hack Elon’s account, I would be buying TSLA puts/calls, rather than asking for Bitcoin donations.
Update: They got Bill Gates too.

Fauci says will have an effective COVID-19 vaccine by the end of 2020

  
  Analysis
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Anthony Fauci speaking with Reuters on the coronavirus

  • Says that US will have an effective coronavirus vaccine by year-end
  • Moderna’s vaccine trial results were especially promising
  • He does not think China will be first with a vaccine, at least not by much
Anthony Fauci speaking with Reuters on the coronavirus
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