Wednesday's News Links

[CNBC] Dow surges more than 400 points as positive Gilead news lifts hope for coronavirus treatment

[Reuters] Oil prices rise after smaller than feared U.S. inventories build

[CNBC] US GDP shrank 4.8% in the first quarter amid biggest contraction since the financial crisis

[CNBC] Weekly mortgage applications to buy a home make a strong recovery, as rates hit a new record low

[AP] Federal Reserve likely to pledge support for ailing economy

[CNBC] Coronavirus live updates: GE warns of Q2 financial hit, Russia approaches 100,000 cases

[Bloomberg] Italian Bonds on Edge After Fitch’s Out-of-Cycle Downgrade

[Reuters] Gilead reports ‘positive data’ on remdesivir coronavirus drug trial

[Yahoo/Bloomberg] Emerging Market Central Banks Start Buying Bonds in Risky Shift

[Reuters] Moody’s downgrades its outlook for several major African banking systems on coronavirus fears

[Bloomberg] China Bets $600 Billion on Infrastructure to Revive Growth

[Bloomberg] Germany Sees Output Shrinking 6.3% as Confidence Collapses

[Bloomberg] The Quant Comeback Kids Are Buying American Stock Futures Again

[Bloomberg] Lebanon Central Banker Defends Dollar Peg

[NYT] Fed Weighs Next Steps to Fortify Economy Shaken by Virus

[WSJ] Fed Expected to Pledge Aggressive Action as Economic Distress Worsens

[WSJ] A Chinese Bank’s Billion-Dollar Oil Slick

[FT] Wave of corporate defaults owes much to foolhardy share buybacks

[FT] Unseen risks of commodity trade finance

Tuesday Evening Links

[Reuters] Wall Street down on flight from techs; move to value limits loss on Dow, S&P 500

[Reuters] U.S. consumer confidence, exports sink amid coronavirus disruptions

[CNBC] Coronavirus live updates: Dr. Fauci warns US could ‘be in for a bad fall,’ US cases near 1 million

[Reuters] Italy economy minister says Fitch downgrade does not take account of EU, ECB decisions

[Reuters] Brazil unemployment insurance claims jump as coronavirus impact hits

[Reuters] Protester killed in Tripoli as Lebanon hit by unrest

[Bloomberg] Note to Powell: Four Big Questions From Bond Markets This Week

[Bloomberg] China’s Massive Banks Are Facing a $42 Billion Dividend Trap

[Bloomberg] How China Is Attempting to Prevent a Second Wave of Infections

[NYT] China’s Factories Are Back. Its Consumers Aren’t.

[WSJ] ‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts

[FT] EU grants banks capital relief to fund €450bn lending boost