Wednesday News Links

[Reuters] Stocks turn negative as Fed's Powell warns of prolonged recession

[Yahoo/Bloomberg] Oil Near Five-Week High as Saudi, Russia See Demand Recovering

[CNBC] Powell says more policy help may be needed to pull the US out of economic downturn

[Reuters] US producer prices tumble in April

[CNBC] Coronavirus live updates: South Korea cases rise as it tracks thousands of contacts linked to night club cluster

[Yahoo/Bloomberg] Fed’s Powell to Address Dire Outlook, Need for Stronger Support

[Reuters] Merkel, vowing to respect court's ECB ruling, wants strong euro

[Reuters] The U.S. needs more fiscal help to fight coronavirus, Fed officials say

[Reuters] California cancels fall university classes as Fauci warns of reopening too soon

[Yahoo/Bloomberg] Negative Rates Bets Are Going Global in Snub to Central Bankers

[CNBC] Stock market has the richest valuation in 18 years even as profit outlook worsens

[Reuters] China's April passenger numbers down 68.5% year-on-year: aviation regulator

[Yahoo/Bloomberg] RBNZ Unleashes More Stimulus as Economy Slumps on Lockdown

[Bloomberg] German Judges Strike Back, Say ECB Isn’t Master of Universe

[Bloomberg] Virus Survivors Could Suffer Severe Health Effects for Years

[Bloomberg] Ghost of 1992 Italy Devaluation Returns to Haunt Euro Unity Aims

[Bloomberg] Modi’s Latest Stimulus Adds to India’s Bond Market Angst

[WSJ] Powell Says Washington Will Need to Spend More to Battle Downturn

[FT] Pandemic stimulus debt will ‘come back to haunt us’, warns OECD

[FT] German top judge warns EU over ‘very difficult to resolve’ legal crisis

[FT] Beijing hits back at Trump call to block US pension fund investment in China

[FT] CLOs: ground zero for the next stage of the financial crisis?

[FT] European investment plunge raises fears for future growth

Tuesday Evening Links

[Reuters] Resurgent Wall Street disconnected from reality on the ground

[CNBC] Coronavirus live updates: Fauci delivers somber warnings, California sets new rules for reopening restaurants

[CNBC] JC Penney in talks for $450 million loan as it eyes Friday bankruptcy filing

[Bloomberg] Druckenmiller Says Risk-Reward in Stocks Is Worst He’s Seen

[Bloomberg] Indian Companies Are Getting Downgraded Like Never Before

[Bloomberg] Modi Pledges $265 Billion Aid to Revive an Economy Set to Shrink

[Bloomberg] CLOs, Leveraged Loans Get Partial Lifeline in Fed’s TALF Changes

[WSJ] U.S. Budget Deficit Widened to $1.935 Trillion in 12 Months Through April

[FT] US-China virus tensions thrust renminbi back under spotlight

Tuesday Afternoon Links

[Yahoo/Bloomberg] U.S. Stocks Slump After Fauci, Fed Set Somber Tone: Markets Wrap

[CNBC] Dow drops more than 400 points, Nasdaq snaps 6-day winning streak on reopening jitters

[CNBC] Coronavirus live updates: Hot spots flare up in South East; grocery costs jump most in 46 years

[Reuters] U.S. posts record $738 billion budget deficit in April

[CNBC] House Democrats unveil new $3 trillion coronavirus relief bill

[Reuters] Coronavirus crisis leads to largest U.S. consumer price decline since 2008

[AP] Trump: Fed retiree fund should ban Chinese investments

[Yahoo/Bloomberg] The Fed Is Buying ETFs But Mostly Still Hawking a Placebo

[Yahoo/Bloomberg] The U.S. Is Testing the Patience of Bondholders

[Reuters] $15 trillion and counting: global stimulus so far

[CNBC] Boeing 737 Max cancellations mount as customers scrap 108 more orders

[Bloomberg] Major Economies Are Facing Unprecedented Economic Slumps

[Bloomberg] U.S. Home Prices Climbed in 96% of Cities in the First Quarter

[WSJ] Bond ETFs Climb as the Fed Kicks Off Historic Purchase Program

[FT] Global economic outlook still worsening, says IMF

[FT] German court decides to take back control with ECB ruling

[FT] China-focused hedge funds record best month in half a decade