Wednesday, April 29, 2020

Thursday's News Links

[Reuters] Wall Street slides after jobless claims data

[Reuters] Oil prices rise on some signs of pick up in fuel demand

[CNBC] US weekly jobless claims hit 3.84 million, topping 30 million over the last 6 weeks

[AP] 30 million have sought US unemployment aid since virus hit

[Yahoo/Bloomberg] U.S. Personal Spending Plummeted by a Record 7.5% in March

[Reuters] Special Report: Trump told Saudis: Cut oil supply or lose U.S. military support - sources

[CNBC] Coronavirus live updates: California to close beaches after weekend crowds, quarterly results reveal pressure

[AP] European economy in record drop, central bank steps up aid

[Reuters] China's April factory activity unexpectedly dips as export orders collapse - Caixin PMI

[CNBC] Slowing global demand due to coronavirus hits China’s manufacturing sector in April, two sets of data show

[Reuters] China's service sector activity expands at a faster pace in April - official PMI

[Yahoo/Bloomberg] Biggest Banks Set Aside $66 Billion to Handle Bad Loans

[CNBC] Energy demand set to fall the most on record this year amid coronavirus pandemic, IEA says

[Yahoo/Bloomberg] Freddie Mac Earnings Plunge 88% on Expected Coronavirus Losses

[Reuters] Exclusive: Trump says China wants him to lose his bid for re-election

[NBC] China says it 'expelled' U.S. Navy vessel from South China Sea

[Bloomberg] Italy Fell Into Deep Contraction Even Before Full Lockdown Hit

[Bloomberg] Gold Soars in April as Top Central Banks Fight Pandemic’s Damage

[Bloomberg] Mountain of Bad Loans Leaves Indonesian Banks Craving Stimulus

[WSJ] Is This a Liquidity Crisis or a Solvency Crisis? It Matters to Fed

[WSJ] Trump’s Trade Deal With China Is Another Coronavirus Victim

[FT] Grim Jay Powell sets Federal Reserve up for the long haul

[FT] ECB launches fresh push to lend to banks at ultra-low rates

[FT] China faces wave of calls for debt relief on ‘Belt and Road’ projects

[FT] Turkey digs in for currency battle

Wednesday Evening Links

[Reuters] Wall St. surges on promising coronavirus drug

[Reuters] Dollar drops as Fed repeats vow to support economy

[AP] Fed signals it will likely hold rates near zero for months

[Bloomberg] Powell Warns of ‘Heartbreaking’ Harm of Virus, Fed Holds Rates

[Bloomberg] Credit Rally Defies Rotten Fundamentals After Central Bank Buys

[Bloomberg] A Wave of Bad Loans Could Swallow China's Banks

[Bloomberg] Fannie-Freddie Escape Plan at Risk of Collapse in Mortgage Chaos

[WSJ] Fed’s Powell Says More Spending Will Be Needed From Congress

[WSJ] Miscalculation at Every Level Left U.S. Unequipped to Fight Coronavirus

[WSJ] U.S. Borders to Remain Shut to Foreign Travelers as States Reopen

[FT] Fed keeps rates close to zero during pandemic fallout

[FT] Saudi central bank’s foreign assets fall by most in two decades

Wednesday Afternoon Links

[CNBC] Fed pledges to keep rates near zero until full employment, inflation come back

[Reuters] Wall Street jumps on coronavirus drug hopes; Fed in focus

[CNBC] Coronavirus live updates: Mnuchin holds $259 billion for Fed programs; Fauci calls drug trial data ‘good news’

[Reuters] U.S. Treasury chief says reserving capital to add to Fed coronavirus lending programs

[AP] Economists agree: No quick rebound from recession is likely

[Reuters] U.S. nonprofits scramble for loans as need jumps, funds disappear

[CNBC] Over 50% of malls with department stores are predicted to close by 2021, real estate services firm says

[AP] Pandemic brings fortunes to Amazon - and headaches too

[Bloomberg] Pompeo Says China Responsible for Outbreak, Must Detail Origin

[NYT] Worst Economy in a Decade. What’s Next? ‘Worst in Our Lifetime.’

[WSJ] Developing Countries Draw Down Reserves to Shield Currencies

[WSJ] Auto Loans Are Running on Fumes

[FT] Investors look to ECB for further stimulus after Italy downgrade

[FT] The dangers of cramped coronavirus hotspots