Tuesday, May 12, 2020

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

Tuesday's News Links

[Reuters] Stocks rally falters as virus and trade nerves linger

[Reuters] Dollar clings on to gains on fears of new COVID-19 cases, U.S.-Sino tensions

[Reuters] Oil prices climb as Saudi Arabia pledges further production cut

[CNBC] US consumer price index fell 0.8% in April, as expected

[Reuters] China announces new tariff waivers for some U.S. imports

[CNBC] The Fed is starting its program to purchase corporate bond ETFs

[Reuters] Trump 'not interested' in reopening U.S.-China trade deal after report of Beijing discontent

[Reuters] China's factory deflation deepens as pandemic hits demand

[Reuters] Kuroda says Bank of Japan will do 'whatever it can' to beat pandemic fallout

[Yahoo/Bloomberg] Fed Says It Will Begin Buying Corporate-Debt ETFs on Tuesday

[Reuters] Brazil services activity falls a record 6.9% in March - IBGE

[MSN/Bloomberg] NIH Director Talks Vaccines, Virus Mutation and Clinical Trials

[AP] Turkey accuses five nations of forming ‘alliance of evil’

[Bloomberg] White House Cuts Off Savings Fund’s Investment in China Stocks

[Bloomberg] Oil Crash Claims First Victim in China Offshore Bond Market

[Bloomberg] China Brokers Raise Record Short-Term Debt in Leverage Spree

[WSJ] Public Pension-Fund Losses Set Record in First Quarter

[FT] Why the coming emerging markets debt crisis will be messy

[FT] Investors struggle to hear signals from bond markets

[FT] Covid-19 crisis has laid bare weaknesses in supply chains

[FT] ‘Wolf warrior’ diplomats reveal China’s ambitions