TOP MARKETS NEWS: Week 05/18 – 05/24

Weekend 05/23 & 05/24

Poor Countries Borrowed Billions Using Their Oil As Collateral And Are Now Struggling To Pay – Zerohedge
The Remdesivir Study Is Finally Out: Drug Only Helped Those On Oxygen, Finds Mortality Too High For Standalone Treatment – Zerohedge
Hertz Files For Bankruptcy As Lockdowns Crush Rental Car Industry – Zerohedge
Nissan Considers Slashing 20,000 Jobs Worldwide Amid Global Downturn – Zerohedge
Worst Unemployment Spike In History – 1 In 4 American Workers Has Filed For Unemployment Benefits In 2020 – Zerohedge
Central Banks Are Buying $2.4 Billion In Assets Every Hour As Their Balance Sheets Eclipse $20 Trillion – Zerohedge
“Central Banks Have Created A Fake Market”: BofA Asks Why Anyone Would Expect Stocks To Trade Rationally – Zerohedge


Friday 05/22

UK government borrowing hits record high in April and retail sales slump – business live – guardian

Here Comes The Wave: Loan Defaults Hit 6 Years High – Zerohedge
JPMorgan Says U.S. Power at Risk From Central Bank Digital FX – Bloomberg
Fed Balance Sheet Rises Above $7 Trillion; Bond ETF Holdings Hit $1.8 Billion – Zerohedge
Renault could disappear and must adapt: French finance minister – Reuters
Oil prices tumble alongside global equities amid fears about China turbulence – Marketwatch
India’s central bank cuts lending rate to decade low – Marketwatch
Goldman Sachs gives India’s growth forecast a ‘gigantic downgrade’ – cnbc
Japan launches its version of Fed’s ‘Main Street’ scheme as deflation returns – Reuters
BOJ launches new loan scheme, extends deadline for virus-combating steps by six months – Reuters
Hong Kong stocks drop 5% as Beijing pushes security law – Reuters
China drops GDP goal as parliament opens, virus slams economy – Reuters
New Zealand discussing ‘helicopter money’ handouts to stimulate economy – Reuters
Japan’s core consumer prices slip into deflation for first time in three years – Reuters
Many Jobs May Vanish Forever as Layoffs Mount – nyt



Thursday 05/21

Markets fall back as Trump intensifies criticism of China – business live – guardian

Nvidia reports revenue up 39% from last year – cnbc
Fed Balance Sheet Rises Above $7 Trillion; Bond ETF Holdings Hit $1.8 Billion – Zerohedge
Moderna Plunges – Erases All Vaccine-Hope Gains – Zerohedge
Existing Home Sales Continue Collapse To 9-Year Lows – Zerohedge
Despite Soft Survey Data Rebound In May, PMI Signals 37% Collapse In US GDP – Zerohedge
For 2nd Week Jobless Claims Spiked By Major Data-Entry Error; Real Claims Much Lower Than Reported – Zerohedge
Jobless claims: Another 2.438 million Americans file for unemployment benefits – yahoofinance
Another 2.4 Million Unemployed Last Week: 38 Million Jobless, Nasdaq +35% In COVID America – Zerohedge
Euro zone business activity rebounds in May, but fears of a slow recovery persist – cnbc
Looser lockdown helps Germany’s private sector gain some ground: PMI – Reuters
China’s Baidu Considers Delisting From Nasdaq; Stock Tumbles, Drags Chinese Megacaps Lower – Zerohedge
Japan’s May factory activity reels as pandemic hits output, orders: PMI – Reuters
Flash PMI shows Japan on course for record downturn in second quarter – markit
Japan exports fall most since 2009 as pandemic wipes out global demand – Reuters



Wednesday 05/20

Business Live – guardian

FOMC Minutes Show Fed Officials Mull Forward-Guidance To Battle “Tremendous Human Hardship”, Hint At Yield Curve Control – Zerohedge
Stocks, Yuan Tick Lower As Senate Passes Bill That Could Force De-Listing Of Chinese Companies – Zerohedge
Imrpessive Demand For First 20Y Auction In 34 Years Pushes Yields Lower – Zerohedge
Herbalife Selling $600MM In Junk Bonds To Fund Stock Buyback – Zerohedge
Italians sell their gold as COVID-19 crunches economy – Reuters
68% Of Unemployed US Workers “Are Eligible For Payments That Are Greater Than Their Lost Earnings” – Zerohedge
JPMorgan Joins Goldman Saying More QE Needed to Cap Bond Yields – Bloomberg
Bond Bubble Insanity: $1 Trillion In IG Issuance In 2020; $1.1 Trillion In Downgrades – Zerohedge
UK Sells Negative-Yielding Debt For The First Time – Zerohedge
Outlook for European corporate profits worsens further – Reuters
Australian retail sales dive a record 17.9% in April: ABS preliminary estimate – Reuters
Jobless in China Pose a Looming Threat to Xi – Bloomberg
Asian stocks adrift as vaccine rally falters – Reuters




Tuesday 05/19

UK unemployment benefits claims surge as Covid-19 lockdown hits economy – business live – guardian

Stocks Tumble After Publication Slams Moderna Vaccine Trial Data – Zerohedge
Fashion brands cut orders with Asian garment makers – Reuters
The government is bringing back a bond from the 1980s to help pay off a record deficit – cnbc
S&P recovery will be far faster than 2008: Citigroup – Reuters
Morgan Stanley: Monday’s Huge Stock Buying Was One Giant Hedge Fund Short Squeeze – Zerohedge
Two-thirds of fund managers say the market is still in a bear-market rally – Marketwatch
US Housing Starts, Permits Plunge To 5 Year Lows – Zerohedge
Moderna plans to sell more than $1 billion in fresh stock after COVID-19 vaccine study success – Marketwatch
Germany: Believing in the recovery – ing
U.K. Jobless Claims Surged in April as Lockdown Kicked In – Bloomberg
New car registrations in Europe fall 76% in April as coronavirus lockdowns hit sales – cnbc



Monday 05/18

Markets rally as Fed’s Powell pledges more ammunition to fight Covid-19 downturn – business live – guardian

One Bank Sees Fed Balance Sheet Hitting $130 Trillion If Powell Buys Everything – Zerohedge
Today’s stock market looks like March 2009, before the longest bull run in history, says Morgan Stanley’s Mike Wilson – Marketwatch
Powell Makes History By Unleashing Record “Buying Panic” In Stocks – Zerohedge
Euro, EU Bonds Surge On Merkel/Macron EU Bailout Fund Headlines – Zerohedge
Covid-19 pandemic risks worst global food crisis in decades – newscientist
IMF chief warns full global economic recovery unlikely in 2021 – Reuters
Oil Soars, Prompt WTI Contango Disappears As Chinese Oil Demand “Almost Back To Pre-Crisis Levels” – Zerohedge
Italy Shops Reopen on Monday. For Many It’s Already Too Late – Bloomberg
Moderna Spikes 20%, Lifting Futures On Promising Early COVID Vaccine Trial Data – Zerohedge
Key Events This Week: Things Quiet Down – Zerohedge
Vulnerable Spain faces worse economic damage than thought – central bank – Reuters
“We Print It Digitally”: Futures, Gold Soar After Powell Vows “Lot More We Can Do” – Zerohedge
U.S. auto industry to begin reopening plants in recovery from pandemic – Reuters
Japan braces for worst postwar slump as pandemic tips economy into recession – Reuters