Asia

Asian indices were slightly higher this morning following yesterday’s stellar performance in Europe and the US.

The Nikkei gained 1.03% and the Hang Seng 0.39, while mainland markers straddled the zero-line.

In Australia, April’s CB services PMI halved to 19.6, but imports and exports added 10 and 29%, respectively in the preliminary March reading – up from February’s contraction.

Europe

Holland’s AEX yesterday led European benchmarks higher with the FTSE close behind at 2.3%.

UK data surprised to the upside across the board, as retail prices in March rose 2.6% YoY, consumer inflation 1.6% and the PPI contracted by a less-than-expected 0.2%, on a seasonally adjusted basis.

February’s Industrial orders for Italy contracted by 4.4% (S.A. – MoM). And after watching consumer confidence crash to -22.7 in April, the EU meets today to discuss additional funding for COVID-hit regions and sectors.

Americas

US indices yesterday had a good day, the Nasdaq up 2.81% on excellent company earnings in the tech sector and everyone else enthusiastic from the Senate’s approval of a further ½ trillion-dollar COVID-relief package.

Ahead of tonight’s Jobless claims, Reuters today reports a record 26 million citizens seeking unemployment benefits in the past 5 months – wiping out the nation’s longest employment boom in history in about a month.

Shale oil producers are staring bankruptcy in the face, according to Reuters, as independent producers scramble for additional assistance and invested banks look on with concern.

Housing prices added 0.7%, while Canada’s core consumer price index fell to 1.6% in March (YoY)

Commodities

At 15.97, oil continues to gain some traction after production cuts begin to take hold ahead of the OPEC+ agreement to downgrade supply by 10m barrels by May 1.

Several North Sea companies are expected to follow the UK’s lead and begin shutting down fields.

Last night’s EIA report saw a 15.022mB increase in oil stocks – undercutting expectations by about 130k barrels.

The organization’s Executive Director Fatih Birol yesterday told Bloomberg that OPEC+ should cut production to 1999 levels.

After testing support at 1700, gold continues to reach for last week’s high, currently trading sideways between 1730 and 1740.

And Bitcoin yesterday crossed above $7000 again – primarily on the passing of the US Senate relief bill.

Corporate

YouTube yesterday declared it would take down any videos contradicting the WHO’s position on the Coronavirus – thereby risking a conflagration with Donald Trump’s White House and a growing circle of global conspiracy theorists.

Lockheed Martin and Coca Cola today will be paying dividends, while Daimler earlier today warned investors against a 70% drop in Q1 earnings – this after BMW earlier in the month reported a 20.6% drop in sales.

AT&T yesterday reported a 4.6% drop YoY in earnings and Delta, an 18% drop YoY in revenues.

Meanwhile, Snapchat shares continue to soar after its 10% upward surprise in revenues, Tuesday. Today, look out for Intel and American Express tomorrow.

Events