What’s going on in the world…
Market opens higher, trying to bounce off the sharp declines from Monday and Tuesday. Driving the bullish sentiment is a fresh $484 Billion relief package for small businesses, hospitals and testing, while several Southern Governors across Georgia, South Carolina and Tennessee moved to reopen their local economies. Only 20% of the first round of PPP got to the small businesses that really need it. Crude prices are getting some reprieve after the crash. The CDC came out with a dire warning of a second wave of corona coming in the Fall. Asian markets were mostly higher overnight with China, Hong Kong, South Korea and Taiwan among the better performers while Japan lagged. European markets higher. Treasuries mostly weaker with the curve steepening. The Dollar is little changed vs yen and euro but weaker vs sterling following big gains in prior session. Gold is up 1.9%. WTI crude up 11.2% after falling more than 40% on Tuesday and nearly 20% on Monday. It’s a bounce-back day for stocks. We shall see what kind of staying power it has. The tug-of-war continues. We still think lower from here heading to summer.
Have a great morning,