Daily Archives: July 20, 2020

Americas

#Florida Virus ‘Out of Control,’ #LosAngeles Is on the Brink – Bloomberghttps://t.co/g7A6DWLNGp

— Christophe Barraud (@C_Barraud) July 20, 2020

The virus’s effective reproduction number (R) is now above the critical level of 1 in all but five of the US’s 50 states – FT
*Weighted by GDP, 95% of the economy is affected by a viral R high enough to cause an exponential ⬆ in the number of cases. https://t.co/9RY6iQWRs5

— Christophe Barraud (@C_Barraud) July 20, 2020

#Trump to Start Stimulus Talks With McConnell Monday, Aide Says – Bloomberghttps://t.co/EXmOsCafF9

— Christophe Barraud (@C_Barraud) July 20, 2020

Asia

#JAPAN | TOKYO FINDS AROUND 168 NEW CASES OF #CORONAVIRUS: KOIKE – BBG

— Christophe Barraud (@C_Barraud) July 20, 2020

#HongKong Reports Daily Record of 108 New Virus Infections – Bloomberghttps://t.co/xYliePcSGa

— Christophe Barraud (@C_Barraud) July 20, 2020

#Australia warns coronavirus outbreak will take weeks to tame – Reutershttps://t.co/8oVk2Aogcj

— Christophe Barraud (@C_Barraud) July 20, 2020

#China raises equity investment cap for insurers to 45% – Reutershttps://t.co/3cMbYmeFFG

— Christophe Barraud (@C_Barraud) July 20, 2020

#China’s Small Lenders Are Filling Up on Riskiest Bank Debt – Bloomberg
*Link: https://t.co/Tdmw6xnZ4t pic.twitter.com/ifv2vBiNHc

— Christophe Barraud (@C_Barraud) July 20, 2020

Europe

#EU SPOKESMAN SAYS LEADERS TO RESUME TALKS 4PM – BBG
*FRANCE SEES PATH TO DEAL ON EU RECOVERY FUND, OFFICIAL SAYS

— Christophe Barraud (@C_Barraud) July 20, 2020

*ASSELBORN: MAY BE SUMMIT BREAKTHROUGH ON VETO RIGHTS FOR FUND – BBG

— Christophe Barraud (@C_Barraud) July 20, 2020

#EU leaders say progress in #virus recovery summit, but warn talks could still fail – Reutershttps://t.co/jOZUJnhZMu

— Christophe Barraud (@C_Barraud) July 20, 2020

Austria's Kurz voices satisfaction after night of EU summit talks – Reutershttps://t.co/qL6BmB1i8m

— Christophe Barraud (@C_Barraud) July 20, 2020

#Brexit Negotiators in Tense Standoff, Dashing Hope of Swift Deal – Bloomberghttps://t.co/hafSjpDLyf

— Christophe Barraud (@C_Barraud) July 20, 2020

Summary Key Macro Events

Leaders will gather again at 4PM (20)
 
Trump to Start Stimulus Talks With McConnell (20)
 
2Q GDP (22)
 
*PMIs: (22) | (24)
 
June Existing Home Sales (22)
 
CBRT meeting (23)
 
June New Home Sales (24)

 

 


 

#EU SPOKESMAN SAYS LEADERS TO RESUME TALKS 4PM – BBG
*FRANCE SEES PATH TO DEAL ON EU RECOVERY FUND, OFFICIAL SAYS

— Christophe Barraud (@C_Barraud) July 20, 2020

#Trump to Start Stimulus Talks With McConnell Monday, Aide Says – Bloomberghttps://t.co/EXmOsCafF9

— Christophe Barraud (@C_Barraud) July 20, 2020

Fiscal Cliffs Threaten Fragile U.S. Recovery: Economy Week Ahead – Bloomberg
*Link: https://t.co/lfS96efDjZ pic.twitter.com/c2Iyw0mCch

— Christophe Barraud (@C_Barraud) July 19, 2020

Pompeo visits UK, Tesla earnings, European PMIs https://t.co/qPZ4D2WM20

— FT Economics (@fteconomics) July 19, 2020

Sales of existing and new U.S. homes, due next week, are expected to show gains; the eurozone reports consumer confidence data https://t.co/SJfTNUois4

— Real Time Economics (@WSJecon) July 19, 2020

Bloomberg Fear-Greed Indicator, using weekly data for the #Nasdaq, rose to new record level, surpassing a high from March 2000.
*These highs contrasted with a plunge in March that produced record weekly lows, surpassing those in December 2018 and May 2000. pic.twitter.com/OfPR4iM5ma

— Christophe Barraud (@C_Barraud) July 20, 2020

Equity Flows.

Updating this stunning chart from DB:

(1) Tech keeps getting non-stop record flows.

(2) Incredible how there's still *nearly zero* net buying in 8 key Sectors – a winner-take-all market driven by extreme investor preferences. pic.twitter.com/ntwyOFi6RW

— Macro Charts (@MacroCharts) July 20, 2020

The #Covid19 newsflow is deteriorating! Nice chart by Bank of America. pic.twitter.com/Cp86iUvscl

— jeroen blokland (@jsblokland) July 20, 2020

US equities are back to trading on a 1.5X market cap/GDP ratio, same number as Feb ‘20 peak levels & comfortably approaching the 100th percentile of its historical distribution over 70Y. As a reminder, valuations this extreme generally imply more downside for equities vs. bonds. pic.twitter.com/B2XXny3usJ

— Julien Bittel, CFA (@BittelJulien) July 20, 2020

While #recessions are supposed to be a period where #excesses are #reversed to provide better long-term #opportunities, the #Feds interventions have made the #corporate #debt problem even worse. (Total size) pic.twitter.com/CToZyAFhwl

— Lance Roberts (@LanceRoberts) July 20, 2020