- Fed’s Balance Sheet Tops $7Tln, Increased Bond ETFs Bought
- President Trump: Won’t Close Country If Second Wave Virus Hits
- US Stimulus Efforts Stall As Senate Adjourns On Partisan Divide
- US Senators Seek To Sanction Chinese Officials Over Hong Kong
- China Abandons Economic Growth Target, Shifts Focus To Jobs
- China Pledges To Implement Trade Deal Amid Rising Tensions
- Hong Kong Activists Urge Protests Against New Security Law
- BoE’s Ramsden: Slow Recovery Risks, Stimulus Under Review
- UK PM Johnson Wants To End Reliance On Chinese Imports
- UK Posts Largest Budget Deficit, Retail Sales Crater On Virus
- BoJ Keeps Focus Helping Companies Ahead Of Falling Prices
- Oxford, AstraZeneca Begin Advanced Trials Of Covid Vaccine
China broke with more than a quarter-century of tradition by not issuing an economic growth target for 2020, a stark acknowledgment of the challenges facing the world’s second-largest economy as it grapples with uncertainties around the coronavirus pandemic.
The unusual move—it’s the first time a formal target has been omitted since the practice began in 1994—suggests Beijing’s leaders aren’t eager to unleash a large-scale stimulus after China’s sharpest contraction in four decades.
It foreshadows more economic pain for a world that has become increasingly reliant on China as an engine of growth. (WSJ – Continue Reading)
Democracy advocates called for protests against sweeping national security legislation China introduced Friday, as authorities in Beijing vowed to end what they called a “defenceless” posture due to “those trying to sow trouble.”
Legislation slated for passage in the National People’s Congress in Beijing would help complete Hong Kong’s obligation to pass laws curbing acts of treason, secession, sedition and subversion, NPC Vice Chairman Wang Chen told lawmakers Friday. The measure would also seek to counter terrorism and foreign interference in Hong Kong, Wang said.
The announcement on national security legislation prompted calls for protests and a spike in Hong Kong residents downloading VPN software that helps mask internet usage. US President Donald Trump, when asked about China’s moves, pledged he would respond “very strongly.” (BBG – Continue Reading)
Britain is enduring its deepest recession in centuries but the havoc wrought by the coronavirus pandemic will not be enough to push the Bank of England to adopt negative interest rates, a Reuters poll found.
The virus has infected just over 5 million people worldwide and killed more than 327,000. Britain has the highest COVID-19 related death toll in Europe despite a lockdown that has kept citizens at home and businesses closed since March 23.
That virtual halt in activity means the economy will contract 17.5% this quarter, the May 19-21 poll found, a much sharper contraction than the 13.1% predicted last month. In a worst-case scenario the economy will shrink 22.5% this quarter. (RTRS – Continue Reading)
- UK Retail Sales (M/M) Apr: -18.1% (exp -15.5%; prev -5.1%)
- UK Public Sector Net Borrowing Apr: 61.4B (exp 49.6B; R prev 14.0B)
- Swiss Money Supply M3 (Y/Y) Apr: 1.9% (prev 1.3%)
- Fed’s Bostic: Banks Should Be Thinking About Preserving Capital – CNBC
- Fed’s Balance Sheet Tops $7Tln, Increased Buying Of Corporate Bond ETFs – MW
- President Trump: Won’t Close Country If Second Wave Of Virus Hits – CNBC
- US Stimulus Efforts Stall As Senate Adjourns Revealing Partisan Divide – FT
- US Majority Leader McConnell: Senate Not Ready To Craft New Stimulus – Fox
- US Senators Seek To Sanction Chinese Officials Over Hong Kong – RTRS
- US Candidate Biden Gets Slow Start In Arizona, Newly Winnable For Democrats – BBG
- ECB 'Fully Prepared' To Up Bond Purchases In June – RTRS
- BoE’s Ramsden: UK Risks Slow Recovery, All Stimulus Options Under Review – RTRS
- BoE To Phase Out Emergency Sterling Liquidity Operations – RTRS
- UK PM Johnson Wants Self-Sufficiency To End Chinese Imports Reliance - Times
- UK To Set Out Quarantine Measures For International Arrivals – RTRS
- UK Posts Largest Budget Deficit, Retail Sales Crater On Virus – BBG
- UK Consumer Confidence Back At Joint Lowest Level Since 2009 – RTRS
- UK Mortgage Payment Holiday Extended For Three Months – FT
- German Tax Revenues Fall 23.5% Due To Coronavirus Pandemic – RTRS
- BoJ Keeps Focus On Helping Companies Ahead Of Falling Prices – BBG
- Fitch Cuts Australia's Sovereign Outlook To Negative, Affirms 'AAA' Rating
- Australia Slashes Costs Of Covid-19 Job Subsidy To $46 Billion – RTRS
- Treasury Yields Move Lower On Increased Tension Between US And China – CNBC
- UK Short-Dated Gilt Yields Hit Record Lows After Weak Data – RTRS
- Italian Bond Yields Set For Biggest Weekly Fall In 8 Weeks – RTRS
- Kangaroo Bond Market Awakened By Attractive Swap Levels – BBG
- US-China Tensions Boost Safe-Haven Currencies, Lift Dollar 0.3% - RTRS
- Sterling Tumbles On Record-Low Retail Data, Trade Tensions – RTRS
- Oil Drops Over 5% On China-US Tensions, Demand Doubts – RTRS
- Gold Regains Footing As US-China Tensions Flare – RTRS
- Copper Falls As China Skips GDP Goal, US-Sino Tension Ramps Up – RTRS
- Global Stocks Dip, Lead By Hong Kong, As China Weighs On Outlook – WSJ
- IBM Latest Tech Giant To Cut Jobs In Midst Of Pandemic - BBG
- GM Gradually Restarts In Mexico As Lear Corp Readies For Return – RTRS
- HPE Plans Cuts In Jobs, Executive Pay To Temper Sales Slump – BBG
- Deere Gains After Profit And Revenue Fall, But Beat Expectations – MW
- Nvidia Forecasts Sales Above Estimates, Powered By Data Centre Results – RTRS
- Hertz Creditor Talks Reach Impasse Hours Before Key Deadline – BBG
- Ambani Sells $1.5Bln Jio Stake To KKR, Extending Fundraising Streak – BBG
- Alibaba Points To 'Steady Recovery Since March' As Revenue Top Expectations – MW
- Nissan Considering 20,000 Job Cuts, Mainly EU And Developing Nations – RTRS
- Oxford, AstraZeneca Begin Advanced Trials Of Covid Vaccine – BBG
- Burberry Welcomes China And South Korea Sales Bounce Back – FT
- French FinMin Le Maire: Renault Could Disappear And Needs To Adapt – RTRS
- Credit Suisse Targets Luckin Ex-Billionaire’s Family Assets – BBG
- Roche Buys US Gene Sequencing Tech Company Stratos Genomics – RTRS