The Australian dollar is still under pressure this morning:
Bonds are bid:
XJO is bleeding once more:
Big Iron is down modestly:
Big Gas more:
And Big Gold is soft:
Big Banks do not look well:
While Big Chunt has kept the dream alive:
At issue is the so-called virus “second wave”. LA county locked down for three months last night and US chief medical officer, Anthony Fauci, warned everyone to stay shut. Germany saw bigger case numbers. Emerging markets are awash with the virus. China has seen more cases as well.
It’s not the second wave at all of course. The first wave never ended. But you can’t get the priced v-shape recovery if major US states remain locked down until August.
As well, the US senate proposed the COVID-19 Accountability Act, complete with sanctions, which sounds rather ominous, and El Trumpo banned public super from investing in China.
S&P futures have awoken with a start:
The market needs some MOAR!
