The Day Today

• Senate passes $2trn now back to the House, probably Friday for the vote
• China’s city of Xianning lifted lockdown but a new test means people cannot actually leave
• Japan’s GPIF to raise ratio of foreign bonds in portfolio
• Russia bans all foreign flight except those repatriating Russians
• ECB opens itself to new court challenges as it will not apply its self-imposed limits on a coronavirus bond
• Kosovo saw the collapse of their government over coronavirus row
• Ford cut to junk by S&P Global Ratings

US equity markets saw their first back-to-back equity gains in a month last night in New York.

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• Germany’s Finance Minister tries to get the relief package through urging “there is no blueprint for countering such a crisis”
• Lagarde asked finance ministers to consider one-off “coronabonds” issue
• German economy could shrink 20% says Ifo economist,

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• US stimulus package “we have a deal” said Eric Ueland, WH legislative affairs director, details are so far sketchy
• Kudlow said total package of $6trn,

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• European PMIs lower: Eurozone’s plummeted to 31.4 and UK’s 37.1 from 53.0
• BOE says “all elements of the substantial capital and liquidity buffers that have been built up by banks could be drawn on”
• UK’s lockdown not being fully complied with it appears,

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• Mnuchin and Schumer (Senate Minority Leader) on cusp of   ̴ $2trn package, Nancy Pelosi unveiled her $2.5trn plan
• Trump said “America will again and soon be open for business”
• UK goes into lockdown for three weeks
• Wuhan lockdown,

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