Greetings,
United States: In an unprecedented market dislocation, the May NYMEX crude oil (WTI) contract hit negative $40 per barrel. With storage increasingly scarce, nobody wants to take delivery on the expiring contract.
Oil implied volatility hit a record high.
Equities: This could be the first time the S&P 500 registers five straight quarters of year-over-year net-profit margin declines since the financial crisis, according to FactSet.
Credit: Moody’s lower-rated list of corporates soared to its highest tally ever.
China: The World Economics SMI report showed further deterioration in manufacturing activity this month. After a sharp rebound in March, April PMI figures will decline.
Global Developments: This chart shows monetary and fiscal stimulus as a percent of GDP.
Food for Thought: Is COVID-19 substantially less deadly (but more contagious) than official data suggest?
Edited by Daniel Moskovits
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