Headlines discussed at LNWM’s Monday morning briefing:
— New cases of the coronavirus in the US could peak this week, the director of the CDC said, as social distancing measures seem to be working to contain spread.
— More than 6 million Americans filed for unemployment benefits last week, bringing the total number of new claims to nearly 17 million in three weeks.
— The Eurozone itself (as opposed to member countries) will issue $500 billion in “coronavirus bonds,” a historic 1st for the bloc, as Germany and the Netherlands supported shared responsibility for debt repayment.
— The Federal Reserve unveiled a new round of credit market support, via $2.3 trillion in loans to shore up businesses and municipal governments.
— OPEC and its allies agreed to cut oil production by just under 10 billion barrels a day May 1 through June, but that is still not enough to offset falling global demand.
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