Positives 1)Gilead's remdesiver shows some promise. Vaccine hope with the story out of Oxford University that starting at the end of May they will be doing human trials on 6,000 people with an inoculation that proved successful on monkeys. Also, news on the testing front is getting better as CVS and Walgreens give news on how they will role out its testing …
[Read more...] about Succinct Summation of the Week’s Events – 5/1
The discrepancy between the stock market and the US Treasury market is glaring again just as we've seen before. I believe the stock market seems to be mostly focused on the direction of the economic improvement that will come with a reopening while the Treasury market is likely more focused on the degree of that improvement. Following the increase in bullishness …
Positives 1)Every one has an opinion on the partial reopening of the Georgia economy today but it will certainly be a lesson learned on how it goes for the rest of us in coming weeks as other states announce reopening steps. We are of course also watching other states in the US and Austria, Denmark, Sweden and others, particularly those in Hong Kong, …
[Read more...] about Succinct Summation of the Week’s Events – 4/24
In another sign of just how far central bankers are going to keep the financial system on their shoulders, the ECB is holding a conference call today to discuss whether to accept junk bonds as collateral for loans to banks. To be clear, this would be a nuanced acceptance of junk bonds in that they would agree to taking newly anointed junk paper, aka fallen angels. …
Positives 1)Gilead's initial, albeit early, success with remdesivir in a small sample size. 2)Austria and Germany draw out and begin specific reopening steps. Plans are coalescing in individual US states. The rate of spread is slowing. The PGA will play a golf tournament on June 11-14th. 3)Painful to see but not as bad as feared. Initial claims totaled …
[Read more...] about Succinct Summation of the Week’s Events – 4/17
Positives 1)The patient counts continue to drop in the hot spots of Europe, particularly Italy. Austria, Italy, Denmark and Norway are laying out plans to gradually reopen over the next month. NY might be passed its peak. The acceptance of wearing masks as things do reopen is becoming more widespread. A Hong Kong microbiologist who advises the Hong Kong government …
[Read more...] about Succinct Summation of the Week’s Events – 4/10
Positives 1)Signs of curve flattening/bending are taking place in Europe and certainly in most areas of Asia. We hope we are only weeks away from seeing that in the parts of the US that got hit first like NY and CA. We are seeing more shutdowns, slowing the spread. More test kits are being shipped, some that will give a result in 15 minutes. Broader …
[Read more...] about Succinct Summation of the Week’s Events – 4/3
(no February data was included) Positives 1)Congress passes the $2T bill that will provide short term relief for many households and businesses. 2)The Fed takes further steps to re-liquefy parts of the credit markets and also announces that they will outright be buying IG corporate bonds (in a roundabout way). The ECB takes off issuer limits in its new …
[Read more...] about Succinct Summation of the Week’s Events: 3/27
Before I get into the details of the bill, I just needed to sing this out loud because I'm so damn curious as to what Warren Buffett is thinking and doing with all that cash he's sitting on. "Where have you gone Warren Buffett? Our nation turns its lonely eyes to you. Woo, Woo, Woo. What's that you say, Mrs. Robinson? Walloping Warren has left and gone away." So …
[Read more...] about Where have you gone Warren Buffett?/The bill
Positives 1)The virus count continues to slow in China and in most of the rest of Asia. 2)More and more places are shutting down in order to contain the spread which hopefully leads to a quicker reopening. 3)The Fed takes steps to backstop the commercial paper market and prime money market funds. Swap lines are tapped and cross currency basis swap prices …
[Read more...] about Succinct Summation of the Tough Week’s Events: 3/20
Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.
