Pompeo reports to Congress that Hong Kong is no longer autonomous

27 May 2020
Tweet from Pompeo
"Today, I reported to Congress that Hong Kong is no longer autonomous from China, given facts on the ground. The United States stands with the people of Hong Kong."
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European equity close: Another day of solid gains. Key levels loom

27 May 2020
Keep the free money rolling

The DAX rose above the 61.8% retracement of the March drop today but closed back down below it.
See here for global coronavirus case data
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Month-end rebalancing points to strong USD-selling - Citi

27 May 2020
It's almost June
Citi's month-end rebalancing model flags a strong USD sell signal against EUR and GBP at this month-end
"Our Asset Rebalancing Model notes a rotation from equities into
bonds at May month end. The signal is moderately strong coming in at
-1.4/+1.3 historical standard deviations (hist. std. dev.) for equities
and bonds respectively.
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Boeing announced involuntary layoffs of 6770 US employees

27 May 2020
More layoffs at Boeing
Boeing did a round of 5500 voluntary layoffs and now it's moving to involuntary layoffs. In addition to this, the company says it will layoff 'several thousand' others in the coming months.
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UK virus deaths rise 412 vs 134 yesterday

27 May 2020
The latest virus numbers
Don't be alarmed by the spike, it happens after every weekend/holiday. The dead only get counted on regular workdays in the UK, evidently.
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Oil takes a dive

27 May 2020
Oil down $2 in a quick move
The market mood has turned in a big way. It's not just stocks with oil now piling on with a quick move lower to extend today's decline to $2 per barrel.
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US stocks fall into negative territory, led by tech

27 May 2020
S&P 500 gives it all back
The S&P 500 opened 1% higher but it's now down 0.3% in a quick turnaround. Tech is leading the way lower and the Nasdaq is down 1.6%, led by stay-at-home and virus names.
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Dallas Fed services sector index -41.7 vs -83.9 prior

27 May 2020
Service sector survey from the Dallas Fed
It's a better sign but still deeply negative. We know that we're heading towards some kind of recovery, but the strength of it is the big question.
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The Chinese yuan is on the brink of a major break

27 May 2020
Yuan threatens long-term low
USD/CNH today matched the September high at precisely 7.1965.
Given the dynamic with China re-opening, you would expect the yuan to be stronger but it's not. The latest leg is no-doubt related to Hong Kong and potential sanctions and that's partly natural but it could also be China sending a warning signal to
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May Richmond Fed manufacturing index -27 vs -40 expected

27 May 2020
May Richmond-area manufacturing survey
See here for global coronavirus case data
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