US stocks in focus for mean-reversion
It's risk-on today as EU commission and Germany are sending strong signals to increase spending to fight economic impact from COVID-19. We provide a list of the US stocks that fell the most risk-adjusted yesterday which will undoubtedly be in focus today's session.
FX Update: Markets picking up the pieces after the deluge
Yesterday was a true Black Thursday, with record carnage in many European bourses and the worst session in decades in the US. The ECB Lagarde press conference yesterday was widely seen as disaster as she threw the gauntlet down for fiscal authorities. And despite massive US Fed liquidity provision, all assets declined yesterday on a brutal dash for cash.
ECB: Time for “SME bailout”
Contrary to market expectations, the ECB refrained from cutting further its deposit rate and introduced a package aimed at keeping liquidity and credit flowing with a special focus on the private sector. Most of the measures were smart and flexible, but market reaction was initially very negative, notably due to the poor performance of ECB's Lagarde during the press conference.