Headlines discussed at LNWM’s Monday morning briefing:
— Coronavirus cases seem to be peaking in hard-hit countries, with growth in daily new coronavirus cases in the US slowing to 8.3% from 12.5% and daily death rates lower in Italy and Spain.
— US payrolls fell by 750,000 in March due to coronavirus layoffs, but with nearly 10 million filing for unemployment benefits the last two weeks of March, the payroll drop for April is expected to be closer to 20 million.
— Bank of America said it received $22 billion worth of loan requests on Friday, as it and other banks work with the Small Business Administration to dispense up to $350 billion in government loans, intended to cover payrolls the next two months.
— A key index for the US services sector fell to 52.5 from 57.3 in March, the biggest drop since 2016, but higher than the 44 expected (over 50 indicates expansion).
— Oil prices rebounded after Russia and Saudi Arabia said they would reopen talks on production cuts; but meeting postponed to this Thursday amid rancorous statements.
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