Headlines discussed at LNWM’s Monday morning briefing:
— The gradual lifting of coronovarius quarantines is starting in Europe, as well as a handful of less-impacted US states, helping to drive stock markets higher.
— Sales of newly built US homes fell 15.3% in March vs. Feb., while existing home sales fell 8.5%; pricing is holding up so far due to fewer listings.
— The latest round of US coronavirus support — $500 billion — excludes state and local governments; aimed at small businesses, hospitals, and coronavirus testing.
— US consumer sentiment edged up slightly at the end of April, but is still down from March (at 71.8 on a key index vs. 89.1 for March), and down from 101 in February.
— Eurozone manufacturing and services activity for April is indicating severe contraction; PMI Composite Index dropped to 13.5 in April from 29.7 in March.
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