Market Talk – Thursday, March 26

Some economic news from Europe today:

UK:

Core Retail Sales (MoM) (Feb) decreased from 1.8% to -0.5%

Core Retail Sales (YoY) (Feb) decreased from 1.3% to 0.5%

Retail Sales (MoM) (Feb) decreased from 1.1% to -0.3%

Retail Sales (YoY) (Feb) decreased from 0.9% to 0.0%

BoE MPC vote cut (Mar) decreased from 2 to 0

BoE MPC vote hike (Mar) remain the same at 0

BoE MPC vote unchanged (Mar) increased from 7 to 9

BoE QE Total (Mar) remain the same at 645B

BoE Interest Rate Decision (Mar) remain the same at 0.10%

Germany:

GfK German Consumer Climate (Apr) decreased from 8.3 to 2.7

France:

French Business Survey (Mar) decreased from 101 to 98

Italy:

Italian Trade Balance Non-EU (Feb) increased from 0.94B to 5.10B

Euro Zone:

M3 Money Supply (YoY) (Feb) increased from 5.2% to 5.5%

Loans to Non Financial Corporations (Feb) decreased from 3.2% to 3.0%

Private Sector Loans (YoY) increased from 3.7% to 3.8%

US/AMERICAS:

The US stimulus package to offset the coronavirus decline will include a clause that prevents companies from buying back stocks, according to the most recent draft of the Senate bill. The bar on buybacks would last for an additional year after the loan is paid back. The bill also would bar companies from paying dividends for the same time duration.

The Canadian government is allocating $52 billion in funds to help citizens impacted by the coronavirus. The Canada Emergency Response Benefit will provide C$2,000 per month for up to four months. “It is during these difficult times that Canadians should not have to choose between protecting their health and continuing to support their families. We recognize this, and are there for them,” stated Carla Qualtrough, Minister of Employment, Workforce Development and Disability Inclusion.

Last week, the International Monetary Fund (IMF) denied Venezuela’s request for a $5 billion USD loan to combat the coronavirus. The IMF denied distributing the funds by stating that they do not have “clarity on recognition” of Maduro’s government. President Maduro has suspended all rent payments (commercial and residential) as well as capital and loan payments for the next six months. Venezuela requested that the US lift sanctions to help their economy grow, which is highly unlikely after the news that was released today.

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