UPDATE 10:00am EST
Factory Orders (MoM) (Mar) printed at -10.3% vs -9.7% consensus estimate
ISM-NY Business Conditions Index (Apr) printed at 4.3.
The world’s most famous investor Warren Buffet, affectionately called the ‘Oracle of Omaha, announced over the weekend his investment vehicle Berkshire Hathaway, completely sold airline positions the firm had been building during the Trump economy. Some of his positions were up to ten percent of the company. Buffet declared he was wrong and the airline business has ‘fundamentally changed.’
Aviation stocks are selling off significantly on the open.
in addition, global consensus is growing the Communist Party of China has significant legal liability due to its malign actions infecting the world with the Chinese coronavirus developed in its biolab in Wuhan, China.
In FX, the US dollar rose against most major currencies amid fears that last year’s U.S.-China dispute would be reignited, this time over the origins of the pandemic that has stalled economies around the world. The euro was down 0.37% at $1.0933 and the pound retreated 0.72% to $1.2407. EM currencies weakened, while sovereign bond yields were little changed. The Russian ruble, Indonesian rupiah and South Korean won led the currency declines as haven demand bolstered the U.S. dollar. With China’s onshore markets closed for a holiday, the yuan weakened as much as 0.3% against the dollar in offshore trading, before regaining ground, wrote Zero Hedge.
Equity markets are down approximately 1% on the market open.
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