FILE PHOTO: A man wearing protective face mask, following an outbreak of the coronavirus disease , walks in front of a stock quotation board outside a brokerage in Tokyo, Japan, March 10, 2020. REUTERS/Stoyan Nenov
Japan’s Nikkei gained 1.7% and South Korea 1.2%. E-Mini futures for the S&P 500 rose 0.5% even as some U.S. states reported record new cases of COVID-19, a divergence that shows no sign of stopping.“Ongoing grim U.S. COVID-19 infection news continues to be summarily ignored in favour of ongoing optimism regarding the time-line for the discovery and rapid roll-out of an effective vaccine and/or more policy support for asset prices and the U.S.
If the S&P 500 was just “tech, health care, Amazon, Google” the index would now be 4,173, they wrote in a note, way above the current level of 3,185. If made up of everything else, it would be 2,924.Yields on U.S. 10-year notes came close to record lows last week at 0.569% and were last at 0.63%. The hunt for yield has tended to benefit emerging market currencies and those leveraged to commodities such as the Australian dollar, while weighing on the U.S dollar.
They are live in a different world and know they can do what they want with the Feds Trillions backing them up.
Probably just going to be another day in the U.S. with the Fed propping up the market.
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