Les dépêches mardi: brouillard

Il est important de garder à l’esprit que # COVID19 conduit non seulement à une chute sans précédent de l’activité économique, de l’emploi et de l’inflation, mais il brouille également toutes les données économiques et met un voile supplémentaire d’incertitude.

[Reuters] Stocks rally falters as virus and trade nerves linger

The Fed starts buying corporate-bond ETFs today, a big new step in efforts to support the economy in the pandemic. Here’s what we’re watching in the markets today, with @jimwillhite. #WSJWhatsNow pic.twitter.com/O8Qz1HfGA7

— The Wall Street Journal (@WSJ) May 12, 2020

The Supreme Court will hear arguments today about whether President Donald Trump can prevent the release of his tax returns. In surveys over the past few years, a majority of Americans have said Trump has a responsibility to release his tax returns. https://t.co/WzFOIgeHbR pic.twitter.com/WmbL4geJpt

— Pew Research Center (@pewresearch) May 12, 2020

[Reuters] Dollar clings on to gains on fears of new COVID-19 cases, U.S.-Sino tensions

[Reuters] Oil prices climb as Saudi Arabia pledges further production cut

[CNBC] US consumer price index fell 0.8% in April, as expected

L’indice des prix global baisse de 0,8% en avril, tandis que le core baisse de 0,4%. La forte baisse des prix des articles que les gens n’achètent pas l’emporte sur les augmentations des articles qu’ils achètent.

'The Labor Department reported Tuesday that prices U.S. consumers paid for groceries jumped 2.6% in April, the largest one-month pop since February 1974.' https://t.co/SCy2qsDr9i pic.twitter.com/F1aR4H2fGc

— Jesse Felder (@jessefelder) May 12, 2020

US disinflationary impulse is gathering strength:

Headline CPI #inflation -1.2ppt to 0.3% y/y in April — low since 2015

Core CPI inflation -0.7ppt to 1.4% y/y — low since 2011 pic.twitter.com/N7NwrI3s3e

— Gregory Daco (@GregDaco) May 12, 2020

[Reuters] China announces new tariff waivers for some U.S. imports

[CNBC] The Fed is starting its program to purchase corporate bond ETFs

[Reuters] Trump ‘not interested’ in reopening U.S.-China trade deal after report of Beijing discontent

[Reuters] China’s factory deflation deepens as pandemic hits demand

[Reuters] Kuroda says Bank of Japan will do ‘whatever it can’ to beat pandemic fallout

[Yahoo/Bloomberg] Fed Says It Will Begin Buying Corporate-Debt ETFs on Tuesday

[Reuters] Brazil services activity falls a record 6.9% in March – IBGE

[MSN/Bloomberg] NIH Director Talks Vaccines, Virus Mutation and Clinical Trials

[AP] Turkey accuses five nations of forming ‘alliance of evil’

[Bloomberg] Oil Crash Claims First Victim in China Offshore Bond Market

[Bloomberg] China Brokers Raise Record Short-Term Debt in Leverage Spree

[FT] Why the coming emerging markets debt crisis will be messy