Financial Times Questions for Jerome Powell: Is Powell still optimistic about the second half? – since the last meeting oil has crashed…

Any new guidance on rates? – negative rates are not relevant at the moment for the US…

Will there be more tapering? from $75 bn per day to “only $10 bn per day…things have improved (and TYVIX has…[Read more]

UBS: $BYND stock “does not reflect risk from reduced restaurant traffic, consumer trade-down (BYND patty is 2x price of regular patty) or increased CPG competition. While pandemic/pork shortages are driving more at-home
consumption for BYND products,” we cut to Sell. Target $73

Mizuho: “Late on Friday S&P affirmed Italy’s rating at BBB Negative. Action was perhaps unlikely given that S&P had previously indicated that they will not rush into drastic rating action, and will focus on the country’s long-term growth potential. ECB buying is expected to cover most new Italian debt issuance due to the pandemic, but S&P not…[Read more]

Merrill: “Our outlook is for a sharp and severe decline in activity akin to the broader economy; we forecast a record-breaking 30% qoq saar drop in 2Q GDP with a peak unemployment rate of 15.6% in 2Q. The economy will likely shed a cumulative 15-20 million workers.”

Hedge funds have been selling for 8 of the past 9 days
Activity levels remain subdued as positioning remains suppressed. L/S funds have sold longs for 8 of the past 9 days. HFs were net sellers of equities again on Tues with selling led by L/S funds who were adding to shorts, and also selling on the long side. Nets fell over 2% to 38%,– this c…[Read more]

Goldman Sachs: April has already seen nearly the largest monthly net $ selling of US equities by hedge funds in 6 years. Seems clear that the rally is hated and in places has even been sold short

Morgan Stanley: Activity levels remain subdued as positioning remains suppressed. L/S funds have sold longs for 8 of the past 9 days. HFs were net sellers of equities again on Tues with selling led by L/S funds who were adding to shorts, and also selling on the long side. Nets fell over 2% to 38%,– this current level represents the 2nd %-tile o…[Read more]