Defensive start to the week, with.......>

MARKET TALK: Defensive start to the week, with e-minis & crude offered alongside

a bid in T-Notes, some of the reasons for the move:

- Sino-U.S. sabre rattling from Messrs Trump & Pompeo, with Chinese state media

also involved. Elsewhere, Australia's Telegraph wrote: "China deliberately

suppressed or destroyed evidence of the coronavirus outbreak in an "assault on

international transparency'' that cost tens of thousands of lives, according to

a dossier prepared by concerned Western governments on the COVID-19 contagion"

- North Korea firing shots across the DMZ, returned by South Korea. This was one

day after North Korean leader Kim's re-appearance after a ~3-week hiatus.

- BBG noted the EU Commission won't unveil its recovery fund proposal this week.

- Warren Buffett's Berkshire Hathaway shed its U.S. airline holdings. Re: cash

levels Buffett said "we haven't done anything, because we don't see anything

that attractive to do. Now that could change very quickly or it may not change."

- Front month WTI may struggle on (per BBG): "S&P Global Inc., the company

behind the most closely followed commodity index, said it will roll West Texas

Intermediate crude oil futures for July into August for its commodity indexes."