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EGB/Gilt - Italy outperforms

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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."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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