Defensive trade since the Globex........>

MARKET TALK: Defensive trade since the Globex futures re-open at the top of the

hour, even with positive musings re: COVID-19 from some of the European & U.S.

hotspots (including some declarations on slow re-opening of certain states in

the U.S.), and an apparent closing of the distance between the U.S.

administration & democrats re: further business loan relief in the U.S.

- Continued tensions between U.S. President Trump & certain state governors,

some dialling up of the rhetoric employed by Trump re: China's COVID-19

dealings, potential for re-igniting political tension in Hong Kong and a focus

on the U.S. earnings season perhaps outweighing the former points. With heavy

crude markets (on familiar themes) adding to that mix.

- CAD the underperformer amongst G10 FX. Further afield, MXN's struggles are

being compounded by ratings action against both the Mexican sovereign government

and PEMEX on Friday, on top of the broader defensive feel.

- E-minis lower, T-Notes small bid.