Markets

Last updated 2:30pm. Featuring insurers’ dividends, online education and offline real estate. 

The toilet paper shortage; Arron Banks; Hungary; Andrew Cuomo’s nipples; and more.

Last updated 4:00pm BST. Featuring British Gas, Dutch oil, and waffle.

From bail-inable private sector capital to mandated reserves of essential goods, there’s a lot regulators can do to ensure economies can better cope with Covid-19 style shocks in the future.

China’s concealment; organised crime; Fox’s fake-news contagion; ratings agencies; and much more. 

Last updated 3:00pm BST. Featuring bank dividends, ships and bricks. 

Testing; Zoom; the apocalypse you weren’t waiting for; originalism; and more.

Last updated 3:00pm. Featuring WPP, Melrose, Meggitt, Aston Martin, Campari, Imperial Brands, Airbus, housebuilders, Diageo, Tate & Lyle, Aveva and goats.

A European Coronabond is being widely touted. But issuing it entails some massive political choices, argues Lorenzo Bini Smaghi. 

Surveillance capitalism; ghost towns; cocoa and much more...

EU investment grade does a honey badger impression.

Last updated 3:00pm BST. Featuring Hammerson, Natixis, Dixons, easyJet, Melrose and remaining in the dark.

Lease debt; watch the Chinese; a national scandal and much more...

Featuring Cineworld, Restaurant Group, ITV, AB Foods, Kier, Balfour Beatty, ITV, CRH and several other things.

Central banks are supposed to offer counter-cyclical support in times of crisis. Macrofinance expert Daniela Gabor argues that when it comes to dollar swap facilities, central banks’ obsession with market discipline undermines that support.

Prepare for negative prices in some markets in the near term, but an inflationary oil shock in the aftermath.

The growth of the non-banks has made the problem even more difficult for central banks to solve this time around. 

Last updated 3:45pm GMT. Featuring Weir, Intu Properties, British Land, Auto Trader, Rentokil, Umicore, CapCo, Vix extremes, housebuilders, and cigarette makers as a play on global anxiety levels. 

How can a central bank stabilise security markets? What are the precedents and how extraordinary is the action? Robert McCauley offers some insight.

It’s not just individuals who are in urgent need of debt moratoriums during the coronavirus. Some sovereign countries will need them too.

Dogpiling; profiteers and con artists; Saint Corona; coronabonds; and much more.

Last updated 2:00pm GMT. Featuring fund flows, capitulation points, Rentokil, Biffa, Silence Therapeutics, insurance, miners and JD Sports. 

Something about wood and trees.

The comforts of history; ice ages; SDRs and much more...

“For context, the stock today is trading at a P/Sales of ~1.6x our 2030 revenue estimate.”

Ultra-low interest rates and ageing societies have fuelled a global boom in dollar funding. That’s exacerbated the cash crunch. 

Last updated 2:00pm GMT. Featuring capitulation points, black swans, activists, oil stocks, retailers, Covid-19 treatment trials and orcs.