The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Markets probably pushed the recovery too far and too quickly, given further pain looms
– US data beginning to reflect that, March Retail Sales -8.7%, Industrial Production -5.4%, Empire State -78
* Equities off 2% and the US dollar has bounced back post being oversold and rates rallied strongly
– US Treasuries 10yr -11bps/0.63%
* Oil prices 18yr lows as stockpiles grow by 20 million barrels and gas consumption now lowest on record