Adventures in Finance - Daily Briefing - April 16, 2020

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

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🗓️ 16 April 2020

⏱️ 28 minutes

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Summary

On today’s Real Vision Daily Briefing, Roger Hirst and Ed Harrison discuss FX markets, high yield credit, and EM fixed-income through the lens of Brent Johnson’s “dollar milkshake theory” and Mike Green’s thoughts on the concentration of capital. Harrison and Hirst analyze the impact that the Fed’s yield curve control will have on net interest margins for banks and whether central banks will draw a “line in the sand.” Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Real Vision Daily Briefing.
0:04.0	I'm Nuria. It's Thursday, April 16th,
0:17.0	2020. We have our managing editor Ed Harrison standing by with Roger Hurst for their macro analysis, but before we go to them, let's go over today's market news.
0:25.6	Starting off with some price action, US equities were muted today, but inch higher towards the close.
0:31.2	The Dow and the SMP started the day in the red, but finished the day with modest gains. Nothing momentous.
0:37.0	It was the Nasdek that had the glory today, up 1.66%.
0:41.0	Amazon today hit a record high of 24.50, ending 4.36% up on the day.
0:46.6	While United Airlines was the biggest loser of the day, down 11.46%.
0:51.6	A horrible day for the company. This after an alarming letter from its CEO yesterday to all United Airlines employees warning them that, quote,
0:59.0	travel demand is essentially zero and shows no sign of improving in the near term and that
1:04.4	they expect demand to remain suppressed for the remainder of 2020.
1:08.1	In other news, the quarantine is making it impossible for some companies to pay off their
1:12.0	debts.
1:12.6	Neiman Marcus yesterday missed key coupon payments on several of its loans, with investor
1:17.0	Marble Ridge capital pushing for a default.
1:19.6	Meanwhile, other corporate borrowers are struggling to meet their obligations.
1:23.0	Live Nation Entertainment and Marion International
1:25.4	asked their lenders to waive key covenants so that they could make good on the loan.
1:29.2	And yields on bonds in the restaurant sector continue to spike.
1:32.4	We're seeing Domino's and Burger King
1:33.9	struggle to constrain the cost of financing. But it's not just the large
1:37.7	corporations under funding pressure. Small businesses as well have been hit
	...

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