Welcome to the Real Vision Daily Briefing, where our team of journalists analyze the most important news of the day through the framework of key religion themes. That's macro, liquidity, market

structure, and crypto. We cover it all. Hi, I'm Jack Farley with Real Vision.

We have our managing editor Ed Harrison,

standing by with Real Vision's Ash Bennington,

and they're going to talk about the bifurcation

between investment grade and high yield.

And I think they're also going to touch on share buybacks

and bank dividends.

But before we go to them, let's quickly go over the latest news and data on the coronavirus pandemic,

as well as some price action in markets.

It's 330 PM Monday, April 13th.

In New York, the death toll today passed 10,000, truly a grim

milestone. In the US, total active case count has breached 520,000. Meanwhile, we're seeing the active case count in Europe plateau rather than decrease as predicted by many models, including the GMI forecast.

All right, now let's get to some price action.

High yield sold off today, backing off some of the tremendous gains it made on Friday.

Meanwhile, U.S. equities are taking a more subdued decline, showing some sluggishness as earning season approaches.

U.S. Treasury is, interestingly enough, did not rally.

And in fact, today, they had a mild sell-off as well, except at the very short end of the

curve. It's very interesting because it amounts to yet another bad day for the risk parity trade.

And in other news, Soft Bank reported a staggering 16.7 billion dollar loss in its Vision Fund, the fund whose holdings include We Work and

Uber, attributed the loss to, quote, a deteriorating market environment.

All right, now let's go to Ed Harrison and Ash Bennington with their market analysis.

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