southfront--2020-04-21--Conflicting Reports Of Kim Jong Un’s Health, Prompts Market Crash

North Korean Leader Kim Jong Un ’ s health has deteriorated and he was in critical condition after a heart surgery , an unnamed US official “ with direct knowledge ” told CNN .
He was last seen on April 11th , and he missed the most significant holiday in North Korea , April 15th , the anniversary of the birth of the country ’ s founding father , Kim Il Sung .
South Korea ’ s Presidential Blue House said in a statement provided to reporters that they have nothing to confirm on reports about Kim ’ s health @ @ @ @ @ @ @ have been detected inside North Korea .
South Korea ’ s Unification Ministry and Defense Ministry have given a “ no comment.
” The National Security Council and Office of the Director of National Intelligence declined to comment .
On April 20th , the North ’ s official Korean Central News Agency reported that Kim sent a congratulatory message to Cuban President Miguel Mario Diaz-Canel Bermudez for his 60th birthday , suggesting that he is carrying out his state affairs .
On April 18th , US President Donald Trump said that he had @ @ @ @ @ @ @ Kim Jong Un .
Trump also defended now-stalled nuclear diplomacy with Kim , saying the U.S. would have been at war with North Korea if he had not been elected .
North Korea ’ s Foreign Ministry said in a statement that there was no letter addressed to Trump recently by “ the supreme leadership , ” a reference to Kim .
It said it would examine why the U.S. leadership released “ the ungrounded story ” to the media .
It is not the first time that Kim ’ s failure to @ @ @ @ @ @ @ his health .
In 2014 , state media took the rare step of admitting that he was suffering from an “ uncomfortable physical condition ” , after TV footage showed him with a pronounced limp and he failed to attend an important parliamentary session .
NBC ’ s Katy Tur initially reported that Kim Jong Un had been in “ brain death ” , according to two US officials , but later deleted her tweet .
“ North Korean leader Kim Jong Un is brain dead , according to two US officials .
@ @ @ @ @ @ @ into a coma , according to one US current and one former US official .
@ NBCNews confirms and adds to CNN scoop from me , @ ckubeNBC @ carolelee ” In response to the announcement of Kim ’ s severe health condition , the stock market began to tumble down .
MORE ON THE TOPIC : • North Korea Fires Barrage Of Suspected Cruise Missiles In “ Major Show Of Force ” • North Korea Says It Will No Longer Halt Its Nuclear and Missile Tests

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North Korean Leader Kim Jong Un’s health has deteriorated and he was in critical condition after a heart surgery, an unnamed US official “with direct knowledge” told CNN.
“Kim recently missed the celebration of his grandfather’s birthday on April 15, which raised speculation about his well-being. He had been seen four days before that at a government meeting.”
He was last seen on April 11th, and he missed the most significant holiday in North Korea, April 15th, the anniversary of the birth of the country’s founding father, Kim Il Sung.
South Korea’s Presidential Blue House said in a statement provided to reporters that they have nothing to confirm on reports about Kim’s health and that “no unusual signs” have been detected inside North Korea.
“We have nothing to confirm and there has been no unusual activity detected in North Korea,” Blue House spokesman Kang Min-seok said.
South Korea’s Unification Ministry and Defense Ministry have given a “no comment.”
The National Security Council and Office of the Director of National Intelligence declined to comment.
On April 20th, the North’s official Korean Central News Agency reported that Kim sent a congratulatory message to Cuban President Miguel Mario Diaz-Canel Bermudez for his 60th birthday, suggesting that he is carrying out his state affairs.
On April 18th, US President Donald Trump said that he had received a “nice” letter from Kim Jong Un.
“I received a nice note from him recently. It was a nice note. I think we’re doing fine.”
Trump also defended now-stalled nuclear diplomacy with Kim, saying the U.S. would have been at war with North Korea if he had not been elected.
North Korea’s Foreign Ministry said in a statement that there was no letter addressed to Trump recently by “the supreme leadership,” a reference to Kim.
It said it would examine why the U.S. leadership released “the ungrounded story” to the media.
“The relations between the top leaders of (North Korea) and the U.S. are not an issue to be taken up just for diversion nor it should be misused for meeting selfish purposes,” the statement said.
Trump administration officials are looking into who would be in the line of succession if Kim Jong Un dies or is already dead, I’m told. — Jennifer Jacobs (@JenniferJJacobs) April 21, 2020
It is not the first time that Kim’s failure to appear in public has triggered speculation about his health.
In 2014, state media took the rare step of admitting that he was suffering from an “uncomfortable physical condition”, after TV footage showed him with a pronounced limp and he failed to attend an important parliamentary session.
NBC’s Katy Tur initially reported that Kim Jong Un had been in “brain death”, according to two US officials, but later deleted her tweet.
“North Korean leader Kim Jong Un is brain dead, according to two US officials. He recently had cardiac surgery and slipped into a coma, according to one US current and one former US official.
@NBCNews confirms and adds to CNN scoop from me, @ckubeNBC @carolelee”
I’ve deleted that last tweet out of an abundance of caution. Waiting on more info. Apologies. — Katy Tur (@KatyTurNBC) April 21, 2020
In response to the announcement of Kim’s severe health condition, the stock market began to tumble down.
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southfront--2020-04-21--Here Is The Full Explanation Behind Today’s Unprecedented Negative Oil Price

How did you end up with negative oil prices today ?
This happens when a physical futures contract find no buyers close to or at expiry .
Let me explain what that means : A physical contract such as the NYMEX WTI has a delivery point at Cushing , OK , & date , in this occurrence May .
So people who hold the contract at the end of the trading window have to take physical delivery of the oil they bought on the futures market .
This is very rare .
It means that in the last few days @ @ @ @ @ @ @ which is tomorrow for this one ) speculative or paper futures positions start rolling over to the next contract .
This is normally a pretty undramatic affair .
What is happening today is trades or speculators who had bought the contract are finding themselves unable to resell it , and have no storage booked to get delivered the crude in Cushing , OK , where the delivery is specified in the contract .
This means that all the storage in Cushing is booked , and there is no price they can pay to @ @ @ @ @ @ @ inexperienced in this game and are caught holding a contract they did not understand the full physical aspect of as the time clock expires .
The contract roll and liquidity crunch that made the extreme sell-off today possible but it DOESN ’ T necessarily represent futures market conditions : NYMEX June settled today at $ 21.13 .
The June contract is not out of the woods either : today ’ s action indicate that physical oil markets at Cushing are not in good shape and that storage is getting very full .
A @ @ @ @ @ @ @ June contract price points to real worries that the physical stress will continue to reverberate , and will force a lot more production shutdowns during May than the ones announced so far .
So today negative prices are the reflection of dire market conditions for producers , with the hope that demand restart before the middle of May and that the June contract does not face the same fate .

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Originally appeared at ZeroHedge
Courtesy of IHSMarkit’s energy vice president Roger Diwan
How did you end up with negative oil prices today? This happens when a physical futures contract find no buyers close to or at expiry.
Let me explain what that means:
A physical contract such as the NYMEX WTI has a delivery point at Cushing, OK, & date, in this occurrence May. So people who hold the contract at the end of the trading window have to take physical delivery of the oil they bought on the futures market. This is very rare.
It means that in the last few days of the futures trading cycle, (which is tomorrow for this one) speculative or paper futures positions start rolling over to the next contract. This is normally a pretty undramatic affair.
What is happening today is trades or speculators who had bought the contract are finding themselves unable to resell it, and have no storage booked to get delivered the crude in Cushing, OK, where the delivery is specified in the contract.
This means that all the storage in Cushing is booked, and there is no price they can pay to store it, or they are totally inexperienced in this game and are caught holding a contract they did not understand the full physical aspect of as the time clock expires.
The contract roll and liquidity crunch that made the extreme sell-off today possible but it DOESN’T necessarily represent futures market conditions: NYMEX June settled today at $21.13.
The June contract is not out of the woods either: today’s action indicate that physical oil markets at Cushing are not in good shape and that storage is getting very full.
A decline of over 15% in the June contract price points to real worries that the physical stress will continue to reverberate, and will force a lot more production shutdowns during May than the ones announced so far.
So today negative prices are the reflection of dire market conditions for producers, with the hope that demand restart before the middle of May and that the June contract does not face the same fate.
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southfront--2020-04-21--EE-11 Urutu Armored Personnel Carrier (Infographics)

Totally useless Brazilian dopers APC , the moron Saddam had hundreds and even a 50 cal mounted on Iranian Jeeps @ @ @ @ @ the ZSU 23mm twins would literally blow them to bits .
Iran still has over @ @ @ @ @ the police does not want them as they are totally inferior .

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Еhe EE-11 Urutu is a Brazilian amphibious armored personnel carrier based on the drive train and chassis components of the EE-9 Cascavel armored car. It initially emerged as part of a project to develop an amphibious troop-carrying counterpart to the EE-9 Cascavel armored car for the Brazilian Army and Marine Corps. This is the first fully amphibious armored vehicle developed in Brazil.
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southfront--2020-04-21--Russia To Launch Khabarosvsk Submarine Armed With Poseidon Underwater Drones In April-May

The Russian Navy will launch special purpose nuclear submarine Khabarovsk ( Project 09851 ) at the Sevmash shipyard in northern @ @ @ @ @ Russian defense industry source told RIA Novosti .
“ [ Submarine ] Khabarovsk is planned @ @ @ @ @ spring , in April-May .
Trials will last at least two years , ” the @ @ @ @ @ will become a designated carrier of the Poseidon nuclear-capable underwater drones .
In April 2019 @ @ @ @ @ research submarine ( Project 09852 ) .
It became the first experimental submarine to carry @ @ @ @ @ President Vladimir Putin announced the fact of development of Poseidon nuclear-powered underwater drones during the @ @ @ @ @ in 2018 .
According to the Russian president , the drones can “ move at @ @ @ @ @ at a speed multiple times higher than the speed of submarines , cutting-edge torpedoes and @ @ @ @ @ ” MORE ON THE TOPIC : • In Videos : Armed Forces Hold Drills All @ @ @ @ @

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The Russian Navy will launch special purpose nuclear submarine Khabarovsk (Project 09851) at the Sevmash shipyard in northern Russia in April-May, a Russian defense industry source told RIA Novosti.
“[Submarine] Khabarovsk is planned to be launched in the spring, in April-May. Trials will last at least two years,” the source said.
The submarine will become a designated carrier of the Poseidon nuclear-capable underwater drones.
In April 2019, Russia launched Belgorod nuclear-powered research submarine (Project 09852). It became the first experimental submarine to carry Poseidon underwater drones.
Russian President Vladimir Putin announced the fact of development of Poseidon nuclear-powered underwater drones during the address to the Federal Assembly in 2018.
According to the Russian president, the drones can “move at great depths … intercontinentally, at a speed multiple times higher than the speed of submarines, cutting-edge torpedoes and all kinds of surface vessels.”
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southfront--2020-04-21--Another ‘Worst Deal Ever’? US Withdrawal From Crucial Open Skies Treaty Is Done Deal, Russian FM Bel

Another ‘Worst Deal Ever’? US Withdrawal From Crucial Open Skies Treaty Is Done Deal, Russian FM Believes

Moscow thinks Washington is on the brink of pulling out from a crucial arms-control treaty it once helped develop .
Reports about the move have circulated for weeks , with top US lawmakers warning of its dire ramifications .
The decision to depart from the Treaty on Open Skies “ has already been taken in Washington , ” Russia ’ s Foreign Minister Sergey Lavrov told the media , citing experts “ watching how the situation is developing.
” We draw nearly the same conclusions based on our contacts with the Americans and with NATO members , as well as @ @ @ @ @ @ @ .
Lavrov himself said Moscow will look at what “ this decision will mean exactly ” before rolling out its own response .
However , it is unlikely that European allies will follow Washington ’ s suit as “ they do understand that the treaty has an added value as an instrument [ to secure ] trust , predictability , and transparency , ” the minister suggested .
The unambiguous remarks come on the heels of media reports that the US is ready to quit the treaty , the foundations of which were @ @ @ @ @ @ @ height of the Cold War and later by George HW Bush .
The US rationale reportedly ranges from the costs of refurbishing the old-fashioned OC-135B reconnaissance aircraft to well-worn claims that Russia is infringing on the pact .
Russia has long maintained that a US pullout from Open Skies would deliver a heavy blow to European security , with high-ranking diplomats calling it a road to nowhere .
As Russia ’ s deputy foreign minister Alexander Grushko put it in 2019 , Washington envisions its allies across Europe as “ vassals , ” @ @ @ @ @ @ @ that are of critical importance to the Europeans .
The Open Skies Treaty , in force since 2002 , is the latest arms control agreement to be targeted by the Trump administration .
Last year , it unilaterally withdrew from the 1987 Intermediate-range Nuclear Forces ( INF ) treaty with Russia , paving way for an “ unrestrained arms race , ” as President Vladimir Putin has said .

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RT reports (source):
Moscow thinks Washington is on the brink of pulling out from a crucial arms-control treaty it once helped develop. Reports about the move have circulated for weeks, with top US lawmakers warning of its dire ramifications.
The decision to depart from the Treaty on Open Skies “has already been taken in Washington,” Russia’s Foreign Minister Sergey Lavrov told the media, citing experts “watching how the situation is developing.”
“We believe that these assessments have a significant element of truth,” the chief diplomat offered.
We draw nearly the same conclusions based on our contacts with the Americans and with NATO members, as well as other parties to the Open Skies Treaty.
Lavrov himself said Moscow will look at what “this decision will mean exactly” before rolling out its own response. However, it is unlikely that European allies will follow Washington’s suit as “they do understand that the treaty has an added value as an instrument [to secure] trust, predictability, and transparency,” the minister suggested.
The unambiguous remarks come on the heels of media reports that the US is ready to quit the treaty, the foundations of which were championed by Presidents Dwight Eisenhower at the height of the Cold War and later by George HW Bush. The US rationale reportedly ranges from the costs of refurbishing the old-fashioned OC-135B reconnaissance aircraft to well-worn claims that Russia is infringing on the pact.
Lawmakers were split over the looming withdrawal. Senate hawks Ted Cruz, Richard Burr, and Tom Cotton fanned habitual fears that the treaty gives leverage to “Russian espionage,” while moderates argued the US has much to lose, calling the plans “short-sighted, but also unconscionable.”
Russia has long maintained that a US pullout from Open Skies would deliver a heavy blow to European security, with high-ranking diplomats calling it a road to nowhere. As Russia’s deputy foreign minister Alexander Grushko put it in 2019, Washington envisions its allies across Europe as “vassals,” imposing sanctions against them and exiting treaties that are of critical importance to the Europeans.
The Open Skies Treaty, in force since 2002, is the latest arms control agreement to be targeted by the Trump administration. Last year, it unilaterally withdrew from the 1987 Intermediate-range Nuclear Forces (INF) treaty with Russia, paving way for an “unrestrained arms race,” as President Vladimir Putin has said.
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southfront--2020-04-21--CM-32 Armoured Personnel Carrier (Infographics)

Click to see the full-size image The CM-32 Yunpao ( Cloud Leopard ) is an 8×8 armoured personnel carrier manufactured @ @ @ @ @ Centre in Nantou for the Republic of China ( Taiwan ) Army .
The CM-32 @ @ @ @ @ the previous CM-31 design .
The project was launched in 2002 and in 2007 production @ @ @ @ @ is replacing ageing M113s and V-150 armoured vehicles of the Taiwan Army .
MORE ON @ @ @

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The CM-32 Yunpao (Cloud Leopard) is an 8×8 armoured personnel carrier manufactured by the Ordnance Readiness Development Centre in Nantou for the Republic of China (Taiwan) Army. The CM-32 is a further development of the previous CM-31 design. The project was launched in 2002 and in 2007 production commenced. The CM-32 Yunpao is replacing ageing M113s and V-150 armoured vehicles of the Taiwan Army.
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southfront--2020-04-21--Clashes Broke Out Between Kurdish Militia And Pro-Government NDF In Qamishly (Video)

On April 21 , clashes erupted between security forces of the Kurdish-led Syrian Democratic Forces , Asayish , and the pro-government National Defense Forces ( NDF ) in the Syrian city of Qamishly .
According to reports , NDF units tried to capture sevearal Asayish positions in the city , but failed to do so .
Both sides allegedly suffered no casualties .
The situation rapidly de-escalated after the Russian Military Police deployed to the area of the calshes .
On April 16 , a checkpoint of Asayish , in the city was attacked with two hand grenades .
The @ @ @ @ @ @ @ .
Local sources say that the current tensions are a result of disagreements among local NDF and Asyish commanders .
Nonetheless , it should be noted that Qamishly city is infamous for regular clashes and tensions between the NDF and the SDF ’ s Asayish .
The Kurdish group is trying to establish a full control of the city and does not like that the Damascus government has a strong support there .
MORE ON THE TOPIC : • In Photos : Syrian Troops Seized US-made TOW Missiles In Countryside Of Daraa , @

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On April 21, clashes erupted between security forces of the Kurdish-led Syrian Democratic Forces, Asayish, and the pro-government National Defense Forces (NDF) in the Syrian city of Qamishly.
According to reports, NDF units tried to capture several Asayish positions in the city, but failed to do so. Both sides allegedly suffered no casualties. The situation rapidly de-escalated after the Russian Military Police deployed to the area of the clashes.
Clashes have taken place between the NDF and Asayîş in Qamishli after the NDF attempted to control Asayîş positions. The Asayîş have apparently forced them back to their original lines. No news of casualties pic.twitter.com/kiqQNBp5le — Woofers (@NotWoofers) April 21, 2020
On April 16, a checkpoint of Asayish, in the city was attacked with two hand grenades. The grenades were allegedly thrown by NDF members.
Local sources say that the current tensions are a result of disagreements among local NDF and Asyish commanders. Nonetheless, it should be noted that Qamishly city is infamous for regular clashes and tensions between the NDF and the SDF’s Asayish. The Kurdish group is trying to establish a full control of the city and does not like that the Damascus government has a strong support there.
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southfront--2020-04-21--Russian Fighter Jets Buzz US Spy Planes Off Syrian Coast

On April 20 , gunmen attacked a vehicle of the US-led coalition moving along the road near the village of Roueished in the province of al-Hasakah .
Syrian state media reported that the vehicle was destroyed and several US service members were injured in the attack .
The US-led coalition has not officially commented on these claims yet .
This became the second report of this kind , which appeared in media this month .
On April 6 , Hezbollah-linked al-Mayadeen TV said that militants killed a US soldier and several members of the Kurdish-led Syrian Democratic Forces on the @ @ @ @ @ @ @ these attacks really took place , it is likely that the supposed US soldiers killed in the attacks were in fact US-linked private military contractors .
Therefore , the Pentagon does not report them as casualties among US personnel .
Syrian security forces seized weapon caches belonging to radical militants near Damascus and Quneitra .
The seized weapons and equipment included a Malutka anti-tank missile , several RPG rounds , machine guns , mortars , hand grenades , satellite broadcasting and telecommunications devices , medical equipment and even several cars .
The Damascus @ @ @ @ @ @ @ have been for long time formally liberated from terrorists .
Nonetheless , government forces regularly face various kinds of terrorist activity in these areas .
Terrorist cells operating there receive support from the militant held parts of northern and western Syria , and the terrorist threat can not be fully removed as long as these areas remain in the hands of radical militant groups protected by Turkey .
On April 19 and April 15 , Russian fighter jets intercepted US Navy P-8A Poseidon spy planes off the Syrian coast .
The increased US @ @ @ @ @ @ @ comes ahead and ahead of the escalation of the conflict .
It is possible the Washington leadership also believes that the military situation in Greater Idlib also has chances to explode in the near future .
Since the signing of the March 5 de-escalation agreement in Moscow , Turkey and Russia have achieved no progress in its implementation besides the establishing ceasefire regime in southern and eastern Idlib .
Hayat Tahrir al-Sham and other radical groups used the pause to fortify their positions in the region .
Turkey also used this time to @ @ @ @ @ @ @ Ankara ’ s actions demonstrate that it is in fact allied with al-Qaeda-linked groups in Idlib .
So , its forces are likely preparing for a new confrontation with the Syrian Army .

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On April 20, gunmen attacked a vehicle of the US-led coalition moving along the road near the village of Roueished in the province of al-Hasakah. Syrian state media reported that the vehicle was destroyed and several US service members were injured in the attack. The US-led coalition has not officially commented on these claims yet.
This became the second report of this kind, which appeared in media this month. On April 6, Hezbollah-linked al-Mayadeen TV said that militants killed a US soldier and several members of the Kurdish-led Syrian Democratic Forces on the eastern bank of the Euphrates. If these attacks really took place, it is likely that the supposed US soldiers killed in the attacks were in fact US-linked private military contractors. Therefore, the Pentagon does not report them as casualties among US personnel.
Syrian security forces seized weapon caches belonging to radical militants near Damascus and Quneitra. The seized weapons and equipment included a Malutka anti-tank missile, several RPG rounds, machine guns, mortars, hand grenades, satellite broadcasting and telecommunications devices, medical equipment and even several cars.
The Damascus countryside and the southern part of Syria have been for long time formally liberated from terrorists. Nonetheless, government forces regularly face various kinds of terrorist activity in these areas. Terrorist cells operating there receive support from the militant held parts of northern and western Syria, and the terrorist threat cannot be fully removed as long as these areas remain in the hands of radical militant groups protected by Turkey.
On April 19 and April 15, Russian fighter jets intercepted US Navy P-8A Poseidon spy planes off the Syrian coast. The increased US reconnaissance activity in the eastern Mediterranean often comes ahead and ahead of the escalation of the conflict. It is possible the Washington leadership also believes that the military situation in Greater Idlib also has chances to explode in the near future.
Since the signing of the March 5 de-escalation agreement in Moscow, Turkey and Russia have achieved no progress in its implementation besides the establishing ceasefire regime in southern and eastern Idlib. Hayat Tahrir al-Sham and other radical groups used the pause to fortify their positions in the region. Turkey also used this time to deploy additional troops and equipment there. Ankara’s actions demonstrate that it is in fact allied with al-Qaeda-linked groups in Idlib. So, its forces are likely preparing for a new confrontation with the Syrian Army.
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southfront--2020-04-21--LNA Troops Interview Captured Syrian Militant Fighting For Turkish-backed Forces In Libya (Video)

Basically the Turks are just sending in cannon fodder .
These Syrian mercenaries are inexperienced zealots and nothing more .
@ @ @ @ @ to conquer all of Libya with these guys .
They will end up eaten alive @ @ @ @ @ the Sahara Desert .
Egypt , the UAE , Jordan , Russia will make sure @ @ @ @ @ .
Without air superiority , Turkey will be defeated .
China , who has a @ @ @ @ @ , via the OBR , will give all the lethal , and more superior drones @ @ @ @ @ other weapons to make the Turks bleed to death .
No way are Egypt , @ @ @ @ @ , Russia and China will let Libya become an Islamic Brotherhood state .
Its just @ @ @ @ @

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The Libyan National Army (LNA) has captured another Syrian mercenary deployed by Turkey to Libya to participate in the fighting on the side of the Tripoli-based Government of National Accord (GNA).
According to pro-Turkish and pro-GNA sources, Ankara has already deployed several thousands (over 3,000) of mercenaries in the country. Most of them are former members of Turkish-backed militant groups operating in Syria.
Syrian fighter Mustafa Al-Rasheed, was injured before he got captured.
Al-Rasheed confirms that he travelled from Istanbul to Misrata on a Libyan airlines plane. #Libya #Syria pic.twitter.com/9f7TFBvG7v — M.LNA (@LNA2019M) April 21, 2020
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southfront--2020-04-21--Notorious ISIS Rapper Abdel-Majed Abdel Bary Reportedly Detained In Spain

The notorious jihadi rapper , Abdel-Majed Abdel Bary , who fled Britain to join ISIS has reportedly been captured in @ @ @ @ @ , the rapper who travelled to Syria and shared social media images of him holding @ @ @ @ @ in 2014 was one of the terrorists arrested in Almeria on April 21 .
MORE @ @ @ @ @ In Photos : Syrian Troops Seized US-made TOW Missiles In Countryside Of Daraa , Suweida

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The notorious jihadi rapper, Abdel-Majed Abdel Bary, who fled Britain to join ISIS has reportedly been captured in Spain.
According to reports, the rapper who travelled to Syria and shared social media images of him holding a decapitated head in Raqqa in 2014 was one of the terrorists arrested in Almeria on April 21.
Así detuvimos en #Almería a uno de los Foreign Terrorist Fighters de DAESH más buscados de #Europa. De nacionalidad egipcia, habría entrado ilegalmente en España y se ocultaba en un piso de alquiler. También se arrestó a otras dos personas que lo acompañaban pic.twitter.com/14f2v2brEg — Policía Nacional (@policia) April 21, 2020
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southfront--2020-04-21--In Photos: Syrian Troops Seized US-made TOW Missiles In Countryside Of Daraa, Suweida

No because jabhat al.nusrah , your friend , got overrun , never had time to grab their gear .
Its @ @ @ @ @ .

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Syrian security forces have seized weapon caches with US-made TOW anti-tank guided missiles in the countryside of Daraa and Suweida.
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southfront--2020-04-21--FGM-148 Javelin Man-Portable Missiles: Stopcock For Battle Tanks

The FGM-148 Javelin surface-attack guided missile and launcher is a fire-and-forget , man-portable medium close combat missile system consisting of a command launch unit ( CLU ) and a round .
It is operated by an individual soldier or in crews of two or three .
It is suitable for use during the day , the night , and even in limited visibility .
The Javelin ’ s primary role is to destroy enemy armored vehicles , up to 2 kilometers away .
When there is no armored vehicle threat , the Javelin can be employed in a secondary role @ @ @ @ @ @ @ such as bunkers and crew-served weapons positions .
In mechanized Infantry units , when Bradley fighting vehicles ( BFVs ) are part of a combined-arms team with tanks , the Javelin becomes a secondary weapon system .
The Command Launch Unit could be used as an aided vision device for reconnaissance , security operations , and surveillance .
The Javeling is employed based on METT-TC ( mission , enemy , terrain , troops available , time , and civilian considerations ) .
The gunner strives to engage enemy vehicles in the 1,000-to 2,000-meter @ @ @ @ @ @ @ signature are not easily detected at these distances , and the maximum effective range of most machine guns is about 1,000 meters .
It is also used to provide mutual supporting fire for allied units .
In order to provide mutual support most successfully , the gunners are supposed to cover overlapping areas of fire .
Finally , in order to provide a better idea of how mutual support is provided , and the overlapping areas work , a positioning of the Javelin in depth on a battlefield .
It has the following @ @ @ @ @ @ @ fire and forget capability .
The missile I2R system gives the missile the ability to guide itself to the target when launched by the gunner ; • It has two missile flight paths : Top attack flight path is designed to impact on top of the target ; Direct attack flight path is designed to impact on the side ( front , rear , flank ) of the target ; • The gunner is capable of firing up to 3 missiles per 2 minutes ; • It is capable of piercing any known @ @ @ @ @ @ @ Vision Sight ( NVS ) is quite effective , with very little degradation of the image ; • Any countermeasures used by the enemy are voided by the use of the NVS filter .
• The fire-and-forget capability allows the gunner to shoot , and then move to safety ; • The soft launch capability allows it to be launched from buildings and bunkers ; • It is maneuverable over short distances for the gunners ; • Its passive infrared targeting system , used to acquire targets can not be detected ; • @ @ @ @ @ @ @ signature ; It , however , has the following limitations : • The NVS cooldown time is from 2.5 to 3.5 minutes .
• The seeker ’ s cooldown time is about 10 seconds ; • The Battery Control Unit is 1-time-use and it has 4 minutes of life ; • The day FOV relies on daylight to provide the gunner a suitable target image ; • The NVS uses the IR naturally emitted from objects .
IR crossover is the time at dawn and dusk that the terrain and the target are @ @ @ @ @ @ @ target to blend in with its surroundings ; • Heavy fog reduces the capability of the gunner to detect and engage targets ; • The flight path of the missile is restricted in wooded , mountainous , and urban terrain ; • The gunner must have line of sight for the seeker to lock onto a target ; • The weight of the Javelin makes maneuvering slow over long distances ; • The Javelin round is bulky and restricts movement in heavily wooded or vegetative terrain ; • The gunner must partially expose @ @ @ @ @ @ @ The Command Launch Unit requires a clear line-of-sight to acquire targets in top attack and direct attack modes .
Below are the physical characteristics of the Command Launch Unit : The physical characteristics of the round are the following : The Javelin is primarily used by the the U.S. Army and Marine Corps , but it has also been sold to 18 partner nations , including Ukraine , France , Qatar , Turkey and the United Arab Emirates .
Given that the Javelin has been used primarily to hit soft targets and structures @ @ @ @ @ @ @ warhead with a deadlier blast fragmentation has been introduced , designated the FGM-148F .
This new warhead is supposedly just as effective against tanks , and no costlier than its predecessors .
The Javelin missiles were very spoke of around the end of 2019 , since they were a big part of US President Donald Trump ’ s impeachment hearings .
In May 2018 Ukraine purchased 210 Javelin missiles and 37 launchers from the United States for an estimated $ 47 million .
The missiles were the first lethal military assistance provided to @ @ @ @ @ @ @ fight against the people of the Donetsk and Luhansk People ’ s Republics in eastern Ukraine , since the fighting began in 2014 .
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The FGM-148 Javelin surface-attack guided missile and launcher is a fire-and-forget, man-portable medium close combat missile system consisting of a command launch unit (CLU) and a round.
It is operated by an individual soldier or in crews of two or three. It is suitable for use during the day, the night, and even in limited visibility.
The Javelin’s primary role is to destroy enemy armored vehicles, up to 2 kilometers away.
When there is no armored vehicle threat, the Javelin can be employed in a secondary role of providing fire support against point targets such as bunkers and crew-served weapons positions.
In mechanized Infantry units, when Bradley fighting vehicles (BFVs) are part of a combined-arms team with tanks, the Javelin becomes a secondary weapon system.
The Command Launch Unit could be used as an aided vision device for reconnaissance, security operations, and surveillance.
The Javeling is employed based on METT-TC (mission, enemy, terrain, troops available, time, and civilian considerations). The gunner strives to engage enemy vehicles in the 1,000-to 2,000-meter range. The Javelin size and small-launch signature are not easily detected at these distances, and the maximum effective range of most machine guns is about 1,000 meters.
It is also used to provide mutual supporting fire for allied units.
In order to provide mutual support most successfully, the gunners are supposed to cover overlapping areas of fire.
Finally, in order to provide a better idea of how mutual support is provided, and the overlapping areas work, a positioning of the Javelin in depth on a battlefield.
It has the following capabilities:
A maximum range of 2 km;
The Javelin has a fire and forget capability. The missile I2R system gives the missile the ability to guide itself to the target when launched by the gunner;
It has two missile flight paths: Top attack flight path is designed to impact on top of the target; Direct attack flight path is designed to impact on the side (front, rear, flank) of the target;
is designed to impact on top of the target; is designed to impact on the side (front, rear, flank) of the target; The gunner is capable of firing up to 3 missiles per 2 minutes;
It is capable of piercing any known type of armor;
The Night Vision Sight (NVS) is quite effective, with very little degradation of the image;
Any countermeasures used by the enemy are voided by the use of the NVS filter.
It is man-portable;
The fire-and-forget capability allows the gunner to shoot, and then move to safety;
The soft launch capability allows it to be launched from buildings and bunkers;
It is maneuverable over short distances for the gunners;
Its passive infrared targeting system, used to acquire targets cannot be detected;
The launch motor provides a very slight signature;
It, however, has the following limitations:
The Command Launch Unit cannot discriminate targets past 2 km;
The NVS cooldown time is from 2.5 to 3.5 minutes.
The seeker’s cooldown time is about 10 seconds;
The Battery Control Unit is 1-time-use and it has 4 minutes of life;
The day FOV relies on daylight to provide the gunner a suitable target image;
The NVS uses the IR naturally emitted from objects. IR crossover is the time at dawn and dusk that the terrain and the target are close enough in temperature to cause the target to blend in with its surroundings;
Heavy fog reduces the capability of the gunner to detect and engage targets;
The flight path of the missile is restricted in wooded, mountainous, and urban terrain;
The gunner must have line of sight for the seeker to lock onto a target;
The weight of the Javelin makes maneuvering slow over long distances;
The Javelin round is bulky and restricts movement in heavily wooded or vegetative terrain;
The gunner must partially expose himself to engage the enemy;
The Command Launch Unit requires a clear line-of-sight to acquire targets in top attack and direct attack modes.
Below are the physical characteristics of the Command Launch Unit:
The physical characteristics of the round are the following:
The Javelin is primarily used by the the U.S. Army and Marine Corps, but it has also been sold to 18 partner nations, including Ukraine, France, Qatar, Turkey and the United Arab Emirates.
Given that the Javelin has been used primarily to hit soft targets and structures, a new version of the Javelin warhead with a deadlier blast fragmentation has been introduced, designated the FGM-148F. This new warhead is supposedly just as effective against tanks, and no costlier than its predecessors.
The Javelin missiles were very spoke of around the end of 2019, since they were a big part of US President Donald Trump’s impeachment hearings. In May 2018 Ukraine purchased 210 Javelin missiles and 37 launchers from the United States for an estimated $47 million. The missiles were the first lethal military assistance provided to Ukraine by the United States in its fight against the people of the Donetsk and Luhansk People’s Republics in eastern Ukraine, since the fighting began in 2014.
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southfront--2020-04-21--Futures, Oil Plunge As Crude Contagion Spreads To All Markets

The experts said ignore the May WTI meltdown – it is irrelevant and is only confined to the deliverable contract .
The experts were wrong .
Not only was the Monday May WTI meltdown not contained , with the contract still trading negative after closing down nearly $ 40 on Monday in their first ever sub-zero dive as traders realized Cushing was on the out of storage space , but overnight it spread to the more-active June contract which crashed almost 50 % plunging to the low teens , before stabilizing down 23.5 % , to $ 15.64 a barrel @ @ @ @ @ @ @ times those of the expiring May contract .
… .
with Brent also dragged in , dropping as low as $ 18/barrel and last trading down $ 5.25 , or 21 % at $ 20.32 per barrel… … as the world ’ s oil benchmark dropped below $ 20 .
And as the oil meltdown accelerated , it inflicted huge losses sweeping through markets as the world runs out of places to store unwanted crude and grapples with negative pricing .
The plunge in oil is taking place even as President Trump said @ @ @ @ @ @ @ at putting as much as 75mln bbls into SPR which would top it out and that the oil price drop is short-term in which a lot of people got caught out and was largely a financial squeeze .
Furthermore , Trump suggested oil producers need to do more by the market in terms of output cuts and that the administration will either ask permission from Congress to buy oil or we will store it , while he also responded we will look at it when questioned about stopping shipments of oil from Saudi @ @ @ @ @ @ @ ’ t enough , overnight we also got unconfirmed reports that North Korea ’ s Kim Jong Un was in critical condition ( and may have contracted the coronavirus ) after a surgery , which slammed Korean assets , and sent the dollar sharply higher , while hitting global stocks and S & P futures , even as traders continued to follow the impact of the ongoing coronavirus epidemic and plunging corporate earnings .
Exxon Mobil dropped 3.7 % in premarket trading and Chevron slipped 4.0 % as the front month May WTI @ @ @ @ @ @ @ on Tuesday .
Other oil-related companies including Apache , Halliburton , ConocoPhillips , Schlumberger and Occidental Petroleum all tumbled between 6.3 % and 11 % .
Coca-Cola Co provided the latest evidence of the damage wrought by the pandemic , saying its current-quarter results would take a severe hit from low demand for sodas .
IBM was also sharply lower after the company reported its lowest revenue in the 21st century and withdrew guidance .
As Bloomberg writes , mystery surrounded Kim Jong Un ’ s health after U.S. and South Korean officials @ @ @ @ @ @ @ leader ’ s condition .
The risk of instability in the region adds to a host of market headaches , including the gut-wrenching oil slump and concerns about the outlook for the global economy .
“ The uncertainty about who succeeds him in North Korea is the great unknown , ” said Jeffrey Halley , senior market analyst at Oanda Asia Pacific , conjecturing about a potential worst-case scenario for Kim .
“ That ’ s what is making markets nervous.
” Meanwhile , President Donald Trump said he ’ ll sign an @ @ @ @ @ @ @ as the country tries to contain the spread of the coronavirus .
The news came even amid more signs that the outbreak is slowing in hard-hit areas .
In Europe , all markets and industry sectors were in the red as the Stoxx Europe 600 index declined as much as 2.1 % , dropping for the first time in 4 days , with energy companies dragging on the gauge despite a sharp rebound in Germany ’ s ZEW index , which soared from -49.5 to +28.2 , smashing expectations .
In retrospect , @ @ @ @ @ @ @ .
Asian stocks also fell , led by energy and IT ; all Asian markets in the region were down , with India ’ s S & P BSE Sensex Index dropping 3.6 % and Taiwan ’ s Taiex Index falling 2.8 % .
The Topix declined 1.2 % , with IBJ and Asteria falling the most .
The Shanghai Composite Index retreated 0.9 % , with Shangying Global and Beijing Vantone Real Estate posting the biggest slides .
In FX , the Bloomberg Dollar Spot Index advanced a second day as the @ @ @ @ @ @ @ with the won and ruble tumbling and the yen edging up .
amid losses in Japanese stocks while EUR/USD traded within recent ranges .
The slump in Brent dragged down the Norwegian krone , as the sterling reached a near two-week low , weighed down by renewed Brexit concerns and wider unease on global markets after the rout in the U.S. oil .
The kiwi fell versus all its Group- of-10 peers and NZD/USD slid as much as 1 % after Reserve Bank of New Zealand Governor Adrian Orr said the central bank @ @ @ @ @ @ @ government debt .
In rates , the Bund and Treasury curves steepened somewhat while yields plunged , the 10Y yield sliding to the lowest since April 3 , while the 5Y TSY yield plunged to an all time low .
Investors will be looking to corporate earnings for more insight on the impact of the coronavirus pandemic , with almost one-fifth of S & P 500 companies reporting this week .
Looking at the day ahead , we get March existing homes sales is expected .
Coca-Cola , Lockheed Martin , Philip Morris @ @ @ @ @ @ @ companies reporting earnings • U.S. Dollar Index up 0.2 % to 100.20 • The world ’ s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that ’ s been caused by Covid-19 • President Donald Trump said he ’ ll sign an executive order temporarily suspending immigration as the country tries to contain the spread of the coronavirus ; Italy will present a plan this week to ease its rigid lockdown , joining @ @ @ @ @ @ @ a gradual return to normality as coronavirus infection rates fall and pressure mounts to reopen businesses • Central-bank balance sheets are expanding to record levels amid their latest buying spree , raising questions about how big they can get and whether those assets can ever be sold back to markets • More signs emerged that the coronavirus outbreak is slowing in hard-hit areas , with the U.S. , Italy and U.K. showing smaller gains in new cases .
China reported its sixth straight day without a fatality .
Hong Kong extended social distancing @ @ @ @ @ @ @ off • Southern U.S. states moved to open their economies , though the nation ’ s top infectious disease expert warned that relaxing restrictions too soon could cause even more harm • The U.S. is seeking details about Kim Jong Un ’ s health after receiving information that the North Korean leader was in critical condition after undergoing cardiovascular surgery last week , a U.S. official said .
CNN had earlier reported , citing a U.S. official with direct knowledge of the matter , that Kim may be in “ grave danger ” @ @ @ @ @ @ @ of Australia said it ’ s likely smaller and less frequent purchases of government bonds would be required if economic and market conditions continued to improve , according to minutes of its April 7 meeting • South Korea ’ s exports plunged this month so far , underscoring the hit to global trade caused by lockdowns to combat the global coronavirus pandemic .
Exports slid 27 % during the first 20 days of April from a year earlier , the Korea Customs Service said in a statement Tuesday .
Shipments to the country @ @ @ @ @ @ @ , dropped 17 % .
Semiconductor sales fell 15 % • President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation ’ s Strategic Petroleum Reserve , taking advantage of record low prices for crude , and that he ’ ll consider blocking imports of crude from Saudi Arabia • President Donald Trump said he ’ ll sign an executive order temporarily suspending immigration into the United States as the country tries to contain the spread of the coronavirus Asian equity markets were negative @ @ @ @ @ @ @ from Wall St where sentiment was subdued .
Oil markets drew a lot of attention after WTI crude futures plunged and the May contract turned negative for the first time in history , briefly resulting to losses of over 300 % and lows of around USD -40/bbl .
This was due to the ongoing supply glut and filling storage culminating to a lack of buying interest on a contract which is due for settlement today .
Note , the more widely-traded June contract remained above USD 20/bbl throughout the chaos and the May @ @ @ @ @ @ @ ASX 200 ( -2.5 % ) weakened with focus on corporate updates including mixed quarterly production numbers from BHP which subsequently weighed on the mining giant and with Virgin Australia going into voluntary administration in an effort to recapitalize amid the government ’ s refusal for a bailout .
Nikkei 225 ( -2.0 % ) was pressured by the flows into the currency and the KOSPI ( -1.0 % ) was initially among the worst hit amid uncertainty regarding the geopolitical climate for the Korean peninsula after reports that North Korea leader Kim @ @ @ @ @ @ @ which boosted defence stocks , although South Korea have denied the reports of Kim ’ s condition .
Elsewhere , Hang Seng ( -2.1 % ) and Shanghai Comp .
( -0.9 % ) also traded lower with underperformance in Hong Kong after social distancing restrictions were extended for 14 days and after the recent sovereign rating downgrade by Fitch .
Finally , 10yr JGBs were choppy with initial gains seen amid the risk averse tone and similar upside in T-notes but with price action only mild as participants also digested mixed results @ @ @ @ @ @ @ a lower b/c and wider tail in price .
• Debt Monetization Is Creeping Closer by the Day in New Zealand • Virgin Australia Becomes First Asia Airline to Fail After Virus Europe has latched onto the downbeat lead from the Asia-Pac session ( Euro Stoxx 50 -2.1 % ) , as oil markets continue to crater whilst stock also weighs the COVID-19 impact on large-cap earnings .
US equity futures fare slightly better than its counterparts across the pond – with the prospect of another State-side stimulus package potentially providing some support @ @ @ @ @ @ @ board and point towards risk aversion .
Energy underperforms amid the depressing performance in the crude complex , whilst the breakdown has Oil & Gas as the marked laggard , closely following by Basic Resources and Banks .
In terms of individual movers , SAP ( -2.3 % ) fell post earnings after cutting its FY total revenue guidance alongside its FCF guidance , adding to the woes for the IT sector after IBM earnings overnight .
The company expects a deterioration in Q2 before gradual improvement in Q3 and Q4 .
PSA @ @ @ @ @ @ @ its respective update in which it sees European car sales -25 % and China -10 % in FY20 .
Richemont ( -3.0 % ) and Swatch ( -2.9 % ) bear the brunt of Swiss watch sales slumping over 20 % YY .
• Italy Vows to Reopen as Europe Takes Steps to Ease Virus Curbs In FX , it remains to be seen whether the Kiwi and Aussie fall prey to the phenomenon of ‘ turnaround Tuesday ’ , but for now the tide has certainly changed markedly as RBNZ Governor Orr @ @ @ @ @ @ @ of more stimulus at the May policy meeting , while his RBA counterpart delivered a daunting economic outlook to compound a sharp decline in wages and the stats bureau publishing figures for March 14-April 4 revealing a 6 % drop in employment .
In response , Nzd/Usd is back below 0.6000 and Aud/Usd is under 0.6300 again , while the Aud/Nzd cross pivots 1.0500 .
For the record , RBA minutes did not really impact even though scaling back QE was mentioned if conditions improve .
Elsewhere , Loonie losses are accumulating almost @ @ @ @ @ @ @ WTI and Brent lose grip of Usd12 and Usd19/brl handles respectively in the June contracts after Monday ’ s May capitulation , with Usd/Cad up through 1.4200 and eyeing 1.4250 ahead of Canadian retail sales data .
• USD/JPY – The Yen is marginally eclipsing the Dollar as safe-haven currency of choice amidst renewed risk-off positioning and the ongoing rout in crude markets , as Usd/Jpy edges towards 107.00 and the DXY tests resistance above 100.00 around 100.300 again that has been rejected a couple of times in recent sessions .
• NOK/GBP/SEK/CHF/EUR @ @ @ @ @ @ @ , Russian Rouble and Mexican Peso are all underperforming alongside oil , but broader risk asset contagion is also weighing heavily on the likes of the Swedish Crown , British Pound and even Swiss Franc .
Indeed , better than expected jobs data and a wider trade surplus have been largely ignored , while the Euro has only derived partial encouragement from the latest German ZEW survey showing some signs of improvement in sentiment to counter the steep deterioration in current conditions .
Eur/Nok has been up above 11.5900 , Usd/Rub as high @ @ @ @ @ @ @ while Eur/Sek straddles 10.9000 , Cable gives up another big figure at 1.2400 and breaches the 21 DMA ( 1.2357 ) , Usd/Chf rebounds from sub-0.9700 to circa 0.9715 and Eur/Usd rotates either side of 1.0850 .
• EM – Contrasting fortunes for the Zar and Hkd as the Rand weakens on more SA financial strain given a missed loan payment by the Land and Agricultural Development Bank , while the HKMA has sold Hong Dollars to maintain the peg for the first time in over 4 years despite yesterday ’ s ratings @ @ @ @ @ @ @ WTI and Brent June contracts are posting unprecedented losses .
Attention remains on the oil market since yesterday WTI May crude futures plunged to negative territory for the first time in history , briefly resulting to losses of over 300 % and lows of around USD -40/bbl .
This was sparked by the ongoing supply glut and filling storage culminating to a lack of buying interest on the contract which is due for expiry later today .
The volatile price action followed through to today ’ s trade with WTI June contracts -42 @ @ @ @ @ @ @ down over 25 % – with the former dipping below USD 12/bbl , to trigger a 2-minute circuit breaker and the latter residing sub-20/bbl .
Russia ’ s Kremlin emerged amid the volatile action and downplayed the moves in the oil market , stating that its speculation sparked the movements .
Kremlin also stated talks between OPEC+ members can be set up if needed ; Moscow has all reserves it needs to offset weak oil prices .
Meanwhile yesterday , WSJ citing sources noted that Saudi is mulling applying the agreed-upon oil cuts @ @ @ @ @ @ @ until May 1st .
Elsewhere , today will see the second official Texas Railroad Commission ( RRC ) meeting , where the Texas regulatory agency is expected today to provide more colour on its stance regarding potential oil production curtailment in the state .
However , the RRC is reportedly unlikely to vote on a plan to mandate oil production cuts for Texas at the Tuesday meeting , according to Energy Intel citing sources .
As a reminder , the meeting last week saw disagreement on whether cuts should be implemented or not @ @ @ @ @ @ @ market-driven declines , and smaller players supportive of cuts .
Elsewhere , spot gold trades relatively flat and meanders just south of USD 1700/oz .
Copper prices meanwhile track sentiment and the downside in stocks , with the red metal now below USD 2.25/lb .
One of the great things about working through several cycles is that you can recycle old research .
Yesterday we updated and republished a chart ( originally from 2010 ) looking at the biggest bailouts in history .
Back then we highlighted how ever increasing debt had meant @ @ @ @ @ @ @ inflated perhaps 10 fold in the GFC relative to the past .
10 years and even more debt later and we ’ ve perhaps had to inflate the bailout currency by an additional 10 times .
While we have sympathy for current policy makers given the nature of this shock , the reason the numbers are so big today is due to a 20-30 year “ bailout first , ask questions later ” approach which has left the world with ever higher debt .
See the short note here for more .
I @ @ @ @ @ @ @ 10 years .
Also a reminder of our April investor survey results ( link here ) from yesterday where we showed the usual market related answers plus people ’ s views on WFH and when the world will be back to normal post covid-19 .
We also asked whether people were eating , drinking and exercising more or less during the lockdown .
Yesterday I talked about how I had a gushing flow of water in my garage after a stopcock failed .
If you want an image of what it looked like @ @ @ @ @ @ @ see someone successfully striking oil .
However given the current price of oil this leak is potentially more profitable than had we actually struck oil in our back garden .
Indeed yesterday this was the main theme in markets as we saw one of the more remarkable moments in financial history and that is a deeply negative oil price – that is paying someone to take delivery .
The May contract for WTI , which started the day at $ 17.85 , traded at - $ 39.55 at one point and in negative @ @ @ @ @ @ @ hours before popping back to $ 1.43 this morning .
This move is all about supply and demand .
American energy users and refiners do not have the storage capacity given all that is going on .
This decimation comes ahead of today ’ s contract expiration , a culmination of sorts for an asset that ’ s been under immense pressure all year , with WTI and Brent having already lost nearly two-thirds of their value in Q1 .
According to our colleague Michael Hsueh , the fact that June is currently @ @ @ @ @ @ @ not be seen as a guarantee that this sort of price action could not happen again upon June ’ s expiry if demand hasn ’ t increased over the next 2 months .
Even prior to the move lower on WTI , lower quality runs of crude were near to or in negative territory , with Wyoming Asphalt Sour – a landlocked stream with higher associated costs than WTI – traded at negative 19 cents a barrel last month .
The moves for oil had knock-on effects in equity markets .
By the @ @ @ @ @ @ @ fallen -1.79 % with the Energy industry group a relatively measured -3.30 % given the carnage in May WTI .
Every sector in the S & P 500 ended the day lower though as the large index moves continue .
Yesterday ’ s move means that the index has only had 3 days under 1 % in either direction since the start of March .
In Europe the STOXX 600 managed to pare back its losses to record a +0.70 % gain , putting the index in a technical bull market , up @ @ @ @ @ @ @ It closed before the US sunk back towards the lows for the session at the final bell .
After the bell IBM announced earnings at $ 1.84 per share , compared to consensus of $ 1.81 , but posted lower revenues on the quarter compared to a year ago .
Also the firm pulled its year-long profit guidance on concerns that the virus outbreak makes it hard for the company to roll out its cloud computing transition .
Today the main earnings highlights are from The Coca-Cola Company , Netflix , Philip Morris @ @ @ @ @ @ @ .
Before we get to that though there ’ s a couple of overnight stories to report .
The first came from CNN who reported that the US is monitoring the health of North Korean leader Kim Jong Un after receiving information that he may be in “ grave danger ” following cardiovascular surgery last week .
Yonhap reported that South Korea has denied the news .
Meanwhile , US House Speaker Pelosi has said that the negotiations on an emergency stimulus package of as much as $ 500bn are “ down to @ @ @ @ @ @ @ the Senate can vote on the measure today and then it can move to the House on Wednesday for vote .
The legislation would add funds to the tapped-out Paycheck Protection Program for small businesses and would also provide money for coronavirus testing and overwhelmed hospitals .
Staying with the US , President Trump has said that he ’ ll sign an executive order temporarily suspending immigration as the country fights off the spread of the virus .
No further details were mentioned .
Asian markets are following Wall Street ’ s lead @ @ @ @ @ @ @ % ) , Hang Seng ( -2.29 % ) , Shanghai Comp ( -1.35 % ) , ASX ( -1.83 % ) and Kospi ( -1.68 % ) all down .
In FX , the New Zealand dollar has weakened -0.66 % after RBNZ Governor Adrian Orr said that he was open to the idea of directly monetizing sovereign debt or buying bonds straight from the government .
He also said that the central bank would assess the need for additional stimulus at its May review .
Elsewhere , futures on the S @ @ @ @ @ @ @ while yields on 10y USTs are down –1bp to 0.597 % .
Back to yesterday , there was further pressure on European sovereign bonds ahead of Thursday ’ s pivotal European Council videoconference , with spreads widening across the continent to their highest level in over a month .
The spread of yields on 10yr Italian debt over bunds ended the session up +12.2bps at 239bps , while those on Spanish ( +5.0bps ) , Portuguese ( +6.0bps ) and even French ( +1.6bps ) debt also widened to one-month highs .
So @ @ @ @ @ @ @ widening of spreads over the next couple of days going into that meeting , and whether the calls for joint debt issuance manage to get any more traction .
Assuming not how will they fudge the rescue packages .
On similar lines , we did get some news yesterday from Bloomberg , who reported that the idea of an EU-wide bad bank that we mentioned yesterday had run into resistance from Germany .
According to the report , they ’ re resistant to the idea that they and other northern countries would have @ @ @ @ @ @ @ for losses accumulated elsewhere , which pretty much echoes the objections made to the idea of ‘ coronabonds ’ .
It was a different story over in the US , where 10yr Treasury yields fell -3.6bps .
On the subject of US debt , our economists put out a note yesterday where they forecast that debt-to-GDP ratio is likely to rise to 100 % this year , a level not seen since the mid-1940s .
Under their base case , the ratio will rise to nearly 125 % by the end of the @ @ @ @ @ @ @ steeper increases if the pandemic lasted longer than anticipated .
In reading through their piece it echoes a lot of what we said in last year ’ s long term study in that you can control the rise in debt/GDP if you can successfully keep yields notably below nominal GDP .
Obviously that won ’ t happen this year but will likely in the years ahead if the economy gets back to some normality and the Fed control yields .
The alternative scenario of yields mean reverting back to their long-term trend is @ @ @ @ @ @ @ Link here .
There wasn ’ t much in the way of economic data , though we did get the Chicago Fed ’ s National Activity index , which fell to -4.19 in March ( vs. -3.00 expected ) , its lowest level since January 2009 .
Meanwhile in Hong Kong , the unemployment rate rose to 4.2 % in the January-to-March period , its highest level in over 9 years , while the Spanish central bank predicted that country ’ s economy could contract by between 6.8 % and 12.4 % this @ @ @ @ @ @ @ , and data releases include UK employment data for February , the German ZEW survey for April , Canada ’ s retail sales for February , and US existing home sales for March .
From central banks , the ECB ’ s Stournaras will speak , while earnings releases out include The Coca-Cola Company , Netflix , Philip Morris International , Lockheed Martin and Texas Instruments .

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Originally appeared at ZeroHedge
The experts said ignore the May WTI meltdown – it is irrelevant and is only confined to the deliverable contract. The experts were wrong.
Not only was the Monday May WTI meltdown not contained, with the contract still trading negative after closing down nearly $40 on Monday in their first ever sub-zero dive as traders realized Cushing was on the out of storage space, but overnight it spread to the more-active June contract which crashed almost 50% plunging to the low teens, before stabilizing down 23.5%, to $15.64 a barrel. June trading volumes were roughly 80 times those of the expiring May contract.
…. with Brent also dragged in, dropping as low as $18/barrel and last trading down $5.25, or 21% at $20.32 per barrel…
… as the world’s oil benchmark dropped below $20. And as the oil meltdown accelerated, it inflicted huge losses sweeping through markets as the world runs out of places to store unwanted crude and grapples with negative pricing.
The plunge in oil is taking place even as President Trump said late on Monday that he is looking at putting as much as 75mln bbls into SPR which would top it out and that the oil price drop is short-term in which a lot of people got caught out and was largely a financial squeeze. Furthermore, Trump suggested oil producers need to do more by the market in terms of output cuts and that the administration will either ask permission from Congress to buy oil or we will store it, while he also responded we will look at it when questioned about stopping shipments of oil from Saudi Arabia.
If the oil crash wasn’t enough, overnight we also got unconfirmed reports that North Korea’s Kim Jong Un was in critical condition (and may have contracted the coronavirus) after a surgery, which slammed Korean assets, and sent the dollar sharply higher, while hitting global stocks and S&P futures, even as traders continued to follow the impact of the ongoing coronavirus epidemic and plunging corporate earnings.
Exxon Mobil dropped 3.7% in premarket trading and Chevron slipped 4.0% as the front month May WTI contracts continued to trade below $0 on Tuesday. Other oil-related companies including Apache, Halliburton, ConocoPhillips, Schlumberger and Occidental Petroleum all tumbled between 6.3% and 11%. Coca-Cola Co provided the latest evidence of the damage wrought by the pandemic, saying its current-quarter results would take a severe hit from low demand for sodas. IBM was also sharply lower after the company reported its lowest revenue in the 21st century and withdrew guidance.
As Bloomberg writes, mystery surrounded Kim Jong Un’s health after U.S. and South Korean officials gave differing accounts of the North Korean leader’s condition. The risk of instability in the region adds to a host of market headaches, including the gut-wrenching oil slump and concerns about the outlook for the global economy.
“The uncertainty about who succeeds him in North Korea is the great unknown,” said Jeffrey Halley, senior market analyst at Oanda Asia Pacific, conjecturing about a potential worst-case scenario for Kim. “That’s what is making markets nervous.”
Meanwhile, President Donald Trump said he’ll sign an executive order temporarily suspending immigration into America as the country tries to contain the spread of the coronavirus. The news came even amid more signs that the outbreak is slowing in hard-hit areas.
In Europe, all markets and industry sectors were in the red as the Stoxx Europe 600 index declined as much as 2.1%, dropping for the first time in 4 days, with energy companies dragging on the gauge despite a sharp rebound in Germany’s ZEW index, which soared from -49.5 to +28.2, smashing expectations. In retrospect, this jump may prove to be premature.
Asian stocks also fell, led by energy and IT; all Asian markets in the region were down, with India’s S&P BSE Sensex Index dropping 3.6% and Taiwan’s Taiex Index falling 2.8%. The Topix declined 1.2%, with IBJ and Asteria falling the most. The Shanghai Composite Index retreated 0.9%, with Shangying Global and Beijing Vantone Real Estate posting the biggest slides.
In FX, the Bloomberg Dollar Spot Index advanced a second day as the dollar climbed against most major currencies, with the won and ruble tumbling and the yen edging up. amid losses in Japanese stocks while EUR/USD traded within recent ranges. The slump in Brent dragged down the Norwegian krone, as the sterling reached a near two-week low, weighed down by renewed Brexit concerns and wider unease on global markets after the rout in the U.S. oil. The kiwi fell versus all its Group- of-10 peers and NZD/USD slid as much as 1% after Reserve Bank of New Zealand Governor Adrian Orr said the central bank was open- minded on direct monetization of government debt.
In rates, the Bund and Treasury curves steepened somewhat while yields plunged, the 10Y yield sliding to the lowest since April 3, while the 5Y TSY yield plunged to an all time low.
Investors will be looking to corporate earnings for more insight on the impact of the coronavirus pandemic, with almost one-fifth of S&P 500 companies reporting this week. Looking at the day ahead, we get March existing homes sales is expected. Coca-Cola, Lockheed Martin, Philip Morris, Chipotle, and Netflix are among companies reporting earnings
Market Snapshot
S&P 500 futures down 0.6% to 2,790.75
STOXX Europe 600 down 1.7% to 330.00
MXAP down 1.8% to 141.46
MXAPJ down 2.3% to 455.77
Nikkei down 2% to 19,280.78
Topix down 1.2% to 1,415.89
Hang Seng Index down 2.2% to 23,793.55
Shanghai Composite down 0.9% to 2,827.01
Sensex down 3.7% to 30,468.34
Australia S&P/ASX 200 down 2.5% to 5,221.30
Kospi down 1% to 1,879.38
Brent futures down 21% to $20.29/bbl
Gold spot down 0.4% to $1,688.44
U.S. Dollar Index up 0.2% to 100.20
German 10Y yield fell 0.9 bps to -0.457%
Euro down 0.3% to $1.0833
Italian 10Y yield rose 14.4 bps to 1.763%
Spanish 10Y yield fell 1.2 bps to 0.879%
Top Overnight News from Bloomberg
The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that’s been caused by Covid-19
President Donald Trump said he’ll sign an executive order temporarily suspending immigration as the country tries to contain the spread of the coronavirus; Italy will present a plan this week to ease its rigid lockdown, joining Germany, France and Austria in pursuing a gradual return to normality as coronavirus infection rates fall and pressure mounts to reopen businesses
Central-bank balance sheets are expanding to record levels amid their latest buying spree, raising questions about how big they can get and whether those assets can ever be sold back to markets
More signs emerged that the coronavirus outbreak is slowing in hard-hit areas, with the U.S., Italy and U.K. showing smaller gains in new cases. China reported its sixth straight day without a fatality. Hong Kong extended social distancing measures, even as infections have dropped off
Southern U.S. states moved to open their economies, though the nation’s top infectious disease expert warned that relaxing restrictions too soon could cause even more harm
The U.S. is seeking details about Kim Jong Un’s health after receiving information that the North Korean leader was in critical condition after undergoing cardiovascular surgery last week, a U.S. official said. CNN had earlier reported, citing a U.S. official with direct knowledge of the matter, that Kim may be in “grave danger” after the surgery
The Reserve Bank of Australia said it’s likely smaller and less frequent purchases of government bonds would be required if economic and market conditions continued to improve, according to minutes of its April 7 meeting
South Korea’s exports plunged this month so far, underscoring the hit to global trade caused by lockdowns to combat the global coronavirus pandemic. Exports slid 27% during the first 20 days of April from a year earlier, the Korea Customs Service said in a statement Tuesday. Shipments to the country’s biggest trading partner, China, dropped 17%. Semiconductor sales fell 15%
President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia
President Donald Trump said he’ll sign an executive order temporarily suspending immigration into the United States as the country tries to contain the spread of the coronavirus
Asian equity markets were negative across the board following the weak handover from Wall St where sentiment was subdued. Oil markets drew a lot of attention after WTI crude futures plunged and the May contract turned negative for the first time in history, briefly resulting to losses of over 300% and lows of around USD -40/bbl. This was due to the ongoing supply glut and filling storage culminating to a lack of buying interest on a contract which is due for settlement today. Note, the more widely-traded June contract remained above USD 20/bbl throughout the chaos and the May contract gradually returned to positive territory. ASX 200 (-2.5%) weakened with focus on corporate updates including mixed quarterly production numbers from BHP which subsequently weighed on the mining giant and with Virgin Australia going into voluntary administration in an effort to recapitalize amid the government’s refusal for a bailout. Nikkei 225 (-2.0%) was pressured by the flows into the currency and the KOSPI (-1.0%) was initially among the worst hit amid uncertainty regarding the geopolitical climate for the Korean peninsula after reports that North Korea leader Kim was in grave danger following cardiovascular surgery which boosted defence stocks, although South Korea have denied the reports of Kim’s condition. Elsewhere, Hang Seng (-2.1%) and Shanghai Comp. (-0.9%) also traded lower with underperformance in Hong Kong after social distancing restrictions were extended for 14 days and after the recent sovereign rating downgrade by Fitch. Finally, 10yr JGBs were choppy with initial gains seen amid the risk averse tone and similar upside in T-notes but with price action only mild as participants also digested mixed results from the 20yr JGB auction which saw a lower b/c and wider tail in price.
Top Asian News
Genting Plans Unprecedented Pay Cut as Virus Shuts Casinos
Oil’s Slide Favors India’s Bonds Versus Indonesia, JPMorgan Says
Debt Monetization Is Creeping Closer by the Day in New Zealand
Virgin Australia Becomes First Asia Airline to Fail After Virus
Europe has latched onto the downbeat lead from the Asia-Pac session (Euro Stoxx 50 -2.1%), as oil markets continue to crater whilst stock also weighs the COVID-19 impact on large-cap earnings. US equity futures fare slightly better than its counterparts across the pond – with the prospect of another State-side stimulus package potentially providing some support. Broader sectors are lower across the board and point towards risk aversion. Energy underperforms amid the depressing performance in the crude complex, whilst the breakdown has Oil & Gas as the marked laggard, closely following by Basic Resources and Banks. In terms of individual movers, SAP (-2.3%) fell post earnings after cutting its FY total revenue guidance alongside its FCF guidance, adding to the woes for the IT sector after IBM earnings overnight. The company expects a deterioration in Q2 before gradual improvement in Q3 and Q4. PSA (-0.5%) remains subdued by its respective update in which it sees European car sales -25% and China -10% in FY20. Richemont (-3.0%) and Swatch (-2.9%) bear the brunt of Swiss watch sales slumping over 20% YY.
Top European News
Italy Vows to Reopen as Europe Takes Steps to Ease Virus Curbs
U.K. Takes Heart on Slowing Death Toll With Parliament Returning
SAP Ends Co-CEO Role After Virus Brought Leadership Problem
In FX, it remains to be seen whether the Kiwi and Aussie fall prey to the phenomenon of ‘turnaround Tuesday’, but for now the tide has certainly changed markedly as RBNZ Governor Orr reiterated dovish guidance overnight and the option of more stimulus at the May policy meeting, while his RBA counterpart delivered a daunting economic outlook to compound a sharp decline in wages and the stats bureau publishing figures for March 14-April 4 revealing a 6% drop in employment. In response, Nzd/Usd is back below 0.6000 and Aud/Usd is under 0.6300 again, while the Aud/Nzd cross pivots 1.0500. For the record, RBA minutes did not really impact even though scaling back QE was mentioned if conditions improve. Elsewhere, Loonie losses are accumulating almost in lock-step with oil prices, as WTI and Brent lose grip of Usd12 and Usd19/brl handles respectively in the June contracts after Monday’s May capitulation, with Usd/Cad up through 1.4200 and eyeing 1.4250 ahead of Canadian retail sales data.
USD/JPY – The Yen is marginally eclipsing the Dollar as safe-haven currency of choice amidst renewed risk-off positioning and the ongoing rout in crude markets, as Usd/Jpy edges towards 107.00 and the DXY tests resistance above 100.00 around 100.300 again that has been rejected a couple of times in recent sessions.
NOK/GBP/SEK/CHF/EUR – No shock that the Norwegian Krona, Russian Rouble and Mexican Peso are all underperforming alongside oil, but broader risk asset contagion is also weighing heavily on the likes of the Swedish Crown, British Pound and even Swiss Franc. Indeed, better than expected jobs data and a wider trade surplus have been largely ignored, while the Euro has only derived partial encouragement from the latest German ZEW survey showing some signs of improvement in sentiment to counter the steep deterioration in current conditions. Eur/Nok has been up above 11.5900, Usd/Rub as high as 77.2400+, Usd/Mxn over 24.3000, while Eur/Sek straddles 10.9000, Cable gives up another big figure at 1.2400 and breaches the 21 DMA (1.2357), Usd/Chf rebounds from sub-0.9700 to circa 0.9715 and Eur/Usd rotates either side of 1.0850.
EM – Contrasting fortunes for the Zar and Hkd as the Rand weakens on more SA financial strain given a missed loan payment by the Land and Agricultural Development Bank, while the HKMA has sold Hong Dollars to maintain the peg for the first time in over 4 years despite yesterday’s ratings downgrade by Fitch.
In commodites, WTI and Brent June contracts are posting unprecedented losses. Attention remains on the oil market since yesterday WTI May crude futures plunged to negative territory for the first time in history, briefly resulting to losses of over 300% and lows of around USD -40/bbl. This was sparked by the ongoing supply glut and filling storage culminating to a lack of buying interest on the contract which is due for expiry later today. The volatile price action followed through to today’s trade with WTI June contracts -42% at one point, and Brent down over 25% – with the former dipping below USD 12/bbl, to trigger a 2-minute circuit breaker and the latter residing sub-20/bbl. Russia’s Kremlin emerged amid the volatile action and downplayed the moves in the oil market, stating that its speculation sparked the movements. Kremlin also stated talks between OPEC+ members can be set up if needed; Moscow has all reserves it needs to offset weak oil prices. Meanwhile yesterday, WSJ citing sources noted that Saudi is mulling applying the agreed-upon oil cuts as soon as possible instead of waiting until May 1st. Elsewhere, today will see the second official Texas Railroad Commission (RRC) meeting, where the Texas regulatory agency is expected today to provide more colour on its stance regarding potential oil production curtailment in the state. However, the RRC is reportedly unlikely to vote on a plan to mandate oil production cuts for Texas at the Tuesday meeting, according to Energy Intel citing sources. As a reminder, the meeting last week saw disagreement on whether cuts should be implemented or not, with larger producers mostly arguing for market-driven declines, and smaller players supportive of cuts. Elsewhere, spot gold trades relatively flat and meanders just south of USD 1700/oz. Copper prices meanwhile track sentiment and the downside in stocks, with the red metal now below USD 2.25/lb.
US Event Calendar
10am: Existing Home Sales, est. 5.25m, prior 5.77m
10am: Existing Home Sales MoM, est. -9.01%, prior 6.5%
DB’s Jim Reid concludes the overnight wrap
One of the great things about working through several cycles is that you can recycle old research. Yesterday we updated and republished a chart (originally from 2010) looking at the biggest bailouts in history. Back then we highlighted how ever increasing debt had meant the bailout currency had needed to be inflated perhaps 10 fold in the GFC relative to the past. 10 years and even more debt later and we’ve perhaps had to inflate the bailout currency by an additional 10 times. While we have sympathy for current policy makers given the nature of this shock, the reason the numbers are so big today is due to a 20-30 year “bailout first, ask questions later” approach which has left the world with ever higher debt. See the short note here for more. I look forward to republishing it in another 10 years.
Also a reminder of our April investor survey results ( link here ) from yesterday where we showed the usual market related answers plus people’s views on WFH and when the world will be back to normal post covid-19. We also asked whether people were eating, drinking and exercising more or less during the lockdown.
Yesterday I talked about how I had a gushing flow of water in my garage after a stopcock failed. If you want an image of what it looked like picture one of those movies where you see someone successfully striking oil. However given the current price of oil this leak is potentially more profitable than had we actually struck oil in our back garden. Indeed yesterday this was the main theme in markets as we saw one of the more remarkable moments in financial history and that is a deeply negative oil price – that is paying someone to take delivery. The May contract for WTI, which started the day at $17.85, traded at -$39.55 at one point and in negative territory for a total of about six hours before popping back to $1.43 this morning. This move is all about supply and demand. American energy users and refiners do not have the storage capacity given all that is going on.
This decimation comes ahead of today’s contract expiration, a culmination of sorts for an asset that’s been under immense pressure all year, with WTI and Brent having already lost nearly two-thirds of their value in Q1. According to our colleague Michael Hsueh, the fact that June is currently still trading $21 per barrel should not be seen as a guarantee that this sort of price action could not happen again upon June’s expiry if demand hasn’t increased over the next 2 months. Even prior to the move lower on WTI, lower quality runs of crude were near to or in negative territory, with Wyoming Asphalt Sour – a landlocked stream with higher associated costs than WTI – traded at negative 19 cents a barrel last month.
The moves for oil had knock-on effects in equity markets. By the close the S&P 500 had fallen -1.79% with the Energy industry group a relatively measured -3.30% given the carnage in May WTI. Every sector in the S&P 500 ended the day lower though as the large index moves continue. Yesterday’s move means that the index has only had 3 days under 1% in either direction since the start of March. In Europe the STOXX 600 managed to pare back its losses to record a +0.70% gain, putting the index in a technical bull market, up +20.04% since the March lows. It closed before the US sunk back towards the lows for the session at the final bell.
After the bell IBM announced earnings at $1.84 per share, compared to consensus of $1.81, but posted lower revenues on the quarter compared to a year ago. Also the firm pulled its year-long profit guidance on concerns that the virus outbreak makes it hard for the company to roll out its cloud computing transition. Today the main earnings highlights are from The Coca-Cola Company, Netflix, Philip Morris International, Lockheed Martin and Texas Instruments.
Before we get to that though there’s a couple of overnight stories to report. The first came from CNN who reported that the US is monitoring the health of North Korean leader Kim Jong Un after receiving information that he may be in “grave danger” following cardiovascular surgery last week. Yonhap reported that South Korea has denied the news. Meanwhile, US House Speaker Pelosi has said that the negotiations on an emergency stimulus package of as much as $500bn are “down to the fine print.” She added that the Senate can vote on the measure today and then it can move to the House on Wednesday for vote. The legislation would add funds to the tapped-out Paycheck Protection Program for small businesses and would also provide money for coronavirus testing and overwhelmed hospitals. Staying with the US, President Trump has said that he’ll sign an executive order temporarily suspending immigration as the country fights off the spread of the virus. No further details were mentioned.
Asian markets are following Wall Street’s lead this morning with the Nikkei (-2.17%), Hang Seng (-2.29%), Shanghai Comp (-1.35%), ASX (-1.83%) and Kospi (-1.68%) all down. In FX, the New Zealand dollar has weakened -0.66% after RBNZ Governor Adrian Orr said that he was open to the idea of directly monetizing sovereign debt or buying bonds straight from the government. He also said that the central bank would assess the need for additional stimulus at its May review. Elsewhere, futures on the S&P 500 are down -0.60% while yields on 10y USTs are down –1bp to 0.597%.
Back to yesterday, there was further pressure on European sovereign bonds ahead of Thursday’s pivotal European Council videoconference, with spreads widening across the continent to their highest level in over a month. The spread of yields on 10yr Italian debt over bunds ended the session up +12.2bps at 239bps, while those on Spanish (+5.0bps), Portuguese (+6.0bps) and even French (+1.6bps) debt also widened to one-month highs. So keep an eye out for any further widening of spreads over the next couple of days going into that meeting, and whether the calls for joint debt issuance manage to get any more traction. Assuming not how will they fudge the rescue packages.
On similar lines, we did get some news yesterday from Bloomberg, who reported that the idea of an EU-wide bad bank that we mentioned yesterday had run into resistance from Germany. According to the report, they’re resistant to the idea that they and other northern countries would have to see their taxpayers on the hook for losses accumulated elsewhere, which pretty much echoes the objections made to the idea of ‘coronabonds’.
It was a different story over in the US, where 10yr Treasury yields fell -3.6bps. On the subject of US debt, our economists put out a note yesterday where they forecast that debt-to-GDP ratio is likely to rise to 100% this year, a level not seen since the mid-1940s. Under their base case, the ratio will rise to nearly 125% by the end of the decade, with the possibility of even steeper increases if the pandemic lasted longer than anticipated. In reading through their piece it echoes a lot of what we said in last year’s long term study in that you can control the rise in debt/GDP if you can successfully keep yields notably below nominal GDP. Obviously that won’t happen this year but will likely in the years ahead if the economy gets back to some normality and the Fed control yields. The alternative scenario of yields mean reverting back to their long-term trend is a scary prospect for debt sustainability. Link here.
There wasn’t much in the way of economic data, though we did get the Chicago Fed’s National Activity index, which fell to -4.19 in March (vs. -3.00 expected), its lowest level since January 2009. Meanwhile in Hong Kong, the unemployment rate rose to 4.2% in the January-to-March period, its highest level in over 9 years, while the Spanish central bank predicted that country’s economy could contract by between 6.8% and 12.4% this year.
To the day ahead now, and data releases include UK employment data for February, the German ZEW survey for April, Canada’s retail sales for February, and US existing home sales for March. From central banks, the ECB’s Stournaras will speak, while earnings releases out include The Coca-Cola Company, Netflix, Philip Morris International, Lockheed Martin and Texas Instruments.
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southfront--2020-04-21--Russian Navy Warship Transiting Black Sea Straits To Join Mediterranean Squadron

The Black Sea Fleet ’ s missile corvette Orekhovo-Zuyevo has started transiting the Bosporus and Dardanelles straits to join the Russian Navy ’ s Mediterranean taskforce , the Fleet ’ s press office reported on Tuesday .
“ The ship ’ s crew is making a planned transit from Sevastopol to the Mediterranean Sea .
During the transit , the ship ’ s crew accomplished a set of shipborne combat drills at the Fleet ’ s combat training ranges in the Black Sea , ” the press office said in a statement .
The missile corvette Orekhovo-Zuyevo is expected to @ @ @ @ @ @ @ Mediterranean taskforce already by Tuesday evening , the statement says .
The Orekhovo-Zuyevo is the seventh Project 21631 ‘ Buyan-M ’ small missile ship .
Project 21631 Buyan-M-class small missile ships feature increased water displacement and are equipped with the latest Kalibr-NK standardized precision missile system designated to strike naval and coastal targets .
The Soviet Navy ’ s 5th Mediterranean Squadron served as a prototype for the Russian Navy ’ s permanent Mediterranean taskforce operating at present .
The 5th operational Soviet Squadron dealt with the tasks of naval presence in the @ @ @ @ @ @ @ War period .
Its main rival was the US Navy ’ s 6th Fleet .
The Soviet Squadron was disbanded on December 31 , 1992 , a year after the disintegration of the Soviet Union .
In 2013 , Russia started to create a new operational Mediterranean taskforce .
Russia ’ s new permanent Squadron is dealing with planned and urgent combat missions arising in the Mediterranean theater of operations , including warding off threats to Russia ’ s national and military security .

TASS reports (source):
The Black Sea Fleet’s missile corvette Orekhovo-Zuyevo has started transiting the Bosporus and Dardanelles straits to join the Russian Navy’s Mediterranean taskforce, the Fleet’s press office reported on Tuesday.
“The ship’s crew is making a planned transit from Sevastopol to the Mediterranean Sea. During the transit, the ship’s crew accomplished a set of shipborne combat drills at the Fleet’s combat training ranges in the Black Sea,” the press office said in a statement.
The missile corvette Orekhovo-Zuyevo is expected to join the Russian Navy’s permanent Mediterranean taskforce already by Tuesday evening, the statement says.
The Orekhovo-Zuyevo is the seventh Project 21631 ‘Buyan-M’ small missile ship. Project 21631 Buyan-M-class small missile ships feature increased water displacement and are equipped with the latest Kalibr-NK standardized precision missile system designated to strike naval and coastal targets.
Russian Navy’s Mediterranean Squadron
The Soviet Navy’s 5th Mediterranean Squadron served as a prototype for the Russian Navy’s permanent Mediterranean taskforce operating at present. The 5th operational Soviet Squadron dealt with the tasks of naval presence in the Mediterranean theater of operations during the Cold War period. Its main rival was the US Navy’s 6th Fleet. The Soviet Squadron was disbanded on December 31, 1992, a year after the disintegration of the Soviet Union.
In 2013, Russia started to create a new operational Mediterranean taskforce. Russia’s new permanent Squadron is dealing with planned and urgent combat missions arising in the Mediterranean theater of operations, including warding off threats to Russia’s national and military security.


southfront--2020-04-22--Russia’s Marker Robotic Combat Platform To Complete Testing By End Of 2021

The testing of the state-of-the-art Russian robotic combat platform “ Marker ” is due to be completed by the end of 2021 .
It may be armed with a number of sophisticated unmanned aerial vehicles ( UAVs ) , Vitaly Davydov , deputy director-general of the country ’ s Foundation for Advanced Research , said on April 21st .
Davydov said that the robot would be equipped with UAVs “ providing both reconnaissance and destruction of enemy targets ” and that they would be obliterated upon impact with the enemy objects .
In short , the Marker would be equipped @ @ @ @ @ @ @ UAVs , the platform will be armed with a rocket launcher and a machine gun , he added .
According to Davydov , the Russian Defence Ministry is closely monitoring the implementation of the Marker project .
The system would assist and improve the efficiency of the Russian Emergencies Ministry and the Federal Security Service , or FSB .
The project reportedly first began testing in October 2019 , and it is being developed jointly by the Foundation for Advanced Research and the Russian company Android Technology .
The Marker robot is a @ @ @ @ @ @ @ though official releases said it may also see use with Russian Special Forces .
The Advanced Research Foundation , Russia ’ s equivalent of the Defense Advanced Research Projects Agency ( DARPA ) , opened a National Center for the Development of Technology and Basic Elements of Robotics in 2015 , and this vehicle is one way it ’ s figuring out how to make payloads work for future armed robots .
Another robotic system is the Uran-9 Combat Robot , which has even seen action in Syria .
The Uran-9 multipurpose unmanned @ @ @ @ @ @ @ Russian military equipment manufacturer JSC 766 UPTK during the Army-2016 International Military-Technical Forum in Russia in September 2016 .
The vehicle is designed to provide remote reconnaissance and fire support to a variety of tasks conducted by the counter-terrorism , reconnaissance and military units in urban environments .
The Uran-9 can be used fully autonomously on a predefined road or manually operated by one man from a truck control station or via a small backpack control station .
MORE ON THE TOPIC : • Russia ’ s New Anti-Aircraft Artillery System To Become @ @ @ @ @

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The testing of the state-of-the-art Russian robotic combat platform “Marker” is due to be completed by the end of 2021.
It may be armed with a number of sophisticated unmanned aerial vehicles (UAVs), Vitaly Davydov, deputy director-general of the country’s Foundation for Advanced Research, said on April 21st.
Davydov said that the robot would be equipped with UAVs “providing both reconnaissance and destruction of enemy targets” and that they would be obliterated upon impact with the enemy objects.
In short, the Marker would be equipped with kamikaze drones.
Apart from the UAVs, the platform will be armed with a rocket launcher and a machine gun, he added.
According to Davydov, the Russian Defence Ministry is closely monitoring the implementation of the Marker project. The system would assist and improve the efficiency of the Russian Emergencies Ministry and the Federal Security Service, or FSB.
The project reportedly first began testing in October 2019, and it is being developed jointly by the Foundation for Advanced Research and the Russian company Android Technology.
Footage was published earlier, in February 2019.
#Russia releases first footage of its experimental multipurpose robotic platform #Marker, which can be used as a combat vehicle, synchronised infantry support unit, drone coordination system or for other purposes thanks to its modular design #RussianArms #Robotics ? pic.twitter.com/33VRx99m3G — Russia in RSA ?? (@EmbassyofRussia) February 28, 2019
The Marker robot is a platform for exploring other robotics technologies, though official releases said it may also see use with Russian Special Forces. The Advanced Research Foundation, Russia’s equivalent of the Defense Advanced Research Projects Agency (DARPA), opened a National Center for the Development of Technology and Basic Elements of Robotics in 2015, and this vehicle is one way it’s figuring out how to make payloads work for future armed robots.
Another robotic system is the Uran-9 Combat Robot, which has even seen action in Syria.
The Uran-9 multipurpose unmanned ground combat vehicle was officially unveiled by Russian military equipment manufacturer JSC 766 UPTK during the Army-2016 International Military-Technical Forum in Russia in September 2016. The vehicle is designed to provide remote reconnaissance and fire support to a variety of tasks conducted by the counter-terrorism, reconnaissance and military units in urban environments.
The Uran-9 can be used fully autonomously on a predefined road or manually operated by one man from a truck control station or via a small backpack control station.
MORE ON THE TOPIC:
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southfront--2020-04-22--Militants Kill 52 People In Mozambique’s Gas-Rich Cabo Delgado Province

A militant group killed at least 52 people in a village in Mozambique ’ s gas-rich Cabo Delgado province on April 7 after residents had refused to join them , police said .
“ The criminals tried to recruit young people to join their ranks , but there was resistance on the part of the youths .
This provoked the anger of the criminals , who indiscriminately killed – cruelly and diabolically – 52 young people , ” police spokesman Orlando Mudumane told the state media on April 21 .
The incident took place in the village of Xitaxi in @ @ @ @ @ @ @ government forces are now working to hunt down and neutralize the attackers .
The security situation in the gas-rich region is rapidly escalating .
Since March , ISIS-linked militants have been seizing government buildings , blocking roads and briefly hoisting their black-and-white flag over towns and villages across Cabo Delgado province .
Units of Police and the army deployed in the province seem to be unable to react properly to the increasing number of ISIS attacks .
The ISIS-linked news agency Amaq even claimed that ISIS fighters had shot down a helicopter , @ @ @ @ @ @ @ contractors .
The ISIS attacks even took place in the town of Mocimboa de Praia , a logistical hub located near the $ 60bn gas project under development in the province .
MORE ON THE TOPIC :

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A militant group killed at least 52 people in a village in Mozambique’s gas-rich Cabo Delgado province on April 7 after residents had refused to join them, police said.
“The criminals tried to recruit young people to join their ranks, but there was resistance on the part of the youths. This provoked the anger of the criminals, who indiscriminately killed – cruelly and diabolically – 52 young people,” police spokesman Orlando Mudumane told the state media on April 21.
The incident took place in the village of Xitaxi in the Muidumbe district.
Police claimed that government forces are now working to hunt down and neutralize the attackers.
The security situation in the gas-rich region is rapidly escalating. Since March, ISIS-linked militants have been seizing government buildings, blocking roads and briefly hoisting their black-and-white flag over towns and villages across Cabo Delgado province.
Units of Police and the army deployed in the province seem to be unable to react properly to the increasing number of ISIS attacks. The ISIS-linked news agency Amaq even claimed that ISIS fighters had shot down a helicopter, which was allegedly operated by private military contractors.
The ISIS attacks even took place in the town of Mocimboa de Praia, a logistical hub located near the $60bn gas project under development in the province.
ISIS (IS Central Africa) temporarily took over the key town of Mocimboa da Praia in #Mozambique, seizing military & other points swiftly after apparently a not-so-negative reception locally (Sound familiar?) They captured very large amounts of small arms- seems many T56s here. pic.twitter.com/DIEZLwFVL8 — Cᴀʟɪʙʀᴇ Oʙsᴄᴜʀᴀ (@CalibreObscura) March 24, 2020
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