Groundhog Day for Scutty as "Stocks rally on re-opening hopes"... for about 10 minutes anyway...

Just like yesterday, the local market went in the opposite direction of the Wall St lead in; today finding its way down by around half a percent. Afterpay continued its tear – up 2.7% to a record high after revealing that it had five million active users in the US, while Steadfast was up 7.6% on news that April earnings had not been adversely affected by COVID-19.   Meanwhile RBA Governor Philip Lowe seemed to rule out negative interest rates once and for all, saying they were “extraordinarily unlikely” and “the costs exceed the benefits”. This put pressure squarely back on the government to ramp up spending, on the same day that the Treasury Secretary forecast a U-shaped recovery. We’re in this for a while yet folks…

The COB Podcast is sponsored by Kapstream, pioneering global absolute return fixed income investing since 2007, and one of Australia's largest and most awarded credit fund managers. Find out more about Kapstream's funds and read the PDS at kapstream.com

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