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World stock indices showed on Wednesday that they could not hold the peaks near monthly highs. The published macroeconomic data does not allow investors to return to purchases despite the large-scale stimulus and expectations of upcoming easing of restrictive measures.
Market sentiment has worsened by the data on the amounts the largest US banks are saving to cover possible losses, as well as new reports of possible bankruptcies of large companies. Weak oil producers (FTS, earlier Whiting) and retailers (JC Penney (NYSE:JCP)) are in the process of insolvency. However, they were not performing well even before all these events. This situation acts as a catalyst to these destructive processes. You may treat this process as a natural cleanup of the market field as long as it did not touch relatively healthy companies.
We can see the same on a country level. The International Monetary Fund reported that about 100 countries have applied to it for help with financing or requesting deferral of debt repayment. The wave of defaults at the level of states is dangerous because it will attract both changes in attitudes to other “weak” countries, and revision of the ratings of companies in these countries, increasing pressure on the financial markets.
Currency markets often mirror these hidden processes, and here it is worth noting the alarm signals.
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