– Risk assets closed down but rallied late in the week as optimism builds around the idea of re-opening economies.
– The FAAM stocks are having a distortive effect on everything from styles, factors, and even how well US equities appear to be doing broadly.
– Bank of Japan announces more interventions. It will triple its allowed holdings of corporate bonds and allow unlimited purchases of government bonds.
– Historic week for oil markets as futures price for May delivery went negative. Storage is full. Oil demand has dropped to what it looked like in the 1960s.

– Mixed week – a big rally for US equities, a mild rally for Intl equities, and sell offs for commodities and Real Estate.
– A severe bear market for some sectors but now a milder correction for others. FAAAM stocks are driving much of the style and factor performance anomalies.
– Congress is looking to pass another $470b in aid this week. Meanwhile, the Fed has injected $1.5T of its own aid since the end of February.
– OPEC gambit fails. Oil prices are hitting levels not seen in over 20 years, as coronavirus crushes demand.