(26 JUNE 2020)DAILY MARKET BRIEF 1: The unnatural risk appetite.

<p>The intense expectation of more fiscal and monetary stimulus wouldn’t let a downside correction develop healthily despite the continuous flow of news getting from bad to worse. Major US stock indices rebounded more than 1% on Thursday, even though the business reopening was halted in Texas due to the rapidly rising new cases. Infections jumped in Arizona and California and Apple closed 14 shops in Florida. Meanwhile, the US jobless claims rose 1.480 million last week, more than the analyst forecasts hinting that the post-Covid recovery in the jobs market isn’t as strong as expectations, and more damage is to come with the renewed containment measures in several places. Today’s data should confirm a robust rebound in US consumer spending in May, despite a significant loss of revenue due to the business lockdown and depressed labour market conditions. US banks (+2.71%) led gains after the Federal Reserve’s (Fed) stress test found them solid enough and ‘well capitalized under even the har</p>