(05 MAY 2020)DAILY MARKET BRIEF 1:he European indices started the week with sharp losses

<p>The European indices started the week with sharp losses; the DAX (-3.64%) and CAC 40%( -4.24%) were hammered on worries that the renewed tensions between the US and China would prevent the shattered global economy from recovering at a plausible speed.</p>
<p>But the US stocks did better in New York, especially towards the end of Monday’s session. The Dow (+0.11%) and the S&amp;P500 (+0.43%) closed in the positive territory, as Nasdaq was boosted by decent gains in Apple (+1.42%) and Microsoft (+2.45%) shares.</p>
<p>The economic data was not painting a rosy picture, however. The European PMI data confirmed the sharpest contraction in activity on record, as the US factory orders tumbled by more than 10% m-o-m in March, roughly in line with -9.7% expected by analysts.</p>
<p>The US treasury is preparing to boost borrowing by $3 trillion dollars from April to June to finance the exploding government stimulus and there is certainly more to come.</p>