Stocks hit again
The S&P 500 touched a fresh session low at 3015 but only fractionally. The market has bounced from around these levels 3 times already and is trying to again.

This isn’t going well
That’s parts of three different states — Florida, Texas and California — all backpedaling today. Add in Arizona and that’s around 30% of GDP.

Kyodo News reports with the headline
reported
Relative to the US, this doesn’t seem like a big deal but it is all a matter of perception when viewing cases across different countries. For now, this isn’t prompting any major reaction by the government yet but let’s see how things go in the coming days/weeks.

GBPUSD and Brexit talks
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Forex news from the European trading session – 26 June 2020
Headlines:
Markets:
– JPY leads, GBP lags on the day
– European equities higher; E-minis flat
– US 10-year yields down 1.5 bps to 0.67%

Comments by UK finance minister, Rishi Sunak
– We are past the acute phase of the crisis
– Furlough scheme will last for up to eight months
– We cannot protect every job despite unprecedented action
Sunak is just reaffirming the government’s plans to move forward with the economic reopening, justifying the recent actions from a labour market perspective

The market is still in search of some firm direction in general
European equities began the session with solid gains before seeing almost all of that wiped out after the opening hour of trade, before clawing its way back higher over the past few hours as we look towards North American trading now.

ECB releases the account of its June monetary policy meeting
The ECB hammers home the point that QE and PEPP stimulus measures are proportionate to the conditions at the time, in another salvo at the German constitutional court ruling last month. But apart from that, there isn’t much of anything new really from this.

European equities saw early losses turn to gains before the optimism is slowly fading going into North American trading
The DAX turned around near 1% losses to 1% gains, helped out by the ECB ensuring that there is sufficient liquidity in the market – to non-euro area central banks that is – but gains are slowly

Comments by ECB governing council member, Olli Rehn, to Handelsblatt
Just be aware that the latest development in this space is that the ECB has reportedly submitted some documents to the German judges to prove that its policy measures are ‚proportionate‘ in order to try and settle the dispute.