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Good morning. Europe is gradually easing lockdowns, central bank news is flowing in and oil keeps edging higher. Here's what's moving markets.
New Normal Europe is settling into a new normal that's likely to be slower and less dynamic for some time. Former Covid-19 pandemic hotspots Italy and Spain were among nations to relax restrictions on Monday, though some measures to contain the illness will remain in place. The U.K.'s potential path out of lockdown may be laid out Sunday, including social distancing measures for offices, while Britain will also will start rolling out a contact-tracing mobile phone app. In the U.S., California, the first U.S. state to shut down its economy to stem the novel coronavirus's spread, will start loosening its lockdown Friday. On the treatment front, scientists created a monoclonal antibody that can defeat the new coronavirus in the lab. Central Banks Newsflow Central bank news keeps flowing in: The U.S. Federal Reserve is close to beginning two corporate-lending programs that could buy up to $750 billion in debt and exchange-traded funds under its emergency coronavirus actions. Meanwhile, in this region, Germany's top court is about to rule on a key program that helped Europe out of the the last crisis. The judges will decide Tuesday whether Germany can continue to participate in the European Central Bank's Public Sector Purchase Program, dubbed quantitative easing. Finally, in Australia, the RBA advised that it's ready to ramp up bond purchases again if needed. SAP Cybersecurity Warning Europe's largest software maker, SAP SE, said several of its cloud-computing products do not meet the company's cybersecurity standards. The vulnerabilities affect 9% of SAP's 440,000 customers, and it plans to fix the problems in the second quarter to meet contractually agreed or statutory security standards. There are no known breaches or security incidents that have resulted from the shortcomings and the cost of improving the applications is expected to be covered within the range of its 2020 forecast, it said. SAP's U.S. depositary receipts fell 1.9% in extended trading Oil's Run Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over, as production cuts start to take effect. Shale drillers also disclosed more supply cuts in response to the crude market collapse, and oil's gain helped European stock futures edge higher after Monday's slump. Investors may also take some comfort in comments from Goldman Sachs Group Inc. and Morgan Stanley economists, who already see evidence the world economy is starting to recover from the pandemic. But the Covid-19 dispute between the U.S. and China remains a key risk. Coming Up… Today's earnings slate features French oil giant Total SA and lender BNP Paribas SA, along with German chipmaker Infineon Technologies AG and U.K. cigarette group Imperial Brands Plc. In economic data, Spanish unemployment change is due, as are U.S. trade balance and ISM non-manufacturing. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Garfield Reynolds is interested in this morning Crude oil is bouncing back from its "beyond death" experience when front-dated WTI touched a previously inconceivable minus $40 a barrel. The nascent bull case should be regarded with gallons of skepticism, given the extreme supply-demand mismatch that remains and the signals being generated further out the futures curve. The fact that WTI is physically deliverable led to panic selling as the May contract's settlement date approached. That overstated the immediate dangers for the industry and are now acting to obscure the difficulties that lie ahead. WTI for delivery in 12 months has done little over the past six weeks, looking at closing prices, even as the front-dated contract famously melted down and sent the spread between the two to eye-popping levels. As the narrative builds that a five-day rally for the current U.S. benchmark contract signals the worst is behind oil, longer-dated WTI is sticking to its story that prices will remain lower for longer.  Garfield Reynolds is a Markets Live reporter and editor for Bloomberg News in Sydney. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Clos | 
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