Recorded 10am GMT / 5am Eastern Time

* Europe +90bps, gentle rally from the open

* VIX -5/6% fair reflection of sentiment. Macro drivers elsewhere muted

* Aft hrs earnings in Lyft and Paypay interesting in terms of offering green shoots of return to normality

* Norges bank cut rates to zero from 25bps, BoE kept rates unch

* Retail a big focus with strong earnings from online retailer Zalando and Puma

* Industrials in focus with Rolls Royce comments disappointing with lack of guidance

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Recorded 10:30am GMT / 5:30am Eastern Time

* Europe +1.3%, having been up as much as 2%

* Soothing headlines on US/China with press suggesting its all about ensuring phase 1 is adhered to, ie that China buy US goods

* Value rally today with crude higher and earnings from Total and Repsol in Oils helping (no divi cuts)

* Banks strong with BNP solid on earnings

* We look at earnings the rest of the week and highlight ones with broader market risk

* Swedish 1Q GDP a bit focus... Only -0.3% cons -1%

THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research

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Recorded 10:30am GMT / 5:30am Eastern Time

* Europe -3.5% - catch-up move with most of Europe closed Friday, markets that were open Friday only -0.5-0.7%

* US vs China tensions driving sentiment and obscuring better virus death rates in Europe and  US

* China and Value baskets sold hard but on limited volumes

* Telecos a focus for hte market after Freenet cuting divident and moe speculation that BT will also cut later this week

* Big week to UK. We await how restrictions will be lifted (Irish plan over weekend as blueprint), also we have BoE monetary policy statement and interim stability report

THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research

Please refer to Jefferies’ important disclosure via this link: www.jefferies.com/globaljefferiesllc

Recorded 10:15am GMT / 5:15am Eastern Time

* Europe -0.3% with value underperformering after recent gains

* Month end with continued talk of sell programs around given recent o/p of equities vs bonds - notable pick up in volumes generally today

* Monster volume in FANG names on up move aft hrs yesterday halting the recent rotation trade

* Banks big underperformer on fade in value - uk retail also under pressure

* Oils in focus - RD Shell cut the divi prompting talk of rotation within FTSE hurting yield - we think staples and tobacco best placed to absorb flows

Recorded 10:30am GMT / 5:30am Eastern Time

* Europe +0.3% treading water after recent gains

* $ slightly lower in Fx, elsewhere pretty calm in rates and credit

* Italy d/g at Fitch to BBB- (1 notch above junk - out of cycle move

* Virus - talk of Germany's R-rate moving back toward 1 post easing of restrictions - note Uk looks like it will extend lockdown with lack of testing & tracking technology

* Earnings a bit focus - positive skew to outcomes

Recorded 10:30am GMT / 5:30am Eastern Time

* Europe +2% - all sectors in the green

* Rally feel sustained – other asset classes supportive including short covering in BTP

* Plenty of headlines on economies reopening – I point out the bull case in how majority of economies can operate with social distancing guidelines in place, but the rally will continue to not be broad based

* Earnings & headlines on state aid a focus

*Big movers: Deutsche Bank +11%, InterContinental Hotels +4%, Bayer +4%, Renault +7%, Ashtead +7% -- Airbus -3%

THIS IS NOT EQUITY RESEARCH: This material is a marketing communication and is not and should not be construed as investment research

Please refer to Jefferies’ important disclosure via this link: https://www.jefferies.com/Disclaimers/Jefferies-LLC-Global-Disclaimer/Pages/560