After yesterday’s sharp selloff across all regions, today we are seeing a classic Turnaround Tuesday. Our charts team are unsurprised given that Monday’s with >5% down days are usually (always since 1955?) followed by turnaround. Asia closed in the green territory this morning (although the Hang Seng still below 2600) and European pared back some of yesterday’s loses with cyclicals leading the way. The rally did begin to splutter, however Germany has just announced that they will weigh bank capital relief to counter virus damage, which helps! Commerzbank flying, but be wary of this just being a flash in the pan. Volumes wise, although they are lower than yesterday, it is encouraging to see all indices trading above their 20-day AVAT.