Overview: Equities continue to recover even as deep economic contractions are reported. Yesterday, the US said Q1 GDP contracted at an annualized pace of 4.8%, while the eurozone reported today that output fell 3.8% quarter-over-quarter in Q1. Hong Kong and South Korea were closed, but the rest of the Asia Pacific bourses rallied strongly with several, including Australia and India, rising more than 2%. European shares opened higher before stalling, and US shares are firm after the S&P rose nearly 2.7% yesterday. Benchmark bond yields are mostly lower, though Italian bonds are underperforming. The 10-year