As expected, markets recovered, quite a lot to start, but then sagged a bit. In situations like this, probably the best thing to do is to wait for the dust to clear, although a bit of hedging goes a long way.

At 6pm BST a lot of the bounce had gone out of the equities market although most sectors were still up. Healthcare and pharma were not so bouncy, presumably because they’ve previously bounced so far. Commodities were mostly up, except gold, which follows from this being a risk-off day. WTI crude was basically flat. It is at 36, having jumped from 12.4 on 28 April. A long way up.

The dollar is up a bit. EM currencies seem relatively strong.

Credit (JNK) is up and sovereign (ZN) is down, all consistent with this being a modestly risk-on day.

TSLA, having briefly exceeded the market cap of Toyota, is sinking again. The stock is pumped relentlessly by Musk, but there are many stories that he can’t keep this up much longer, as more and more of his key staff jump ship.

Things I was reading and listening to:

• I listed to the 13 March edition of The Market Huddle. To his great credit, Kevin Muir correctly called the bounce of equity markets off the lows, and identified the cause: extravagant money creation by the Fed. Respect!

• Some ugly news on unemployment in the USA.

Finally, I’m outta here. Have a good weekend!