Just out this morning, Retail Sales in April fell by a larger-than-expected 16.4% while surveys suggested just a 12% drop. Core Retail Sales, without food, autos, building materials and gas stations, plummeted by over 15% against an expected fall of just 5%. Also out was the New York Fed’s Empire Manufacturing Index which managed to improve to minus 48.5 from minus 78.2. Bonds are rallying on the news and the Ten-Year’s yield has fallen below 60 basis points. WTI has rallied a little less than $1/barrel to just over $28. Gold is up almost $12 to $1,742. Equities are poised to open in the red following reports of more strains in the relationship between America and China.