Illustration: Sarah Grillo/Axios

Mexico's central bank cut interest rates to 7% last week, marking the 800th interest rate cut by a central bank since the Lehman Brothers' bankruptcy in September 2008, Bank of America Global Research notes.

What's happening: The number of rate cuts from central banks have picked up steam since last year when the global economy's growth rate stumbled to its slowest since the financial crisis.

Why it matters: The recent rate cuts are fueling "twin bubbles" in investment grade corporate bonds and Big Tech stocks like Facebook, Amazon and Netflix, BofA analysts say.

Watch this space: Allocation to equities fell to 60.3% of private clients' portfolios, which is still slightly above the historical average but well below the March 2015 peak of 62.5%.

  • The analysts also pointed out that "clients are again selling equities (equivalent to 1.8% of [assets under management] annualized) & buying bonds (1.5%)."

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Coronavirus surge punctures oil's recovery

Illustration: Aïda Amer/Axios

The growth of coronavirus cases is "casting a shadow" over oil's recovery despite the partial demand revival and supply cuts that have considerably tightened the market in recent months, the International Energy Agency said Friday.

Why it matters: IEA's monthly report confirms what analysts have seen coming for a long time: Failure to contain the virus is a huge threat to the market rebound that has seen prices grow, but remain at a perilous level for many companies.

2 hours ago - Sports

Big Ten's conference-only move could spur a regionalized college sports season

Illustration: Aïda Amer/Axios

The Big Ten announced Thursday that it will move all fall sports to a conference-only schedule.

Why it matters: This will have a snowball effect on the rest of the country, and could force all Power 5 conferences to follow suit, resulting in a regionalized fall sports season.

The second jobs apocalypse

Illustration: Aïda Amer/Axios

This week, United Airlines warned 36,000 U.S. employees their jobs were at risk, Walgreens cut more than 4,000 jobs, Wells Fargo announced it was preparing thousands of terminations this year, and Levi's axed 700 jobs due to falling sales.

Why it matters: We have entered round two of the jobs apocalypse. Those announcements followed similar ones from the Hilton, Hyatt, Marriott and Choice hotels, which all have announced thousands of job cuts, and the bankruptcies of more major U.S. companies like 24 Hour Fitness, Brooks Brothers and Chuck E. Cheese in recent days.