Treasuries surged and U.S. equity futures tumbled at the start of another volatile week as investors responded to a rapidly escalating economic hit from the coronavirus and a massive emergency move by the Federal Reserve to ease policy.
Benchmark Treasury yields declined more than 30 basis points at one point. Futures on the S&P 500 Index hit trading limits and fell about 5%, following Friday’s rally for Wall Street stocks. Japanese shares ended at session lows after investors quickly lost their initial enthusiasm following a Bank of Japan statement. The BOJ strengthened its stance on asset buying and said it would take additional easing measures as needed at a policy meeting brought forward to Monday from later this week. Equities elsewhere across Asia sank.
Wild swings have become an almost daily occurrence as investors assess the efficacy of actions by authorities to contain the coronavirus, which has had a crippling economic impact. China reported Monday that output and retail sales plunged the past two months.
Australian equities fell almost 10%, the most since 1992, while the Reserve Bank of Australia said it stands ready to buy bonds, sending yields tumbling. The yen soared after the Fed cut its key interest rate by a full percentage point to near zero and said it will boost its bond holdings by $700 billion. Oil resumed declines.
Nikkei -2.46% Hang Seng -4.01% CSI -4.46% Shanghai -3.52% Shenzen -5.10%
Eur$ 1.1142 CNH 7.0133 CNY 7.0037 JPY 106.46 GBP 1.2330 CHF 0.9475 RUB 73.3850 TRY 6.3438 WTI$ 30.63 -3.47%
S&P -4.79% (Limit Down) NAsdaq -4.55% (LD) EuroStoxx -.96% FTSE -2.90% Dax -.418% SMI -2.60%
Macro :
- Mnuchin Says He Doesn’t Expect U.S. Recession From Virus (2)
- Traders’ Nightmare: Liquidity Vanished When They Needed It Most
- In a Week of Stock Market Horror, Friday the 13th Brings Relief
- Dalio’s Macro Fund Plunged About 20% This Year as Market Tanked
- Israel Rating May Be Cut if Deficit Hits 5% of GDP: Hapoalim
- NYC to Limit Restaurants to Take-Out, Delivery; Close Theaters
Keep an eye on :
- ADP FP : ADP May Not Meet 2020 Targets Due to Coronavirus Impact
- AI FP : Air Liquide Seeks Premium for Hand Sanitizer Unit Sale, FT Says
- AF FP : KLM Aims to Cut Up to 2,000 Full-Time Jobs Due to Virus: ANP
- AKSO NO : Aker Solutions Warns Employees of Possible Layoffs
- ALV GY : Pimco Says Policy Makers Need to Do More to Prevent Meltdown
- ALTR PL : Altri Full Year Net Income EU100.8 Mln
- AZA im : Italy Is Said to Weigh EU300M Takeover of Bankrupt Alitalia
- AAPL US : Apple Store Closures Could Crimp Quarter Sales by 2%, Loup Says
- AML LN : Aston Martin Rights Issue to Proceed, Provide Cash Relief: React
- ATIC SS : Actic Group to Temporarily Lay Off 350 Employees in Norway
- ATL IM : Atlantia Says Italy Highway Traffic Down 4.4% YTD
- BAAYN GY : Bayer Advances Toward Resolving Roundup Litigation
- BP/ LN : BP Is Cutting Spending, Pressing Ahead With Transformation
- BRK/A US : Gates to Step Down From Berkshire Board, Replaced by Chenault
- BA US : Boeing May Be Cut by Fitch Over Coronavirus Impact (2)
- CCL LN : Royal Caribbean, Norwegian Halt Cruises in Response to Virus
- DAI GY : Daimler Postpones April 1 Shareholders Meeting, Dividend Payment
- DANSK DC : Danske Bank Eases Terms for Clients Hit by Coronavirus Fall
- DEMANT DC : Demant Withdraws 2020 Outlook Due to Coronavirus Uncertainty
- DBK GY : Deutsche Bank to Operate Globally in Split Teams, Reuters Says
- ELUXB SS : Electrolux Warns of Financial Impact, Supply Chain Disruption
- FB US : Chenault to Leave Facebook Board as He Joins Berkshire Board
- IAG LN : British Airways Discussed Urgent Financing Need With Banks: FT
- CFN PL : Cofina FY Net Income EU7.15 Mln, +7.5% Y/y; Shares Fall 3.7%
- CSGN SW : Swiss Banks Mull $21 Billion Loan Program for Small Businesses
- FCA IM : Automakers Send Office Workers Home, Keep Plants Running
- FIA1S FH : Finnair Cancels Denmark, Norway, Russia, Poland Flights: IS
- GYC GY : Grand City Properties Sees 2020 FFO I EU220 Mln To EU226 Mln
- HIAG SW : Hiag Immobilien Full Year Ebitda Loss CHF38.4 Mln
- IFX GY : Infineon Agreed to U.S. Security Concessions for Cypress Deal
- LH US : Coronavirus Tests From LabCorp, Quest Will Cost $50 to $100
- MMB FP : Lagardere to Postpone March 25 Investor Day
- LEO GY : Leoni Has Agreement to Boost Liquidity by at Least EU200m
- LEO GY : Leoni Fully Financed, Can Be Restructured, Experts Say
- LHA GY : Capacity Slash Gives Lufthansa Much-Needed Cash Defense: React
- LHA GY : Lufthansa May Apply for State Aid on Coronavirus
- MC FP : LVMH Will Produce Hand Sanitizer at Three Sites in France
- MT IM : Maire Tecnimont Signs EU200m EPC Contract for Turkey Urea Plant
- NTGY SM : Naturgy Calls Off Shareholder Meeting Due to Spanish Lockdown
- OERL SW : Oerlikon Gets Three China Orders Worth More Than CHF600M
- PNDORA DC : Pandora Has Now Closed 350 Stores Due to Virus, Borsen Says
- RNO FP : Renault-Nissan Halts Barcelona Plant Production Amid Virus
- ROG SW : Roche Gets Clearance for Coronavirus Test That’s 10 Times Faster
- SBRY LN : Sainsbury Raised to Buy at Jefferies
- SAS SS : SAS Temporarily Lays Off 90% of Workforce, Affecting 10,000 Jobs
- SZG GY : Salzgitter Full Year Dividend Per Share Misses Estimates
- SLIGR NA : Sligro Postpones March 18 Shareholder Meeting Due to Coronavirus
- SOON SW : Sonova Suspends Share Buyback Program on Coronavirus
- SWEDA SS : Handelsbanken’s CFO Joins Swedbank as Chief Risk Officer
- FTI FP : TechnipFMC Suspends Planned Split On Covid-19 Market Volatility
- UBSG SW : Swiss Banks Mull $21 Billion Loan Program for Small Businesses
- URW NA : Unibail Says Not Yet Possible to Estimate Coronavirus Impact
- VOW3 GY : VW’s Spain Unit to Halt Production at Martorell: La Vanguardia
- WHA NA : Wereldhave Says Cannot Measure Virus Impact on 2020 EPRA EPS