U.S. and European stock futures dropped and the yen advanced, retracing some of the previous day’s moves as traders continue to test where fundamental valuations lie amid rapidly changing news flow.
An early rally in Hong Kong stocks fizzled, leaving equities mixed across the Asia Pacific. The Sydney market lost more than 6%, while shares in Tokyo pared gains. S&P 500 futures once again fell by their limit after the index gained 6% on Tuesday. Stocks in China erased gains Wednesday afternoon, with the CSI 300 Index sliding to a decline after rising as much as 1.8%. Australian and Japanese bond yields were higher, while the sell-off in Treasuries appeared to ease. As the Trump administration moves toward a big fiscal package and the federal government shifts to working from home, Treasury Secretary Steven Mnuchin warned the coronavirus could send U.S. unemployment up to 20% without government intervention. Oil swung after slipping to the lowest since 2003.
US After Hours TGNA +16% gets offer to be acquired, AGN +2% (co and ABBV sign consent decree with FTC regarding pending acquisition), ABR +10.4% (approves $100 mln repurchase program), VKTX +8.9% (authorizes $50 mln stock repurchase program),; MDB -8.7% down on earnings, CRON -14.3% (to restate certain 2019 unaudited interim financial statements), BA -3.2% (says it has fully drawn on $13.8 bln credit agreement; also CNBC reports sources saying that BA is seeking tens of billions of dollars in aid; also co enters into 2-yr delayed draw term loan credit agreement)
Nikkei +0.54% Hang Seng -0.92% CSI +0.55% Shanghai +0.35% Shenzen +1.35%
Eur$ 1.1036 CNH 7.0250 CNY 7.0120 JPY 107.15 GBP 1.2111 CHF 0.9574 RUB 75.3565 TRY 6.4220 WTI$ 26.79 -0.63%
S&P -3.70% (Limit Down) Nasdaq -4.44% EuroStoxx -4.69% Dax -4.60% FTSE -5.27% SMI -3.80%
Macro :
- French Stock Market Regulator Bans Short-Selling for 30 Days
- Italy Market Watchdog Bans Short Selling for Three Months
- Mohammed bin Salman’s High-Stakes Plan to Win the Global Oil War
- Merkel Says Germany Will Consider Joint Bonds to Fight Virus
- U.K. to Relax Rules on Pub, Restaurant Take-Outs Amid Virus
- Cash-Parking ETFs Lure $5.7 Billion and Head for Best Month Ever
- Mnuchin Says Virus ‘Worse Than 9/11’ for Airlines, Promises Help
- Wall Street Regulators Weigh Rule Revisions to Free Up Capital
- Spain to Allocate as Much as 200 Billion Euros in Virus Aid
- Trump Told Mnuchin to Go Big, and a $1 Trillion Stimulus Emerged
Keep an eye on :
- ADS GY : Adidas to Temporarily Close Stores in Europe, U.S., Canada
- AGN US : Allergan-AbbVie Deal a Top Priority at the FTC, CTFN Says
- AMBU DC : Ambu Production Exempt From Malaysian Movement Control Order
- BARC LN : Barclays Is Unlikely to Reach Profitability Goal for the Year
- BKW sW : BKW Full Year Dividend Per Share CHF2.20 Vs. CHF1.80 Y/y
- BA US : Boeing Seeks More Than $20 Billion in Aid for Itself, Suppliers
- BPOST BB : Bpost 2020 Adjusted Ebit Forecast Misses Estimates
- CINE LN : Cineworld’s Liquidity Key Concern Amid Shutdown, Jefferies Says
- COV FP : Covivio Says It’s Pursuing Godewind Buy; To Update Outlook Later
- DAI GY : Daimler Suspends Most of Europe Production for Initial Two Weeks
- DBK GY : Deutsche Bank Hires Banker Kwok to Head West Coast Tech M&A
- DEZ GY : Deutz Full Year Adjusted Ebit Margin 4.3%
- DNB NO : DNB Says It’ll Take Up Loans Offered by Norwegian Central Bank
- ELIOR FP : Elior Cannot Determine Virus Impact on 2019-2020 Objectives
- ELIS FP : Elis to Temporarily Shut Some Plants, to Seek Covenant Waiver
- FCA IM : UAW Says It Asked Automakers to Shut Down Plants for Two Weeks
- FIN LN : U.A.E. Central Bank Takes Control of Finablr’s Exchange Business
- FIN LN : Finablr’s Short Life in London Threatens Foreign IPOs: ECM Watch
- FNAC FP : Fnac Darty Can’t Confirm 2020 Objectives
- GS US : Goldman Sachs Says It Accessed Fed Discount Window Today
- HMB SS : H&M Closes All Its Stores in Germany, U.S. Due to Coronavirus
- HDD GY : Heidelberger Druck Sees up to 2,000 Job Cuts in Restructuring
- ITX M : *INDITEX FY SALES EU28.28B, EST. EU28.16B
- JUVE IM : Juventus Says Second Player Tested Positive for Covid-19
- LLOY LN : Lloyds Banking Group Pauses Some Investment Over Coronavirus
- MC FP : Tiffany Temporarily Closing Many Stores, Flagship: Reuters
- NDA SS : Finnish FSA Lowers Banks’ Capital Requirements to Boost Lending
- OCDO LN : Ocado Primed to Capitalize Amid Virus Disruption, Berenberg Says
- ORP FP : Orpea Full Year Ebitda Misses Lowest Estimate
- QIA GY : Qiagen Ramps up Production of Extraction Kits For Virus Testing
- RNK LN : Rank Sees U.K. Venue Closures Result in Net Cash Costs of GBP25M
- RNO FP : Nissan Freezes Production in Spain on Coronavirus: Europa Press
- RNO FP : Nissan to Exit Auto Production in Indonesia, Kyodo News Reports
- SAS SS : SAS Gets $300 Million in Guarantees From Sweden, Denmark
- SBO AV : Schoeller-Bleckmann to Buy Back up to 4.375% of Share Capital
- GLE FP : SocGen Sees Companies Draw on Credit Lines ‘With No Real Need’
- SW FP : *SODEXO SUSPEND GUIDANCE CONFIRMED IN JAN. ON CORONAVIRUS
- STM GY : Stabilus Says 2020 Forecast No Longer Achievable
- SYDB DC : Sydbank Withdraws 2020 Forecast, Suspends Buyback
- SWEDA SS : Swedbank May Face Fines of Up To SEK6b: SVD
- TIF US : Tiffany Temporarily Closing Many Stores, Flagship: Reuters
- VER AV : Verbund Full Year Net Income Meets Estimates
- VOW GY : VW Stokes Doubt on $2.9 Billion Deal for Navistar; Shares Plunge