U.S. stock futures wiped out earlier losses to turn positive, as traders reacted to China’s rate cut on seven-day reverse repurchase agreements on Monday. As part of the stimulus, the People’s Bank of China injected 50 billion yuan ($7.1 billion) into the banking system. Contacts on the S&P 500 expiring in June rose 1.3% at 2:44 p.m. in Tokyo on Monday, erasing a drop that exceeded 3%. China’s central bank cut the interest rate it charges on loans to banks by 20 basis points, the biggest amount since 2015 as authorities ramp up their response to cushion an economic slowdown.
U.S. Futures have “started picking up following China’s extensive cut of 20bps to 7 day repo rate, providing some support for the market,” said Jingyi Pan, market strategist at IG Asia Pte.
It’s the first Monday in four weeks that futures on the S&P 500 Index haven’t gone limit-down in reaction to alarming weekend news. Still, the dollar snapped a four-session losing streak and equities were lower in most Asian markets as caution remains about the course of the coronavirus. Treasuries edged up along with the yen. Oil tumbled again, dropping past $20 a barrel in New York for a time.
Nikkei -2.96% Hang Seng -0.51% CSI -0.93% Shanghai -0.89% Shenzen -1.98%
Eur$ 1.1083 CNH 7.1029 CNY 7.0929 JPY 107.75 GBP 1.2398 CHF 0.9559 RUB 76.42 TRY 6.4954 WTI $20.62 -4.14%
S&P +1.40% NAsdaq +1.30% EuroStoxx +1.95% FTSE +1.42% Dax +1.80% SMI +1.44%
Macro :
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Keep an eye on :
- ABBN SW : ABB Withdraws 2020 Guidance; Sees 1Q Oper. Ebita Margin Down
- ABN NA : *ABN AMRO EXPECTS TO RECORD A LOSS IN 1Q 2020
- ADS GY : Adidas under fire for holding back rent payments because of coronavirus - FT
- AIR FP : Easyjet Founder Threatens to Remove Board On Airbus Deal:Sky
- AKER NO : Aker Energy Shelves Pecan Oil Project Off Ghana Amid Crisis: E24
- ALD FP : ALD Withdraws 2020 Guidance on Coronavirus Crisis
- BGN IM ; Banca Generali Postpones Dividend Proposal Over 2019 Net Profit
- BAYN GY : Bayer’s Xarelto Study Shows Significantly Reduced Risk of VTE
- BG AV : Bawag Postpones AGM, Dividend Decision to 4Q From May 4
- BOSN SW : Bossard Proposes Reducing Original Dividend by Half
- BT/A LN : U.K. Seeks to Shield Business With Amendment to Bankruptcy Rules
- CCL LN : Passengers on ‘Death Ship’ Plead for Rescue After Virus Strikes
- CEC GY : Ceconomy Said to Seek $2.2 Billion German Aid Amid Virus Slump
- EQNR NO : Equinor’s Sverdrup to Hit Phase 1 Plateau Sooner Than Expected
- EL FP : Essilor’s Laurent Vacherot Set For Retirement: Le Figaro
- GILD US : Gilead Expands Hospital Access to Experimental Coronavirus Drug
- HOFI SS : Hoist Launches New Sustainability Strategy In Line With UN Goals
- ICP LN : Workhuman Plans to Sell 10% Stake to Intermediate Capital Group
- INGA NA : ING Suspends Dividend Payments Following ECB Recommendations
- INH GY ; Indus Holding Sees 2020 Ebit EU85 Mln To EU95 Mln
- ISP IM : Intesa: March 31 Board to Assess ECB Communication on Dividends
- JMAT LN ; Johnson Matthey Sees Earnings Below Market Expectations
- KBC BB : KBC Withdraws Final Dividend Over 2019 Profit
- LAND SW : Landis+Gyr Sees FY Net Revenue Falling ~2% From Year Ago
- MC FP : LVMH Sees 1Q Rev. Drop Between 10% & 20% From Last Year
- NOBI SS : Nobia Withdraws Dividend Proposal, Lays Off 3,000 People
- NSKOG NO : Norske Skog Stops Production at One Paper Machine at Saugbrugs
- RILBA DC : Ringkjobing Landbobank Suspends Share Buy-Back Program
- SCR FP : Scor Postpones April 17 Planned AGM to June 30
- SPM IM : Saipem Finance Intl Outlook to Negative by Moody's
- SCHP SW : Schindler Cuts Full Year Revenue Forecast
- SSABA SS : SSAB Withdraws Dividend Proposal Altogether on Virus Uncertainty
- STAN LN : StanChart Commits $1 billion to Finance Battle Against Virus
- TUI LN : TUI Gets $2 Billion Bailout After Pandemic Halts Tour Activities
- UCG IM ; UniCredit Withdraws Dividend, Buyback Proposals (1)