Asian stocks pared losses following the worst Wall Street session since 1987, as U.S. futures pushed higher. Still, most benchmarks remained in the red, with investors spooked that emergency fiscal and monetary packages won’t be enough to stave off a recession.
S&P 500 contracts reversed losses of as much as 3% and climbed over 2%, while futures in the U.K. saw gains. Losses in Japan and South Korea eased, and Australian stocks rose. Global equities are still heading for their worst week since 2008 as investors price in a severely weaker outlook due to the impact of the coronavirus pandemic. The U.S. benchmark lost 9.5% on Thursday.
Treasury yields fluctuated, while bonds in Australia and Japan declined, as investors rushed to raise cash. The won and rupiah sank while India’s rupee fell to a record low versus the dollar. Oil pushed higher.
Nikkei -6.08% Hang Seng -2.79% CSI -1.41% Shanghai -1.23% Shenzen -1.08%
Eur$ 1.1180 CNH 6.9999 CNY 6.9882 JPY 105.77 1.2572 CHF 0.9446 RUB 73.1871 TRY 6.2929 WTI $ 3.49
S&P +4% eUROsTOXX +2.25% dAX+1.77% smi +2.67%
Macro :
- OECD’s Boone Says Global Outlook Much More Pessimistic: HB
- Pictet Says Equities to Rally In Short-Term, Trims Cash Holdings
Keep an eye on :
- AF FP : Air France KLM: Examining Network Capacity Adjustments
- AF FP : Air France-KLM: Has Drawn Down EU1.1B Revolving Credit Facility
- BANB SW : Bachem Full Year Dividend Per Share CHF3 Vs. CHF2.75 Y/y
- BAYN GY : Brazil Antitrust Regulator Investigates Bayer, Monsanto
- BLUE FP : Bollore Seeks to Withdraw Blue Solutions From Trading
- EDF FP : Vattenfall Sells U.K. Unit iSupply Energy to EDF
- ENX FP : Parts of Oslo Stock Exchange Building Closed Due to Coronavirus
- FCA IM : Fiat Lets Office Workers Go Remote But Keeps Factories Running
- FRA GY : Fraport Full Year Ebitda Meets Estimates
- G IM : Generali Full-Year Profit Boosted by Disposals, Asset Growth
- HMB SS : H&M Closed All Its 181 Stores in Italy
- HSBA LN : HSBC to Reopen Nine Service Outlets in H.K.; 16 Remain Closed
- IMPN SW : Implenia Wins German Order Worth Around EU52 Million
- KESKOB FH : Kesko Oyj Feb. Comparable Sales +8.4%
- LI FP : Klepierre Says Mall Visits in Italy Drop 30% on Coronavirus
- LHA GY : Lufthansa Group to Continue Serving Chicago, Newark and DC
- LUPE SS : Lundin Petroleum Has No Plans to Cut Dividend Amid Oil Drop: DI
- MMT FP : Groupe M6: Opening up Bedrock’s Capital for RTL to Take 50%
- NOKIA FH : France to Allow Some Huawei Equipment in 5G Network: Reuters
- NDX1 GY : Nordex Group Gets Contract for 48 MW Wind Farm in Sweden
- ROG SW : Roche Gets Clearance for Coronavirus Test That’s 10 Times Faster
- SHBA SS : Danish Bank Facility Won’t Have Large Effect: Handelsbanken
- TOD IM : Tod's Full Year Dividend Per Share EU0.60 Vs. EU1 Y/y
- UBXN SW : u-blox Full Year Revenue Meets Estimates
- UCB BB : UCB’s Arise Study Misses Statistical Significance for Endpoints
- VOW GY : VW’s Lamborghini Shuts Italian Factory Amid Coronavirus Outbreak
- WDI GY : Wirecard Says No Need So Far to Correct 2016-2018 Statements
- WLN FP : Worldline to Join CAC 40 Index, TechnipFMC to Exit: Euronext
- Wirecard (WDI TH) +8.9%
- Wirecard Says Audit Shows No Need to Fix Financial Statements
-
RBS (RYS1 TH) +8.7%
- Citi Says Would Be ‘Happy’ to Buy U.K. and Irish Banks Right Now
- AB InBev (1NBA TH) +7.8%
- BP (BPE5 TH) +7.5%
- BHP Group PLC (BIL TH) +7.5%
- Voestalpine (VAS TH) +7.4%
- Wirecard (WDI TH) +8.9%
- Wirecard Says Audit Shows No Need to Fix Financial Statements
-
RBS (RYS1 TH) +8.7%
- Citi Says Would Be ‘Happy’ to Buy U.K. and Irish Banks Right Now
- AB InBev (1NBA TH) +7.8%
- BP (BPE5 TH) +7.5%
- BHP Group PLC (BIL TH) +7.5%
- Voestalpine (VAS TH) +7.4%
DAX:
- Wirecard (WDI TH) +9.2%
- Wirecard Says Audit Shows No Need to Fix Financial Statements
- Deutsche Bank (DBK TH) +8.4%
- Deutsche Telling Thousands to Work From Home, Recovery Sites
- Lufthansa (LHA TH) +4.4%
- Lufthansa Group to Continue Serving Chicago, Newark and DC
- Daimler (DAI TH) +3.7%
MDAX:
- Commerzbank (CBK TH) +7%
- RTL (RRTL TH) +6%
- RTL 2020 Revenue Forecast Midpoint Meets Estimates
- Duerr (DUE TH) +4.6%
- K+S (SDF TH) +4.6%
- Software AG (SOW TH) +4.4%
- TAG Immobilien (TEG TH) -2.8%
- Delivery Hero (DHER TH) -3%
- Rocket Internet (RKET TH) -3.3%
- Osram (OSR TH) -4.1%
- Metro AG (B4B TH) -4.4%
SDAX:
- Kloeckner (KCO TH) +8.5%
- SGL (SGL TH) +7.9%
- Schaeffler (SHA TH) +5.2%
- W&W (WUW TH) +4.4%
- Leoni (LEO TH) +4.1%
- Ceconomy (MEO TH) -2.3%
- SAF-Holland SE (SFQ TH) -2.4%
- Hypoport (HYQ TH) -3%
- Eckert & Ziegler Strahlen- und Medizintechnik AG (EUZ TH) -3.4%
- Washtec (WSU TH) -4.1%
>>> Up
* Air Liquide Raised to Neutral at JPMorgan; PT 110 euros
* Apple Raised to Overweight at Wells Fargo; PT $315
* Assura Raised to Buy at Panmure Gordon; PT 77 pence
* Atlas Copco Raised to Hold at Danske Bank Markets
* Autoliv Raised to Buy at Danske Bank Markets; PT $79
* Bank of Ireland Raised to Buy at Citi
* BioMerieux Raised to Buy at HSBC; PT 98 euros
* Blue Prism Raised to Buy at Berenberg; PT 1,425 pence
* BNP Paribas Raised to Buy at HSBC; PT 45 euros
* Carlsberg Raised to Buy at Citi
* Carrefour Raised to Overweight at Barclays; PT 17.50 euros
* Coca-Cola HBC Raised to Buy at Citi
* Embraer ADRs Raised to Buy at HSBC; PT $19
* Inditex Raised to Equal-Weight at Morgan Stanley; PT 20 euros
* Informa Raised to Buy at Citi
* Kone Oyj Raised to Hold at Danske Bank Markets; PT 51.20 euros
* Lloyds Raised to Buy at Citi
* Maersk Raised to Buy at Danske Bank Markets; PT 8,500 kroner
* Maersk Raised to Buy at SEB Equities; PT 8,000 kroner
* Maersk Raised to Buy at SEB Equities; PT 8,000 kroner
* Neste Raised to Accumulate at Inderes; PT 32 euros
* Nokian Renkaat Raised to Buy at Danske Bank Markets
* Orkla Raised to Hold at Danske Bank Markets; PT 83 kroner
* Peab Raised to Buy at SEB Equities; PT 102 kronor
* RBS Raised to Buy at Citi
* Red Electrica Raised to Buy at Deutsche Bank; PT 15.50 euros
* Royal Unibrew Raised to Buy at Handelsbanken; PT 525 kroner
* Salvatore Ferragamo Raised to Neutral at Citi
* Simcorp Raised to Buy at SEB Equities; PT 660 kroner
* SKF Raised to Buy at Danske Bank Markets; PT 175 kronor
* Spectris Raised to Hold at Berenberg; PT 2,250 pence
* Swedbank Raised to Buy at Deutsche Bank; PT 160 kronor
* Telecom Italia Raised to Buy at Citi
* Terna Raised to Neutral at Credit Suisse; PT 5.90 euros
* Trelleborg Raised to Buy at Danske Bank Markets; PT 155 kronor
* Tryg Raised to Buy at Danske Bank Markets; PT 200 kroner
* Vivendi Raised to Buy at Citi
>>> Down
* Aeroports de Paris Cut to Reduce at AlphaValue
* CFE Cut to Hold at SocGen; PT 77 euros
* Dufry Cut to Sell at Baader Helvea; PT 30 Swiss francs
* Enel Cut to Add at AlphaValue
* Euromoney Cut to Hold at Peel Hunt; PT 1,350 pence
* Falck Renewables Cut to Sell at Fidentiis Equities
* Hermle Cut to Hold at LBBW; PT 250 euros
* Lagardere Cut to Neutral at Citi
* LEG Immobilien Cut to Hold at Commerzbank
* Snam Cut to Add at AlphaValue
* Stroeer Cut to Neutral at Citi
* Technotrans Cut to Hold at Berenberg; PT 12 euros
* Terna Cut to Hold at Deutsche Bank; PT 5.20 euros
* Tullow Cut to Hold at Panmure Gordon; PT 20 pence
>>> Initiation
* Ferragamo Raised on Limited Downside, Possible M&A Appeal: Citi
>>> Call
* Carlsberg Gets Double Upgrade at Citi With ‘Demand Shock’ Ahead
* Citi Says Would Be ‘Happy’ to Buy U.K. and Irish Banks Right Now
* Tobacco Stocks a Good Pick in Time of Crisis, Citi Says
* Royal Unibrew Raised, Handelsbanken Sees ‘Bottom Fishing’ Time