TOP MARKETS NEWS: Week 03/23 – 03/29

Weekend 03/28 & 03/29

Trump Says “No Quarantine Necessary” For NY, NJ And CT As US Death Toll Tops 2,000: Live Updates  – Zerohedge
Spain Reports Deadliest Day On Record, Italy Case Total Passes China’s, Trump Grants Pentagon Power To Call Up Retired Troops: Live Updates – Zerohedge
US Becomes First Country To Record 100,000 Cases Of COVID-19, 5th Congressman Tests Positive: Live Updates – Zerohedge

The coronavirus crisis is no 2008 – vox
Coronavirus: Italy becoming impatient with lockdown – and social unrest is brewing – skynews
How a $100 Billion South Korean Insurer Became a Penny Stock – Bloomberg
The Hedge Fund Bailout Worked: Citadel, Millennium And Point72 Recover Most Of Their March Losses – Zerohedge
“The Industry Has Never Experienced Anything Like This Before”: 3% Of All Restaurants Have Already Closed Permanently – Zerohedge
German state finance minister Thomas Schäfer found dead – dw
What both the left and the right get wrong about the coronavirus economic crisis – vox
State data indicates we’re headed for another record unemployment week – vox

China Suffers Economic Double-Whammy As Current Global Demand Collapse Follows Earlier Supply Crash  – Zerohedge

Coronavirus – Japan’s PM Abe on Saturday promises unprecedented economic stimulus – forexlive

“Unprecedented Decline” – The Collapse In World Trade Is A Once In A Generation Shock – Zerohedge
The coronavirus shock to financial stability – vox
A Visualization of the CARES Act – crfb
No, the coronavirus wasn’t made in a lab. A genetic analysis shows it’s from nature – sciencenews
Oil Prices Crash … That’s What They Do – wellsfargo
Moody’s downgrades South Africa to ‘junk’ status – Reuters
Week Ahead: There is nothing as permanent as a temporary government programme – nordea

 

Friday 03/27

Economic cost of Covid-19 mounts as Chinese factory profits slump – business live – guardian
UK Prime Minister, Health Secretary Test Positive For COVID-19 As Russia, Hungary Expand Lockdowns: Live Updates – Zerohedge
ForexLive Americas FX news wrap: Canada cuts and starts QE – forexlive

Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation – cnbc
Global oil refiners shut down as coronavirus destroys demand – Reuters
9 things to know about the COVID-19 stimulus bills – FIDELITY

Stocks Tumble After Fed Announces It Will Reduce Daily Treasury Purchases From $75BN to $60BN Per Day – Zerohedge

Fitch Rtgs: Cumulative 20/21 US Loan, HY Default Rates Near 15% on Coronavirus – fitch

BlackRock’s Fink Says Now Is the Time to Get Back Into Equities – Bloomberg
Bank of Canada: Key interest rate cut to lowest level – ctv news
Coronavirus leads to another Bank of Canada rate cut of 50 bps, launches quantitative easing program – yahoofinance
U.K. government unveils package to pay self-employed 80% of income, but the money won’t be available until June – Marketwatch

Dollar climbs down as panic subsides, on course for biggest loss in decade – Reuters

GLOBAL MARKETS-Asia stocks rise on bets of more stimulus as dollar rally fades – Reuters
Europe’s fiscal response to coronavirus: “Whatever it takes” – schroders
China Jan-Feb industrial profit plunged – Marketwatch
India’s central bank unexpectedly cuts rates – Marketwatch
Weekly FundFlows Insight Report: Investors Continue to Take Money out of Play in Record Numbers – lipper

 

 

Thursday 03/26

Business live – guardian

G20 leaders to inject $5 trillion into global economy in fight against coronavirus – Reuters
EU leaders agree on more time to decide coronavirus economic rescue – Reuters

USA now has more coronavirus cases than either China or Italy – cnbc
The Dow’s 21% surge in 3 days puts it back in a bull market — here’s why the coronavirus crisis makes it feel utterly bearish – Marketwatch
Bezos And Other Corporate Execs Sold Billions In Stock Before COVID-19 Rocked Market – Zerohedge
Federal Reserve’s Balance Sheet Tops $5 Trillion for First Time – Bloomberg
Virus leaves all landlords under same leaky roof – Reuters
Coronavirus puts over 1 billion people in India on 21-day lockdown to combat spread – cnbc
US Vehicle Sales Volumes Are Down 50%-75% In March – Zerohedge
U.S. weekly jobless claims surge to record 3.28 million – Reuters
Coronavirus job losses hit these states the hardest, according to record unemployment claims – yahoofinance
A Record 3.3 Million Americans Just Filed For Unemployment Benefits – Zerohedge
The “Fallen Angel” Avalanche Arrives: S&P Downgrading Companies At Fastest Pace On Record – Zerohedge
Italian, Greek, Spanish Bonds Soar After ECB Starts Buying Under Emergency Program – Zerohedge

Trade bellwether Singapore signals deep recession for world as virus batters economy – Reuters

ECB will not apply issuer limit in new crisis fighting QE – Reuters
ECB shakes off limits on new €750bn bond-buying plan – irishtimes
Newly jobless Americans worry about making ends meet – Reuters
GLOBAL MARKETS-Stocks run out of steam on U.S. job jitters, yen gains – Reuters

Feeling caged? Japanese swing back to restaurants and shops – asianikkei

 

Wednesday 03/25

Business Live – guardian
Prince Charles Tests Positive For COVID-19, Deaths In Spain Soar, Pass China After Largest Daily Jump: Live Updates – Zerohedge

Bernie Sanders threatens to hold up coronavirus bill after 4 GOP senators push to cut unemployment aid – cnbc
The new wartime economy in the era of coronavirus – ft

The 1% More Report

Stocks Roar, Dow Up 1,000 After More Clarity Emerges On Buyback Ban – Zerohedge

47,000 Stores Shutter Across The US As Virtually All Retailers Stop Paying Rent – Zerohedge
China’s central bank in talks to cut rate banks pay to savers – ft
Japan’s QE On Verge Of Failure As Nobody Wants To Sell To The BOJ – Zerohedge
Negative rates come to the US: 1-month and 3-month Treasury bill yields are now negative – cnbc
February Durable Goods Orders Jumped Ahead Of Global Coronageddon, Thanks To War-Spending – Zerohedge
CME Urged To Change Physical Gold Delivery Rules Amid Market “Breakdown” – Zerohedge
EU tells banks to be flexible over loan losses rule in epidemic – Reuters
ABN Amro Abandons 106 Year Physical Gold Business, Clients Forced To Sell – Zerohedge
Former Fed Chairman Ben Bernanke sees ‘very sharp’ recession, followed by ‘fairly quick’ rebound – cnbc
Layoffs and food lines: How the pandemic slams the poorest U.S. workers – Reuters
ECB’s Lagarde asked euro zone ministers to consider one-off ‘coronabonds’ issue – officials – Reuters
German business morale slumps to lowest since 2009 – Ifo – Reuters
German economy could shrink by 5-20% this year – Ifo economist – Reuters
German minister: We must prevent sale or break-up of our key firms – Reuters
GLOBAL MARKETS-Stocks rebound passes 10% after $2 trln U.S. stimulus boost – Reuters
The US is preparing $2 trillion to stimulate its economy. Will it be enough? –  qz
Covid Perpetual Eurobonds: Jointly guaranteed and supported by the ECB – vox

 

 

Tuesday 03/24

Global recession looms as services firms and factories slump – business live – guardian
Harvard President Tests Positive For COVID-19: Live Updates – Zerohedge

Back-of-the-Envelope Estimates of Next Quarter’s Unemployment Rate – stlouisfed
U.S. lawmakers nearing deal for massive aviation sector bailout: sources – Reuters
Dow ends over 11% higher as lawmakers near stimulus agreement – Marketwatch

Jobless Claims Near 1 Million in Canada, Crushing Weekly Record – Bloomberg

$14 Billion Commodity Broker Facing Crushing Margin Calls After Mortgage Hedges Go Wrong – Zerohedge
Italy coronavirus deaths rise by 743 in a day, lifting total death toll to 6,820 – Reuters
Richmond Fed Business Survey Shockingly Rises… Here’s Why – Zerohedge
What’s Driving Dollar Higher Today? – bk
Spain to guarantee up to 80% of SME bank lending to ease coronavirus impact – Reuters
US Services Economy Collapses At Record Pace, Signal 5% GDP Plunge – Zerohedge
Norway’s unemployment rate soars to above 10% due to coronavirus, highest since 1930s – Reuters
UK manufacturers’ most pessimistic since financial crisis: CBI – Reuters
Flash UK PMI signals record slump in business activity as coronavirus hits – markit

Euro zone business activity collapses in March as coronavirus spreads – cnbc

G20 leaders to speak on Thursday about coronavirus -sources – Reuters
Rabobank: Many Are Questioning The Point Of Having A Market If The Fed Is Backstopping Everything – Zerohedge
Japan’s GPIF to raise ratio of foreign bonds in portfolio – asianikkei
As Default Risk Soars, GM Draws Down $16 Billion From Credit Lines, Suspends Guidance – Zerohedge
South Korea doubles coronavirus rescue package to $80 billion – Reuters
Nikkei gains most since 2016 on hopes for BOJ buying; SoftBank Group jumps – Reuters
Australia c.bank pumps in liquidity, buys bonds as deep recession looms – Reuters
Australia’s pensions industry in urgent talks on coronavirus crisis changes – Reuters
Banks borrow record $89.3 bln from BOJ’s dollar funding operations on Tuesday – Reuters
Japan’s March services, factory activity slumps as coronavirus damage widens -flash PMI – Reuters

 

 

 

Monday 03/23

Federal Reserve launches ‘unlimited QE’, but Wall Street slides – business live – guardian
Fed Watch: Unlimited QE – NORDEA
Breakingviews – Corona Capital: Netflix, Nigeria, Oxy – Reuters
Rates Week Ahead: More volatility, more easing – ing

“Widespread Panic” Hits Commercial Property Markets: Deals Implode, Renters Disappear, Businesses Shut Down – Zerohedge
Citi-Led Group Stuck With Billions of Debt as MGM Offering Fails – Βloomberg
Some U.S. wealth advisers tell clients to stay put as markets fall- Reuters
Potential wave of mortgage delinquencies could bankrupt the payment system – cnbc

Fed alone can’t stop coronavirus selloff, investors say, as stocks tumble again – Reuters

Coronavirus: Impact on stock prices and growth expectations – vox

Boeing Shares Halted: Suspends Production In Puget Sound – Zerohedge
2007 Redux – Mortgage Fund Considers Asset-Sale After “High Number Of Margin Calls” – Zerohedge
New Fed Money Fails to Hurt Dollar and Help Stocks – bk
New Fed Money Fails To Hurt U.S. Dollar And Help Stocks – investing
The Fed’s ‘Shock And Awe’ Part II: Open-Ended QE, Corporate Bond Buying, Credit ETF Purchases And More – heisenbergreport
The Federal Reserve just pledged asset purchases with no limit to support markets – cnbc
Buyback Backlash Begins: Fed Will Limit Buybacks & Dividends For Companies Using Its Credit Facility – Zerohedge
The next big test for markets – a wave of negative EPS revisions – ftserussell
The Fed Is Now Buying Investment Grade Bond ETFs Like LQD – Zerohedge
In Unprecedented Move, Fed Unveils Open-Ended QE Including Corporate Bonds – Zerohedge
Federal Reserve announces extensive new measures to support the economy – fed
Goldman Sachs expects global real GDP to contract by about 1% this year – forexlive
IMF sees pandemic causing global recession in 2020, recovery in 2021 – theglobeandmail
Statement of EU ministers of finance on the Stability and Growth Pact in light of the COVID-19 crisis – europa
Welcome To Sweatshop Amerika! – The Next Bailout Will Be Our Last – Zerohedge
San Francisco Pension Fund Calls on Companies to Lend Coronavirus Support- wsj
Blain: This Crisis Isn’t About The Wuhan Flu… It’s Much More – Zerohedge
Unprecedented Intervention: The Fed Will Purchase $125 Billion In Securities Every Day – Zerohedge
Coronavirus stimulus bill fails in key Senate procedural vote – cnbc
FX weekly: There will be a crisis and new instruments will be created – NORDEA
The Great Leverage Unwind – guggenheim
Senate Republicans’ corporate rescue looks more like a “slush fund,” say Democrats – quartz
Morgan Stanley Joins Goldman, JPM In Predicting A Depressionary Crash; Expects Q2 GDP To Plunge 30% – Zerohedge
Breaking down this sell-off, among the most extreme and rare Wall Street has ever seen – cnbc
Deutsche Bank: Helicopter Money Will Be “Disastrous” And Will Lead To Hyperinflation, “Buy Gold” – Zerohedge
Philippines central bank pledges to buy government securities – ing
Denmark’s Idea Could Help the World Avoid a Great Depression – theatlantic