TOP MARKETS NEWS: Week 03/16 – 03/22

Weekend 03/21 & 03/22

Italy Goes Full “Wuhan”, Orders Most Restrictive Lockdown Yet, As Global Case Total Passes 300k: Live Updates – Zerohedge
A “Major Disaster”: Army Deploys In New York State, Italy Confirms Record 800 Deaths In A Single Day: Live Updates – Zerohedge

U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says – Bloomberg
RBNZ announces quantitative easing – fxstreet
Coronavirus Hits Already Frail U.S. Farm Economy – wsj
Kiwi QE: New Zealand Launches Emergency Quantitative Easing – Zerohedge
RBNZ to implement $30bn Large Scale Asset Purchase Programme of NZ Govt Bonds – rbnz
Fed’s Bullard: Coronavirus shutdown not a recession but an investment in survival – Reuters
U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says – Bloomberg

Mnuchin: Fed To Make $4 Trillion In Business Loans, Send $3,000 Checks To Family Of Four  – Zerohedge

Stocks can return to records early next year if the US can curb coronavirus spread, says JPMorgan – cnbc
Morgan Stanley Sees U.S. Economy Plunging 30% in Second Quarter – Bloomberg
“Rolling Natural Disaster” – COVID-19 Supply Chain Shock Could Trigger Global Depression – Zerohedg
Exclusive: Goldman props own money-market funds with $1 billion after heavy withdrawals  – Reuters
A Revolving Panic: Here Are The Companies That Have Fully Drawn Down Credit Lines This Week – Zerohedge
“Unprecedented” Global Policy Easing Has Failed To Curtail Credit Carnage – Zerohedge
“10% Of GDP”: US Coronavirus Stimulus Package To Total $2 Trillion – Zerohedge
Confirmed: Fed Bailed Out Hedge Funds Facing Basis Trade Disaster  – Zerohedge
Panic buying, lockdowns may drive world food inflation: FAO, analysts – Reuters
Germany considering 350 billion euros in new debt to counter crisis: sources – Reuters
China Auto Sales Continue Collapse, Plunging 50% And 44% In First And Second Week Of March, Respectively – Zerohedge
Boeing Suspends Buybacks And Dividends; CEO Will Work For Free Until End Of The Year – Zerohedge
Intel reports going back to January warned of coronavirus threat – thehill
Best Week for Dollar Since 2008 – Will Rally Last? – bk


Friday 03/20

Business Live – guardian
Coronavirus live updates: Facing ‘worst crisis since 1929,’ JPMorgan giving some $1,000 bonus – cnbc
Cuomo Orders “100%” Of New Yorkers To Stay Home, Italy Confirms Another 600 Deaths As ‘Martial Law’ Declared: Live Updates – Zerohedge

Stocks Suffer Worst Week Since Lehman Despite Biggest Fed Bailout Ever – Zerohedge
23 million American jobs in immediate danger from the coronavirus crisis – Marketwatch
14 Million Americans Have Been Laid Off So Far Due To COVID-19 – Zerohedge
Blain: Why “We’re Still Only In The First Phase” Of This Chaos – Zerohedge
The Crash Of 2020 Is Now Worse Than The Great Depression – Zerohedge

What the Fed Could Do Next to Try to Prevent an Economic Unraveling – nyt
“The Number Is Off The Charts” – Record Outflows From Everything, Record Inflows Into Cash – Zerohedge
Distressed Debt In The US Doubles In 2 Weeks To $500BN As BofA Expects Surge In Defaults – Zerohedge
Second Great Depression Begins? Goldman Now Expects A Record 24% Crash In Q2 GDP; Sees 9% Unemployment – Zerohedge
Fed Expands Bailout Facility To Muni Bonds After Market Meltdown – Zerohedge
Federal Reserve Board expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets – fed
Central Banks Make Coordinated Move to Enhance Swap Lines – Bloomberg
The coronavirus fiscal response should be as big as needed—but current forecasts indicate at least $2.1 trillion is needed through 2020 – epi
Romania and quantitative easing, who would’ve thought… – ing
Italy GDP to fall 8% in first quarter as coronavirus crackdown bites – thinktank – Reuters

Norway’s central bank cuts rates again to curb virus hit – Reuters
Australia central bank buys $2.9 billion of bonds in first round of unlimited QE – Reuters
Coronavirus prediction: Australian economic growth to be worst since Great Depression – australian
The Impact of the ECB’s Coronavirus Rescue Fund and BoE Rate Cut on European Bonds – templeton



Thursday 03/19

Cash is king as emergency stimulus fails to stop market panic – Reuters

Every state will lose jobs as a result of the coronavirus – epi
Is money printing positive for currencies? Lessons from Lagarde’s largesse, Bailey’s bailout – fxstreet
BofA Says “The Bond Market Is Broken” And Only Fed Buying Bonds Can Fix It – Zerohedge
McConnell Plan to Give $1,200 to Individuals, $2,400 to Couples – Bloomberg

Economist: “It’s A Mistake To Think Business Conditions Will Quickly Return To Normal Levels” – Zerohedge
Oil Soars 24% In Biggest One-Day Surge On Record – Zerohedge
Rabobank: “We Warned The Dollar Would Go Up, Up, Up – And Then Up. Well… Here We Are”  – Zerohedge
The Staggering Rise in Jobless Claims This Week – nyt
Jobless Claims Explode Higher As Virus-Impact Begins To Hit Main Street – Zerohedge
China Hits a Coronavirus Milestone: No New Local Infections – nyt
The full statement from the Bank of England emergency action – forexlive
BOE cuts rates, adds £200 billion in QE, GBP/USD holds the highs – fxstreet
Bank of England Joins Panic Parade With Emergency Rate Cut To 0.1%, Boosts QE By £200  – Zerohedge
The Next Coronavirus Financial Crisis: Record Piles of Risky Corporate Debt – wsj

Ford Suspends Dividend, Draws-Down $15bn Credit Line Fully, Withdraws Guidance – Zerohedge
Fed Expands Dollar Swap Lines With Nine More Central Banks Amid Unprecedented Dollar Short Squeeze – Zerohedge
Fed Boosts Daily QE By 66% Overnight To Record $75 Billion In One Day – Zerohedge
ECB debuts €750bn package to support Europe through coronavirus – yahoofinance
Airline industry may not survive without state aid – Lufthansa – Reuters
Philly Fed Crashes By Most On Record To 9 Year Lows – Zerohedge
Emerging Markets Are in the Fastest Collapse in a Generation – Βloomberg
“The ‘D’ Word”: El-Erian Warns ‘Twin Deleveraging’ Could Spark A Global Depression – Zerohedge
Germany: Ifo plunges in March – ing
The Global Repricing Of Assets Can’t Be Stopped – Zerohedge
Blain: “A Global Reset Is Coming” – Zerohedge
German Ifo business climate index falls by most since 1991 – Marketwatch
German manufacturing expectations record fastest-ever plunge – Reuters
RBA Joins Coordinated Liquidity Boost With Yield Curve Control – Zerohedge
‘Whatever is necessary’: Australia dives into QE to save economy – Reuters

Credit markets flash red as coronavirus hits corporate America – Reuters
Dollar steamrolls all in its path in dash for cash – Reuters
U.S. Fed moves to ensure liquidity in money market mutual funds – Reuters
S.Korea to conduct outright purchase of $1.2 bln t-bond – Reuters
ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) – europa



Wednesday 03/18

Markets slide despite government stimulus pledges to fight Covid-19 recession – business live – guardian

Markets tumble as scale of stimulus programs numbs investors – Reuters
Is the Coronavirus Crash Worse Than the 2008 Financial Crisis? – fp
Gundlach: Recession Probability is 80% to 90% – advisorperspectives
US Restaurant Association Projects Up To 7 Million Jobs Lost Over 3 Months – Zerohedge

JP Morgan slashes forecast for U.S. GDP, sees 14% Q2 drop – fp

Bridgewater funds sink lower amid coronavirus woes -nyp
US: All hands to the pump – ing
Coronavirus response: Trump administration wants to send $500 billion in payments to Americans in two rounds – cnbc
S&P 500 earnings expected to decline 0.2% in first quarter from year earlier – Reuters
Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low – cnbc

Bank of England offers unlimited QE for large company financing – ft

11 pandemics that changed the course of human history, from the Black Death to HIV/AIDS — to coronavirus – businessinsider
Goldman’s Three Reasons Why The Dollar Is Soaring – Zerohedge
Global Equities Tumble on Fears Governments Will Need More Stimulus to Battle Coronavirus Effects – Marketwatch

FX Daily: Lack of a quick fix keeps risk pressured – ing
Global airline industry needs aid of up to US$200 billion to survive coronavirus pandemic, says IATA – scmp
Japan’s exports fall, imports from China slump as virus impact widens – Reuters



Tuesday 03/17

Markets slide again as economic costs of Covid-19 crisis mount – business live – guardian
Stock market live updates: White House and Fed boost stocks, Dow up 1,000, Oil drops 6% – cnbc

The virus is an economic emergency too – ft
The projection that changed Britain’s coronavirus policy – Reuters
Here’s why even emerging markets are joining the QE party – Marketwatch
March U.S. Fund Flows–An Exodus From Bonds, but Only a Moderate Reaction So Far in Stocks – morningstar
Von der Leyen hopes for vaccine by ‘autumn,’ defying expert predictions – politico
Utilites sector having best day since financial crisis as recession fears rise – Marketwartch
33 Million Jobs Lost: Mnuchin Tells Congress That Without Bailiouts, Depression Era Unemployment Awaits – Zerohedge
How ugly could it get? Trump faces echoes of 1929 in coronavirus crisis. – politico
Credit markets signal the US risks heading towards a financial crisis – cnbc
Trump And Mnuchin Discussing $1.2 Trillion Package To Fund Stimulus Checks; Delayed IRS Payments – Zerohedge

After Slow Response to Outbreak – nyt

US coronavirus cases surpass 5,000, up fivefold from a week ago – cnbc
Market crash brings back 2008 memories, cash is king: BofA – Reuters
Poland introduces first QE programme – ing
Chinese Banks Face an Unprecedented Drop in Profit, UBS Says – Blomberg
Goldman: “The World Is In A Recession” – Zerohedge
The Lehman Playbook Is Here: Fed Announces Bailout Of Commercial Paper Market – Here’s The Bad News – Zerohedge
The Fed resurrects a financial crisis-era stimulus measure to help US companies weather the coronavirus crunch – businessinsider

The Federal Reserve Is Buying Short-Term Corporate Debt. It’s Boosting Stocks – barrons

Fed announces move to help businesses get short-term funding in commercial paper market – cnbc
EUR Rates Flash – nordea
Has Anyone Told The ECB Yet It’s Bankrupt? – Zerohedge
Fed unleashes commercial paper funding to support non-bank companies – yahoofinance
Zoltan Stares Into The Abyss: Here Is What The Fed Must Do Right Now To Avoid Global Devastation – Zerohedge
Congress Must Pass $2 Trillion TARP Or Face Global Depression: Minerd – Zerohedge
Bridgewater Makes $14 Billion Short Against European Stocks – Bloomberg
Fed Again Announces Extra $500BN Repo To Stabilize Funding Markets – Zerohedge
US Retail Sales Tumble In February – Zerohedge
Here Come The Mass Layoffs: New York Unemployment Site Goes Down After “Tens Of Thousands” Lose Their Jobs – Zerohedge

Coronavirus puts German economy on ‘red alert’ – Reuters
Hong Kong’s Dec-Feb unemployment rises to 3.7%, highest in more than 9 years – Reuters
‘D’ word rears head as coronavirus-hit markets brace for recession – Reuters
Latest on the spread of coronavirus around the world – Reuters



Monday 03/16

Global recession fears drive markets down again despite Fed rate cut – business live – guardian
Stock market live updates: Stocks tank 10%, trading halted at one point, Dow off 30% from record – cnbc
Coronavirus Live Updates: Fed Slashes Rates to Near-Zero, More States Take Strict Measures and Italian Deaths Jump – nyt

Wall Street’s ‘fear index’ surges to highest level in history as Dow plunges 3,000 points amid growing coronavirus panic – Marketwatch
Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since ’87 – cnbc
S&P 500 Posts Three 9% Swings for First Time Since 1929 – Bloomberg
Wall Street sinks as virus spread escalates worries – Reuters
Dow ends nearly 3,000 lower as investors await U.S. government response after Fed’s historic action fails to bring calm – Marketwatch
The Energy Downgrade Avalanche Begins: Exxon Loses AA+ Rating – Zerohedge
How Much Further Can Markets Fall? Here Is One Bank’s Answer – Zerohedge
Coronavirus is hitting the economy worse than Wall Street thinks, investor Rich Bernstein warns – cnbc
More U.S. producers cut budgets as crude falls below $30 a barrel – Reuters

Millions of Americans could lose their jobs in a coronavirus recession. Many won’t get severance pay – cnbc

Airlines seek emergency aid as coronavirus brings industry to near-halt – Reuters

Wall Street set to crash again after Fed slashes rates – Reuters

Zero rates, and so far – zero impact – Reuters
Philippines Is First Country To Halt Its Market “Until Further Notice” – Ζerohedge
IMF says ready to mobilize its $1 trillion lending capacity to help countries deal with coronavirus pandemic – Marketwatch
Roughly 5 million people in China lost their jobs in the first 2 months of the year – cnbc
COVID-19. By the end of May, most world airlines will be bankrupt – capa
S.Korea cuts rates in first emergency policy move since 2008 – Reuters
Profits & Earnings Suggest This Bear Market Is Far From Over – Ζerohedge
Coronavirus will send EU spiraling into recession in 2020: EU’s Breton – Reuters
Market sell-off after Fed’s Sunday rate cut is ‘totally understandable,’ Scaramucci says – Marketwatch
Coronavirus: China’s economy suffers dramatic collapse in January, February in warning to rest of world – scmp
China’s economy skids as virus immobilizes factory, consumer sectors – Reuters
Australia’s central bank injects $3.6 bln liquidity into banking system – Reuters

JPMorgan, Bank of America, Citigroup and other major banks suspend stock buybacks due to pandemic – cnbc
Goldman cuts U.S. growth forecast for first and second quarter due to coronavirus – Reuters