Written by Gary
Oil prices fall, set for biggest weekly drop since 2008, WTI trading at 44.80, DOW down 620 points, top rounding trending back down again (SPY -2.1%). The rapid spread of COVID-19 has triggered the biggest weekly stock market rout since the 2008 financial crisis, wiping $6 trillion off global equities.
Here is the current market situation from CNN Money | |
North and South American markets are sharply lower today with shares in Mexico off the most. The IPC is down 3.10% while U.S.’s S&P 500 is off 1.54% and Brazil’s Bovespa is lower by 1.43%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Fed’s Bullard: U.S. rate cuts ‘a possibility’ if coronavirus intensifies, not base caseFederal Reserve rate cuts are “a possibility” if the coronavirus outbreak intensifies into a global pandemic, St. Louis Fed president James Bullard said Friday, while adding that market pricing for a rate cut will not force the central bank’s hand. | |
Oil prices fall, set for biggest weekly drop since 2008Oil prices slumped on Friday to their lowest in more than a year, set for their steepest weekly fall since 2008 as the global spread of the coronavirus stokes demand fears. | |
Madoff customer payout nears $14 billion, as dying swindler seeks freedomBernard Madoff’s former customers will soon see their total recovery approach $14 billion, a court-appointed trustee said on Friday, as the dying swindler awaits a decision on whether the U.S. government will support his request to leave prison early. | |
Swiss anti-viral ban on large events hits Geneva car show head-onSwitzerland on Friday banned large events expected to draw more than 1,000 people in a drive to curb the new coronavirus epidemic, prompting cancellation of the Geneva car show and grumbling from businesses watching demand vanish. | |
Take Five: The virus data fogWe’ll soon get the first proper glimpse at the economic damage the coronavirus is inflicting. China’s official Purchasing Managers’ Index is due on Saturday, and is expected to show the sharpest manufacturing contraction since the 2008 global financial crisis. | |
Axing of Geneva car show forces manufacturers to rethink car launchesCarmakers were scrambling to reorganise press conferences and vehicle presentations after Swiss authorities forced the cancellation of the Geneva car show on Friday in an effort to contain the coronavirus. | |
Going viral: Six charts and the $6 trillion lossThe rapid worldwide spread of coronavirus and the economic implications of the outbreak have triggered the biggest weekly stock market rout since the 2008 financial crisis, wiping $6 trillion off global equities. | |
Lion Air puts $500 million IPO on hold as global equity markets tumble: sourcesIndonesia’s Lion Air has deferred plans for an initial public offering (IPO) due to a sharp fall in global stock markets, people close to the matter said on Friday, as the spreading coronavirus sparks worries of a global pandemic. | |
Ex-Barclays bankers cleared over 2008 Qatar fees in blow to UK fraud officeThree former Barclays executives were unanimously acquitted on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar in return for rescue financing during the credit crisis. | |
The Entire Treasury Yield Curve Is ‘Inverted’The Entire Treasury Yield Curve Is ‘Inverted’ The market is now demanding almost 4 rate-cuts this year – a stunning example of the desperation for monetary policy mavens to save the world through easy money… and maintain the ‘buy the dip’ strategy that a generation of money managers has become conditioned to. | |
WHO Raises Global Alert Rating To “Very High” From “High” As Kudlow Insists Coronavirus “Won’t Have Much Of An Impact” On US Economy: Live UpdatesWHO Raises Global Alert Rating To “Very High” From “High” As Kudlow Insists Coronavirus “Won’t Have Much Of An Impact” On US Economy: Live Updates Summary: British man becomes 6th ‘Diamond Princess’ passenger to die Two Japanese dogs tested positive for coronavirus Mulvaney says school closures, transit disruptions may happen in US Dr. Tedros said Friday that there’s no evidence of ‘community outbreak’ Mexico confirms 1st virus case Fauci warns virus could take ‘two years’ to develop Kudlow says “no higher priority” than the “health of the American people Toronto confirms another case WHO says 20 vaccines in development St. Louis Fed’s Bullard pours cold water on market hopes Netherlands confirms 2 more United cuts flights to Japan Advisor to CDC says shortage of tests in US creating a “bottleneck” Nigeria confirms first case in sub-saharan africa SK reports more than 1,000 new cases in under 48 hours Italy cases surpass 700 WHO says virus will ‘soon be in all countries’ * * * Update (1145ET): Reports are claiming a vote on the emergency spending bill to combat the virus could come as soon as next week, which is earlier than the week of March 9, as was previously reported. * * * Update (1130ET): The People’s Daily reports that Beijing is tightening its “entrant management” – which we believe means it’s once again restricting who can and cannot enter the city – as the government continues to implement measures to suppress outbreaks even as … | |
A Big Coronavirus Mystery: Where Are The Children?A Big Coronavirus Mystery: Where Are The Children? Authored by Alvin Powell via The Harvard Gazette, As coronavirus cases continue to spread around the world, American officials acknowledged this week that cases of COVID-19, the illness caused by the virus, are likely to become much more widespread across the nation. That announcement comes amid a rush of developments surrounding the outbreak, including: reports of a potential vaccine, a shift in the majority of new cases to nations outside of China for the first time, the emergence of cases in California and Germany with no obvious source of transmission, the monthlong closure of Japanese schools, and the continued decline in global financial markets over economic downturn fears. Public health officials, however, have expressed cautious optimism over evidence that China’s drastic control measures, such as strict travel restrictions, lockdown of some cities, and the closure of factories, businesses, and schools, seem to have been effective. | |
Iran’s Clerics “Put World At Risk” – Urging Pilgrims To Visit Qom Shrine, Outbreak Epicenter, As “House For Cure”Iran’s Clerics “Put World At Risk” – Urging Pilgrims To Visit Qom Shrine, Outbreak Epicenter, As “House For Cure” Already sanctions-wracked Iran now has the worst coronavirus outbreak in the Middle East. The official death toll has climbed to 26, with 240 confirmed cases (with thousands still being tested); however, the true numbers are believed much, much higher – also given at least seven government leaders have been infected, including the vice president and a former ambassador to the Vatican and Egypt, Hadi Khosroshahi, who died of the illness, as well as Deputy Health Minister Iraj Harirchi. Media reports suggest the true number of infected could now be closer to 20,000. And yet in the latest speech by President Hassan Rouhani, he vowed not to quarantine any cities, and ranted against the virus becoming “a weapon at the hands of our enemies,” as part of “propaganda” against the Islamic Republic. However, Friday prayers have been ordered canceled by Tehran authorities in 23 cities across the country, including Qom, and schools remain closed until at least next week, but the … | |
Coronavirus scare threatens to chill frenzy for SBI Card IPOCoronavirus scare threatens to chill frenzy for SBI Card IPOSmall investors in the primary market are worried if the rout can hurt the prospects of the IPO. | |
Q3 GDP at 4.7%, with virus impact to comeQ3 GDP at 4.7%, with virus impact to comeThe GDP growth was below a revised – and greatly increased – 5.1% growth rate for the previous quarter. | |
For India, coronavirus could be catastrophicFor India, coronavirus could be catastrophicWHO has warned that new cases are appearing faster outside China than those within the country. | |
21 February 2020 ECRI’s WLI Growth Rate Again DeclinesWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward declined again but remains in expansion. ECRI also released their coincident and lagging indices this week. | |
The Tell: How far is the coronavirus-fueled stock slump from entering a bear market?U.S. stocks fell from record territory into a correction at the fastest pace on record as fears around the global spread of COVID-19 rocked financial markets. Here’s how much further major benchmarks would need to drop to enter a bear market. | |
Commodities Corner: Coronavirus and Russia pose the biggest challenges for OPEC+ efforts to lift oil pricesThe spread of the coronavirus epidemic from China poses a unique challenge for the Organization of the Petroleum Exporting Countries and their allies, as the major oil producers prepare for talks aimed at supporting prices and balancing global supply and demand. | |
Market Extra: How bad is the coronavirus-sparked stock-market selloff? ” the Dow’s weekly skid is shaping up to be its 5th worst in its 124-year historyThe depth of the slide for stocks this week can perhaps best be illustrated by the severity of the skid for the 124-year-old Dow Jones Industrial Average. |
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