20Mar2020 Pre-Market Commentary: Wall Street Futures Point To First Back-to-back Positive Gains Since Virus Crisis Escalated, DOW Up 319 Points, WTI Steady At 25.50

Here is the current market situation from CNN Money

European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 5.19% while Germany’s DAX is up 3.85% and London’s FTSE 100 is up 1.87%.

Truckmaker Volvo to put all 20,000 Swedish staff on temporary lay off-scheme

Truckmaker AB Volvo said on Friday it would put all its 20,000 staff in Sweden on short-term temporary lay off-scheme starting next week as it plans to close it’s whole production system in the country.

‘Strings attached’: Governments offer financial lifelines to airlines, at a price

Shattered airlines were left counting the cost of government support as countries from the United States to New Zealand set out conditions for bailouts needed to absorb the shock of the coronavirus pandemic.

Coronavirus deaths in Italy overtake China as economic damage mounts

The world’s richest nations poured unprecedented aid into the global economy on Thursday as coronavirus cases ballooned in the new epicentre Europe, with the number of deaths in Italy outstripping those in mainland China, where the virus originated.

Crowds form at Olympic torch event in Japan despite coronavirus caution

An Olympic torch event in Japan drew hundreds of spectators on the day of the flame’s arrival on Friday, creating the type of packed gathering the government and Tokyo 2020 organisers have warned against to prevent coronavirus from spreading further.

Finnish health boss questions WHO coronavirus testing advice

Finland’s national health authority questioned on Friday the World Health Organization’s call on countries to test as many patients as possible for coronavirus, after the country ran out of testing capacity this week.

Muslims in Indonesia divided over Friday prayers amid coronavirus fears

While many Muslims in Indonesia’s capital accepted advice to avoid religious gatherings and prayed at home on Friday elsewhere in the world’s most populous Muslim country, people ignored the risk of coronavirus and crowded into their mosques.

Come back to fight coronavirus, UK begs 65,000 former nurses and doctors

Britain has asked 65,000 former nurses and doctors to return to work and will deploy final-year medical students to fight the coronavirus health crisis, the health ministry said.

Sri Lanka to impose national curfew as South Asia accelerates coronavirus battle

Mosques in Sri Lanka were shut indefinitely from Friday, and the island is set to impose a countrywide curfew over the weekend, as South Asian countries step up efforts to check the spread of COVID-19 cases.

German restaurant chain Vapiano opens insolvency proceedings

German restaurant chain Vapiano SE on Friday said it had opened insolvency proceedings and would apply for government assistance programs to avoid bankruptcy, blaming the corona crisis for a further drop in sales.

Blain: Why “We’re Still Only In The First Phase” Of This Chaos

Blain: Why “We’re Still Only In The First Phase” Of This Chaos

Authored by Bill Blain via MorningPorridge.com,

œHow beauteous mankind is! O brave new world that has such people in it..

This is a very strange world we find ourselves in.Â

There is literally too much to write about in terms of how the Global Financial System is being roiled by the Coronavirus. It feels like everything I’ve ranted about over the last 12 years in the Morning Porridge is coming to roost. Another emergency rate cut. QE infinity plus 1. Oil prices everywhere. Massive corporate failure ” Boeing is a great example: begging a bailout after years of greed and mismanagement, stock buybacks and failing to innovate better product – to the counter-intuitive assets moves we’ve seen in Gold and Government bonds. The credit markets are in lockdown and the bubble is blown on stocks.Â

I’m convinced we are at the beginning of a chaotic reconstruction of markets rather than passing through a simple predictable correction to the current order. If you don’t think so, can I interest you in this basket of junk bonds going chirpy chirpy cheep cheep? (Corporate Bonds are going to really, really hurt. Lots.)

The big shifts in safe haven assets like government bonds and gold getting cheaper illustrate how we’re still in the first phase ” when investors cover losses selling liquid assets. We’d don’t need to overly worry about government bonds: they wi …

There’ll Be “Close To Zero” New Virus Cases By April, Elon Musk Tweets, Says Children Are “Essentially Immune”

There’ll Be “Close To Zero” New Virus Cases By April, Elon Musk Tweets, Says Children Are “Essentially Immune”

Today in news of double standards…

While Zero Hedge remains banned from Twitter for suggesting that a Chinese level-4 biolab experimenting with bat coronavirus (which is 96% genetically identical to COVID-19) – located roughly 900 feet from the Wuhan wet-market widely considered as ‘ground zero’ for the new disease - may have had something to do with the global outbreak the novel coronavirus, Elon Musk has been free to spread as much dangerous misinformation and just general dickishness about the virus as he wants.

Saxo: Have Global Equities Turned A Corner?

Saxo: Have Global Equities Turned A Corner?

Submitted by Peter Garnry, Head of Equity Strategy, Saxo Bank

Summary: European equities are up 17% from yesterday’s lows as risk-on sentiment is coming back as oil is rebounding. We are following EURNOK today as key risk indicators as stronger NOK comes with increasing confidence in liquidity, improved oil price and effects of policy moves. Small caps and companies with weak balance sheets have also responded well in the last 24 hours and the VIX Index is dropping like a stone. Overall, our view is that risk-on sentiment will dominate and that equities likely have turned a corner here in the short-term.

* * *

Yesterday’s news that the US President was hinting of mediating between Russia and Saudi Arabia in the ongoing oil price war had a positive impact on the oil price. The news lifted risk sentiment in the US session which strengthened in the Asian session. Euro STOXX 50 futures are up 17% from yesterday’s lows and up 7% in today’s session. EURNOK is significantly lower as well at 11.92 down from 13.18 yesterday which we believe is a good indicator to watch for risk-on sentiment.

Quad-Witching Craze: Futures Blast Off, Nasdaq Limit Up… But Can It Stick

Quad-Witching Craze: Futures Blast Off, Nasdaq Limit Up… But Can It Stick

After a week of vomit-inducing limit up, limit down market moves, the week is set to end with another rollerocoaster bang, as the notorious gamma-slashing quadruple witching – the expiration of options and futures contacts – coincides with the ongoing market volatility.

Having started off the overnight session on the backfoot, Emini futures then surged on Friday along with stocks and bonds globally in a day of solace for risk parity funds, as investors relished the unprecedented government measures to shield jobs and economies from the accelerating coronavirus pandemic, while the dollar slumped after a record-breaking eight-day rally. U.S. stock index futures firmed over 4%, with Nasdaq futs briefly hitting limit up at the end of another torrid week for financial markets that have been battered by growing evidence of the economic damage from the coronavirus pandemic.

Coronavirus will have a rerun. And this is what will fuel it

Coronavirus will have a rerun. And this is what will fuel itHumans simply aren’t able to sustain a state of high vigilance. They falter.

Maharashtra goes all out to fight virus threat

Maharashtra goes all out to fight virus threat A list of the establishments that would be shut down would soon be released by the government.

Virus raises a unique tax problem in India

Virus raises a unique tax problem in IndiaCorporate execs designated to file returns are unable to access their office ERP systems due to work from home.

Market Snapshot: Dow tries for back-to-back gains as investors watch for further traction on coronavirus stimulus package

U.S. stock indexes were indicated higher Friday, with stocks attempting to register their first back-to-back gains in months as investors weighed the acceleration of the global death toll due to COVID-19 against efforts by governments and central banks to contain the economic impact of the pandemic.

‘Housing is health care’: Some homeowners and renters will get a financial break during the coronavirus pandemic

The Department of Housing and Urban Development, Fannie Mae and Freddie Mac have suspended evictions to curb the financial impact of the COVID-19 pandemic.

Can I still afford to retire? The coronavirus has upended jobs, spurred a market downturn ” what now?

A few questions near-retirees should ask themselves before they leave the workforce