20Mar2020 Market Close: Wall Street Started The Session On A High Note, But Deteriorated From There, The DOW Closed Down 913, WTI Settled At 23.56, US Dollar Fractionally Higher At 102.76

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.

Stretched British supermarkets step-up hiring to ride out health crisis

With food flying off the shelves as fast as exhausted shop assistants can replenish them, British supermarkets have stepped up their hiring to see them through the coronavirus crisis.

Spain to treat thousands of coronavirus patients in conference hall as toll tops 1,000

Spanish authorities said on Friday they would turn a Madrid conference center into a giant makeshift military hospital for thousands of coronavirus patients, as Europe’s second-worst outbreak claimed another 235 lives.

Lyft offers drivers to sign up for delivery services, founders donate salaries during coronavirus

Lyft Inc on Friday told drivers they could sign up for delivery services for healthcare, government services and groceries as ride-hailing demand plummeted during the rapid spread of coronavirus in the United States.

Uber suspends taxi service in Saudi Arabia until further notice: statement

Uber Taxi suspended its operations in Saudi Arabia until further notice due to measures announced by interior ministry, a company statement said on Friday.

Bank of America adds 1,700 support staff in March

Bank of America Corp’s consumer bank has hired 1,700 people in critical support roles so far this month, a spokesman said on Friday, as the industry faces a surge in customer service demand due to coronavirus concerns.

Coronavirus leaves 300,000 EU citizens stranded abroad – Borrell

As many as 300,000 European Union citizens are seeking repatriation due to the coronavirus outbreak, with Latin America and Southeast Asia two regions from where it is proving tough to get people home, the EU’s top diplomat said on Friday.

Coronavirus death toll in England rises to 167

A further 39 people have died in England after testing positive for the coronavirus, bringing the total number of confirmed deaths in the country to 167, the National Health Service said on Friday.

Steep capacity cut leaves airlines with overhedged jet fuel headache

The collapse in global passenger flights has left airlines with fresh challenges: how to manage overhedged jet fuel positions as oil prices crashed to just a third of some contracts agreed in anticipation of rising prices and solid air travel demand.

Stocks Suffer Worst Week Since Lehman Despite Biggest Fed Bailout Ever

Stocks Suffer Worst Week Since Lehman Despite Biggest Fed Bailout Ever

This has been the sharpest market selloff in history…

The Crash Of 2020 Is Now Worse Than The Great Depression

The Crash Of 2020 Is Now Worse Than The Great Depression

Back in December, someone in China made bat soup (at least according to the officially accepted narrative that doesn’t get you banned on Facebook, Twitter, etc), and the rest is history: in the next three months, the global equity market has lost $24 trillion in value, more than the $22 trillion in US GDP. And here is a staggering chart from BofA putting the crash of 2020 in its historic context: in the past month, the US stock market has crashed faster than both the Great Depression and Black Monday, and in terms of the total drawdown, the crash of 2020 is now worse than 1929 and is fast approaching 1987.

Congressman Demands Beijing Pay Reparations For Unleashing The Coronavirus On The US

Congressman Demands Beijing Pay Reparations For Unleashing The Coronavirus On The US

With more Republican Senators pointing out the dangers of relying on China-focused supply chains for critical products like medications, others are warning that the US government must hold Beijing accountable for failing to suppress the outbreak before it became a global pandemic.

Building on President Trump’s vexing insistence of referring to COVID-19 as a “Chinese virus” in an effort to subtly push back against Chinese propaganda seeking to blame the US for the outbreak.

Liberals sometimes seem like lose the ability to think logically once an accusation of ‘racism’ has made. But in this case, Beijing almost seems like it’s trying to literally edit history. Given the circumstances, we think Trump is justified in wheedling China, not to say that there aren’t other factors to consider.

For example, Beijing possesses a certain capacity to wreak havoc in the US. As we’ve discussed, they could retaliate by dumping Treasurys and/or disrupting supply chains. They could send Elon Musk and Tesla packing, just like how they almost booted FedEx during the Huawei showdown. There are many other options.

Regardless, Beijing’s attempts to push its twisted narrative are growing increasingly brazen, as the following video, aired on Chinese state-run television, shows:

Central China TV
œExpert : œThe US pushed out the vaccine so quickly, that only means they have been working on it way before the pandemic.
Host: œSo we can conclude that the US had this virus in their possession long ago

A Revolving Panic: Here Are The Companies That Have Fully Drawn Down Credit Lines This Week

A Revolving Panic: Here Are The Companies That Have Fully Drawn Down Credit Lines This Week

In the aftermath of the great Commercial Paper panic of 2020, which erupted over the past two weeks when initially the Fed failed to launch a Commercial Paper backstop facility, something it did with a two day delay on Tuesday, countless blue chip (and less than clue chip) companies found themselves with gaping liquidity shortfalls, and to bridge their funding needs, they rushed to draw on their existing credit facilities (also a hedge in case the banking system imposes a lending moratorium similar to what happened in the 2008 crash).

As a result, corporate borrowers worldwide, including Boeing, Hilton, Wynn, Kraft Heinz and dozens more, drew about $60 billion from revolving credit facilities this week in a frantic dash for cash as liquidity tightens.

On Wednesday alone, another seven more companies – CEC Entertainment, Metropolitan Transportation Authority, Diamondrock Hospitality, Tailored Brands, J Jill, Boyd Gaming, and National Vision – announced intentions to draw down credit lines.

As of Friday morning, the week recorded $58BN of drawdowns, more than a five-fold jump from the $11BN for the whole of the previous week, according to Bloomberg data. The total drawdown would bring the utilization ratio above 24%, double from the 12% as of 4Q19 for US Investment Grade companies.

Thursday alone saw $21BN of facilities drawn, just short of the $21.3BN recorded on Tuesday, with Ford ($15.4BN), Kohl’s ($1BN), TJX ($1BN) and Ross Stores leading the revolving charge.

World’s Covid-19 fight comes at a very heavy economic price

World’s Covid-19 fight comes at a very heavy economic priceSuccess in containing the virus comes at the price of slowing economic activity, the IMF said in a blog.

Stock brokers allowed to work from home

Stock brokers allowed to work from homeThe arrangement will continue till April 30 or longer if the situation demands.

How to make India ready for covid-like crises

How to make India ready for covid-like crisesIndia must combine its infectious diseases data-mining prowess with advanced medical technologies.

Market Snapshot: Dow sinks 600 points in turbulent Friday trade as investors watch for further coronavirus stimulus plan

U.S. stock indexes turn sharply lower in volatile trade Friday afternoon, as investors weigh 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.

Dispatches from a Pandemic: ‘Police cars patrol the streets.’ Italians find solidarity during lockdown ” as coronavirus infections soar 32% in 24 hours

Two people stop to greet each other while walking their dogs. A voice from a window shouts: ‘Andate a casa!’ ( ‘Go home!’)

Dispatches from a Pandemic: The owner of this small business pleads for help ” and explains why disaster loans aren’t the answer

As rules to fight coronavirus tightened, the owner of Philadelphia’s largest dog-walking company watched all her revenue and work for 20 employees disappear in a matter of hours.