Written by Gary
US stock futures fall more than 1% and the Dow heads for its worst first quarter ever (SPY -1.3%). US Reports 500+ Casualties In ‘Deadliest Day Yet’.
Here is the current market situation from CNN Money | |
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What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Ad giant WPP pulls dividend, buyback and outlookWPP , the world’s biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancelations from clients due to the coronavirus crisis. |
| Global M&A dwindles as coronavirus batters world’s economiesGlobal mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers. |
| Dollar gains, yuan steady after China PMI in cautious tradeThe dollar rose against the yen on Tuesday as Japanese investors and companies rushed to cover a greenback shortage before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis worsened. |
| Fiat Chrysler executives, salaried employees to take pay cuts during coronavirus pandemicFiat Chrysler Automobiles NV’s top executives and salaried workers around the globe will take pay cuts in an act of “shared sacrifice” brought on by the coronavirus pandemic that has shuttered the automaker’s plants in Europe and North America, according to a company memo seen by Reuters. |
| Asia shares inch up, China’s factories show flicker of lifeAsian shares were closing out a calamitous quarter with a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity, even as much of the rest of the world shut down. |
| U.S. airlines must suggest possible compensation for cash grants: TreasuryAirlines must suggest possible compensation in return for government cash assistance and agree to conditions that include not cutting pay or laying off employees through Sept. 30, the U.S. Treasury Department said in guidelines issued on Monday as it prepares to quickly hand out $25 billion. |
| Instacart, Amazon workers strike as labor unrest grows during coronavirus crisisWarehouse, delivery and retail gig workers in the United States went on strike on Monday to call attention to safety and wage concerns for people laboring through the coronavirus crisis. |
| Factbox: Coronavirus cases reported at 19 of Amazon’s U.S. warehousesAmazon.com Inc is at the front line of responding to outbreaks of the novel coronavirus in the United States, delivering essential goods while more than half the population faces government stay-at-home orders. |
| Oil rebounds from 18-year lows after U.S., Russia agree to talksOil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. |
| “The Biggest Decline Ever”: Goldman Now Sees US GDP Crashing 34% In Q2“The Biggest Decline Ever”: Goldman Now Sees US GDP Crashing 34% In Q2 Just over a week ago, when we reported on the ongoing feud between Goldman and JPM to come up with the most terrifying GDP forecast for the US, and when we asked if a Second Great Depression has begun after Goldman’s chief economist Jan Hatzius slashed his Q2 GDP forecast from -5% to -24%, we said “we expect Goldman to take the machete to this analysis as well in the coming days, because if the US economy is indeed paralyzed for at least one quarter, then all of GDP could be lost.” We were right, because early on Monday morning Goldman’s Haztius did just that, and in a report titled “The Sudden Stop: A Deeper Trough, A Bigger Rebound”, he writes that he is “making further significant adjustments to our GDP and employment estimates. We now forecast real GDP growth of -9% in Q1 and -34% in Q2 in qoq annualized terms (vs. -6% and -24% previously) and see the unemployment rate rising to 15% by midyear (vs. 9% previously).” Detailing the assumptions behind his latest revision, Hatzius explains that he has increased his estimates of the peak hit to services consumption, manufacturing activity, and construction, “in light of new evidence on the severity of the hit across the different sectors” and now expects the level of GDP in April to be 13% below the January/February trend, as shown in Exhibit 1. “We assume that this drag then fades gradually by 10% each month in the services industry and by 12.5% in the manufacturing and construction industries.” |
| Rally Fizzles, Futures Slide As Dollar Surge ReturnsRally Fizzles, Futures Slide As Dollar Surge Returns The torrid quarter-end rally which many attributed to a flood of forced pension fund buying as part of aggressive rebalancing, reversed overnight as US index futures reversed all overnight gains even as European stocks headed for a fifth increase in six sessions amid ongoing debate whether the market meltdown has ended despite the accelerating spread of the coronavirus (spoiler alert: no), while treasury yields dipped below 0.7% while the disconcerting dollar rally is back front and center. < … |
| 5 Questions Bulls Need To Answer Now5 Questions Bulls Need To Answer Now Authored by Lance Roberts via RealInvestmentAdvice.com, In last Tuesday’s Technically Speaking post, I stated:
Chart Updated Through Monday |
| US Reports 500+ Casualties In ‘Deadliest Day Yet’, Confirms Largest Jump In New COVID-19 Cases: Live UpdatesUS Reports 500+ Casualties In ‘Deadliest Day Yet’, Confirms Largest Jump In New COVID-19 Cases: Live Updates Summary: US reports more than 500 deaths for first time US confirms largest one-day case jump Russia reports jump in cases, deaths Maryland, Virginia and DC all locked down Thailand warns it will prosecute all “April Fools Day” coronavirus jokers China plans to announce “asymptomatic” carriers of the novel coronavirus Dr. Fauci warns he fears virus will return this fall Ford, GE warn 100-day window for producing 50k ventilators doesn’t start until April 20 Tokyo reports another rash of new cases tied to travelers Spain reports third straight ‘deadliest day yet;’ CDC weighs asking Americans to wear masks outside their homes at all times Orban takes unilateral power in Hungary *Â Â *Â Â * Update (0810ET): A WHO official said the coronavirus epidemic is far from over in Asia even if the focus of the epidemic has shifted to the US and Europe. The official also stated that measures to reduce transmission will not remove risks as long as the pandemic continues and that steps to reduce transmission can buy time to prepare for large-scale community transmission, while the official added that there are more than 50 candidate vaccines for coronavirus and several trials are ongoing. “Last night, Trump said we can save more than 1 million lives by following social distancing guidelines vigorously. President Trump also stated that there are challenging times ahead for the next 30 days and that 1 million Ameri … |
| PSUs clear the air on EMI-break: Here’s what it means for youPSUs clear the air on EMI-break: Here’s what it means for youLenders like Punjab and Sindh Bank, PNB, Canara Bank have announced EMI loan deferment via Twitter. |
| Govt has a Rs 60K cr war chest to fight CovidGovt has a Rs 60K cr war chest to fight CovidThe kitty is made out of funds allocated every year to states to meet expenditure on relief and rehabilitation. |
| Dutch city stumbles upon a scary Covid truthDutch city stumbles upon a scary Covid truthThe so-called SARS-CoV-2 coronavirus is often excreted in an infected person’s stool. |
| Project Syndicate: Once the coronavirus crisis is over, our societies will have to be rebuilt around resilience to pandemicsThe world as we knew it before the arrival of COVID-19 has gone. It is never coming back. |
| Outside the Box: Trump’s daily televised coronavirus briefings are campaign events, replacing his raucous ralliesPresident Donald Trump is using the daily coronavirus briefing as a campaign event, a strategy that’s working well for him. |
| There’s scant evidence so far for chloroquine as a COVID-19 drug ” but there’s already a shortageThe millions of doses of chloroquine donated to the federal stockpile can now be used to treat COVID-19 patients. At the same time, pharmacists are concerned that prescribing the drug for the novel coronavirus has created shortages of the medication for patients with lupus and rheumatoid arthritis and raises questions about safety. |
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