Written by Gary
US stock markets fell sharply today after posting a higher opening (SPY -2.1%). Investors worry that even a 50 bps cut in interest rates might not be enough to stave off the economic impact of the COVID-19.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The IPC is up 3.89% while the Bovespa gains 3.14%. The S&P 500 is off 1.45%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Hudson’s Bay Co Chairman Richard Baker to take over as CEOHudson’s Bay Co Chairman Richard Baker will take over as chief executive officer, the company said on Tuesday, after his bid to take the owner of Saks Fifth Avenue private was approved by shareholders. |
| Saudi SABIC lifts Swiss chemicals maker Clariant stakeChemical giant Saudi Basic Industries Corporation (SABIC) said on Tuesday that it had raised its stake in Swiss chemicals maker Clariant to 31.5% from 25%. |
| Thermo Fisher agrees to buy genetic tester Qiagen in $11.5 billion dealThermo Fisher Scientific Inc said on Tuesday it agreed to acquire German genetic testing company Qiagen NV in an $11.5 billion deal as the U.S.-based company looks to bolster its health diagnostic business. |
| U.S. joins False Claims Act lawsuit against MallinckrodtThe U.S. government said on Tuesday it filed a lawsuit accusing a unit of the drugmaker Mallinckrodt Plc of improperly avoiding the payment of hundreds of millions of dollars in Medicaid rebates as a result of large drug price increases. |
| ECB ready to support economy, but governments must help, Villeroy saysThe European Central Bank is ready to support the economy in the face of the coronavirus outbreak, but governments with budget leeway also need to help, ECB policymaker Francois Villeroy de Galhau said in a Dutch newspaper interview released on Tuesday. |
| Wall Street losses deepen after Fed emergency rate cutU.S. stock markets fell sharply on Tuesday on worries that even a half percentage-point cut in interest rates might not be enough to stave off the economic impact of the coronavirus outbreak and halt the worst sell-off in more than a decade. |
| Exxon Mobil calls for tighter methane regulationsExxon Mobil on Tuesday called for tighter regulation of the greenhouse gas methane and offered up its own in-house rules as a model for companies and lawmakers worldwide. |
| Fed slashes rates in emergency move to combat coronavirus risksThe U.S. Federal Reserve cut interest rates on Tuesday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. |
| OPEC and allies to consider significant oil output cuts as coronavirus hits demandOPEC and its allies will consider making substantial oil production cuts to lift prices that have been battered by the coronavirus outbreak, Algeria’s oil minister said on Tuesday, as ministers began arriving for talks in Vienna this week. |
| “Pandemic Proportions”: COVID-19 Is Starting To Spiral Out Of Control All Over The Globe“Pandemic Proportions”: COVID-19 Is Starting To Spiral Out Of Control All Over The Globe Authored by Michael Snyder via TheMostImportantNews.com, This is already the most frightening virus outbreak that we have seen in the past several decades, and it appears that it is just getting started. |
| BBC Publishes Leaked Iran Footage Showing Bagged Bodies Of Covid-19 Victims Piling UpBBC Publishes Leaked Iran Footage Showing Bagged Bodies Of Covid-19 Victims Piling Up More shocking leaked footage published by the BBC shows bodies piling up at a local morgue in Qom, said to be victims of the country’s spiraling coronavirus outbreak. Located 140km to the south of Tehran, Qom is believed ground zero for Iran’s epidemic, and crucially is a popular place of Shia religious pilgrimage. Mideast-based correspondent Joyce Karam comments of the newly published video: “If these are confirmed to be from Corona as videos claim, death toll is higher than the government claims (officially at 77).”
As of Tuesday Iranian health officials announced 2,336 coronavirus cases and 77 dead, including 23 parliament members confirmed for the virus, which is roughly 10% of Iran’s legislature. All of this strongly suggests much bigger nu … |
| Unstable Balance Between Finance & Economy Accelerated Equity Market DeclineUnstable Balance Between Finance & Economy Accelerated Equity Market Decline Authored by former Alliance Bernstein Chief Economist Joseph Carson, Uncertainty surrounding the global economic and financial implications of the fast spreading coronavirus was the catalyst for last week’s sharp drop in the US equity market. Yet, the speed and the scale of the decline were also influenced by how far finance had separated from the economy. |
| Gov. Cuomo Confirms 2nd Covid-19 Case In New York, Warns Virus Likely “Spreading In Communities”; Italian Death Toll Passes Iran: Live UpdatesGov. Cuomo Confirms 2nd Covid-19 Case In New York, Warns Virus Likely “Spreading In Communities”; Italian Death Toll Passes Iran: Live Updates Summary: 2nd case confirmed in NY 2nd NY case commuted to Manhattan, traveled to Miami Stocks surge, then fade, after surprise 50 bp rate cut 4th person dies in France Fauci says we should know soon whether Gilead’s vaccine will work Son of Westchester corona case attended NYC school that closed Pope tests negative for coronavirus NYC high school closes over ‘suspected case of coronavirus’ Global case total passes 91,000 UK case total hits 51 US case total tops 100 across 15 states (including evacuees) South Korea case total passes 5,000; death toll hits 34 Italian death toll surpasses Iran Iran confirmed cases pass 2,000, 70+ dead Head of European football says Euro 2020 will go on 9 new cases confirmed in Japan * * * Update (1250ET): As we reported yesterday, the IMF and World Bank have apparently confirmed rumors that they will hold their annual meetings ‘virtually’, instead of holding the annual massive gatherings in Washington.
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| I-T sleuths’ hunt under ‘vivad se vishwas’ starts with PSUsI-T sleuths’ hunt under ‘vivad se vishwas’ starts with PSUsI-T dept has drawn up a list of central and state PSUs in a bid to encourage them to avail ‘Vivad Se Vishwas’. |
| Virus prompts Fed to cut rates by 50 bpsVirus prompts Fed to cut rates by 50 bpsThe vote for the emergency cut to a range of 1% to 1.25% was unanimous. |
| How the coronavirus can and cannot spreadHow the coronavirus can and cannot spreadExperts have offered some guidance about how the coronavirus does ” and does not ” seem to spread. |
| Federal Open Market Committee Lowers Federal Funds Rate 12 % In Special MeetingWritten by Steven Hansen Following President Trump’s repeated calls for the Federal Reserve to lower the federal funds rate, the Federal Open Market Committee (FOMC) today lowered the federal-funds rate to a range between 1% and 1.25%
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| Cannabis Watch: Tilray slides 14% to pressure broader cannabis sector after earnings disappointTilray Inc. stock was the biggest decliner among Canadian licensed cannabis producers on Tuesday, as analysts weighed in on weaker-than-expected fourth-quarter earnings that included a revenue miss and $112 million impairment charge. |
| TaxWatch: This is how much American workers saved during the first year after Trump tax overhaulTrump is pledging another tax cut, while Democratic candidates vow to increase taxes on the rich and corporations. |
| Market Snapshot: Here’s what history says about stock-market performance in past instances when the Fed delivers an emergency interest-rate cutThe Federal Reserve delivered a rare emergency interest-rate cut to Wall Street on Tuesday in an attempt to curtail economic damage from the coronavirus epidemic. Here’s how the market tends to respond to such cuts, according to Bespoke Investment Group data. |
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