Written by Gary
Negative COVID-19 news reigns supreme, controlling market fluctuations (SPY +2.0%). Wild stock market version of musical chairs is far from over.
Here is the current market situation from CNN Money | |
 | North and South American markets are sharply higher today with shares in Mexico leading the region. The IPC is up 3.96% while U.S.’s S&P 500 is up 1.61% and Brazil’s Bovespa is up 1.01%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Fragile safety net leaves U.S. economy vulnerable to coronavirus hitThe spreading coronavirus outbreak poses a double-barreled threat to U.S. workers who face not only the prospect of lost wages if they are forced to stay home during a quarantine but also a fragile safety net to fall back on during such a crisis. |
| GE says coronavirus will hit first-quarter cash flow, sticks to full-year forecastGeneral Electric Co predicted on Wednesday that the coronavirus would wipe out a substantial chunk of industrial free cash flow in the first quarter, but stuck to full-year financial targets the company set in January.GE predicted that the outbreak would erase $300 million to $500 million from industrial free cash flow and cause a hit of $200 million to $300 million to its first-quarter operating profit. GE set a forecast for first-quarter earnings of about 10 cents a sh |
| Fiat Chrysler’s U.S. sales chief Reid Bigland who sued company steps downFiat Chrysler Automobiles said on Wednesday its U.S. sales chief, Reid Bigland, is leaving the company to pursue other interests. |
| IMF chief says coronavirus wipes out hopes for faster growth in 2020The faster spread of the coronavirus will wipe out any hope of stronger growth in 2020, International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday, adding that a third of the Fund’s 189 member countries were now affected. |
| Top French court deals blow to Uber by giving driver ’employee’ statusFrance’s top court has recognized the right of an Uber driver to be considered an employee, in a ruling that could upend the U.S. firm’s business model and potentially require it to pay more taxes as well as benefits such as paid holidays. |
| Wall Street jumps after Biden’s Super Tuesday surgeHealthcare stocks boosted Wall Street on Wednesday after a near sweep for Joe Biden in the Super Tuesday Democratic primaries, a day after markets suffered heavy losses following an emergency interest rate cut by the Federal Reserve. |
| Follow the Fed? Why central banks won’t be rushed on virus responseWill the world’s big central banks leave U.S. Federal Reserve Chair Jerome Powell hanging? They’re certainly going to try. |
| Next Bank of England governor Bailey tells UK firms to expect coronavirus helpAndrew Bailey, who is due to become Bank of England governor this month with Britain facing an economic hit from coronavirus, said financial support would probably have to be provided for companies struggling with disruption caused by the outbreak. |
| Mild weather bolsters U.S. private payrolls in FebruaryU.S. private payrolls increased more than expected in February, pointing to labor market strength before a recent escalation of recession fears ignited by the coronavirus epidemic that prompted an emergency interest rate cut from the Federal Reserve. |
| LA County Declares Local Emergency After Confirming 6 New Cases: Live UpdatesLA County Declares Local Emergency After Confirming 6 New Cases: Live Updates Summary: New York has reported its third case: the son, wife and daughter of an infected Westchester County lawyer have been diagnosed with the virus Italy will ban public events, and close cinemas and theaters even though the government denied an earlier ANSA report that the country would also close schools & universities momentarily Italy urges elderly people to stay indoors if possible Ecaudor confirms 3 new cases, raising total to 10 Pence confirms after meeting airline execs that travelers from Italy & SK would be tested multiple times German finance minister declares outbreak “a global pandemic” Russia blames “enemies” for spreading fake news about outbreak Israel urges people to stop shaking hands, will quarantine travelers from most of Europe EU reports a second coronavirus case at its headquarters in Brussels France has reported 45 new coronavirus cases, bringing the total to 257 UK cases surge by 34 to a total of 85 – a 66% surge. China reported 119 additional coronavirus cases and 38 additional deaths South Korea reported 809 additional coronavirus cases and 4 additional deaths Israel quarantines group of soccer fans “Official” Iranian death toll hits 92 Saudi suspends Umra pilgrimage Japan confirms 3 more cases from Osaka * * * Update (1140ET): During a press conference that they announced last night, LA County public health officials have reported another rash of ca … |
| Assad Joins Forces With Libya’s Haftar To Combat TurkeyAssad Joins Forces With Libya’s Haftar To Combat Turkey Authored by Jason Ditz via AntiWar.com, While recent generations have shown them reluctant to expand far beyond their borders, in the past few months Turkey has shown interest in overseas military engagements. Forces have been active in northern Syria with an eye toward regime change, and Turkey has also committed to military involvement in Libya. That’s given Turkey two potential enemies to worry about, and given them each a potential new ally. The Syrian government and Libya’s self-proclaimed Libyan National Army (LNA) under Gen. Khalifa Haftar have agreed to cooperation, and signed a memorandum of understanding to confront Turkish aggression. |
| Oil Tanks After Russia Leaves OPEC+ MeetingOil Tanks After Russia Leaves OPEC+ Meeting Update (1145ET): Earlier this morning, The Wall Street Journal reported that Russia opposed the Saudi plan to deepen OPEC+ cuts by 1.2mm b/d. Notably, oil prices did not react to the headlines, but now that Russian Energy Minister Alexander Novak has left the OPEC+ JMMC meeting – after proposing that OPEC+ maintain its current output cuts through the end of the second quarter – oil prices have started to tumble. WTI is back below $47 after topping $48.50 earlier. |
| “Imagine The Worst Case Scenario, Protect Yourself” – Ray Dalio Warns Virus Will “Annihilate” Some Markets“Imagine The Worst Case Scenario, Protect Yourself” – Ray Dalio Warns Virus Will “Annihilate” Some Markets The coronavirus is a once-in-a-lifetime epidemic that will crush those who don’t defend for a worst-case scenario, Bridgewater co-founder Ray Dalio wrote in a Tuesday LinkedIn post. |
| How RBI plans to shield economy from coronavirus impactHow RBI plans to shield economy from coronavirus impactThe RBI may infuse fresh cash liquidity into the system through a second round of long-term repo operations. |
| Govt gives state firms a breather in AGR caseGovt gives state firms a breather in AGR caseThe DoT had sought a cumulative Rs 2.7 lakh crore from GAIL, explorer Oil India and other PSUs. |
| HDFC rejigs panel to find Puri’s successorHDFC rejigs panel to find Puri’s successorKeki Mistry has been replaced by Renu Karnad of the bank’s parent HDFC in the search panel. |
| Outside the Box: Why now is the time to hang onto cashBefore you load up on stocks, make sure you have assets to ride out a recession, says this early retiree. |
| The coronavirus may force many Americans to work from home ” but only a fraction can actually do thatOlder workers and those with families were usually happy to work from home, but it was a tougher experience for young and single workers, research suggests. |
| Coronavirus update: 94,250 cases, 3,214 deaths; Starbucks’ shareholder meeting goes virtualAs Americans become more concerned about the possibility of COVID-19 infections in their communities, a number of drugmakers have jumped into the ring, announcing new plans to develop vaccines or treatments for the novel coronavirus. |
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