Written by Gary
Near-zero U.S. rates may not sink the dollar currently up at $97.08 (SPY -6.8%). Box office sales plunge 49% in one week as investors panicked about social-distancing.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The IPC is higher by 3.95%, while the Bovespa is leading the S&P 500 lower. They are down 8.98% and 7.13% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Brought to the brink by coronavirus, airlines seek emergency aidAirlines made unprecedented cuts to flights, costs and staffing on Monday, stepping up calls for emergency aid as coronavirus lockdowns and new travel restrictions hit more major routes. |
| Brazil’s Azul cuts international flights; carriers expect government aidBrazilian airline Azul said on Monday it will cut all international flights out of its main hub in Sao Paulo state, while the country’s government is likely to roll out a relief package as the sector struggles with the coronavirus pandemic. |
| Boeing stock wipes out gains made during ousted CEO Muilenburg’s tenureBoeing Co’s shares plunged another 20% on Monday, erasing all gains recorded during ousted CEO Dennis Muilenburg’s tenure, as the mounting economic fallout of the coronavirus pandemic added to uncertainty around the 737 MAX’s return to service. |
| Near-zero U.S. rates may not sink the dollarWhen the U.S. Federal Reserve cut interest rates to near zero on Sunday, the dollar fell, since the move blew away the yield on owning dollars and with it much of their attraction. |
| Wall Street dives, S&P 500 sheds $2 trillion in valueS&P 500 companies lost more than $2 trillion in value in the first few minutes of trading on Monday as investors panicked about the mounting damage from the coronavirus pandemic on the global economy. |
| U.S. markets should stay open despite turmoil, says top securities regulatorU.S. markets should stay open despite intense volatility, the head of the U.S. securities regulator said on Monday, quashing industry speculation that the government might shut down the country’s exchanges to stop a plunge in stock prices. |
| Carmakers curb European production as coronavirus hitsCarmakers including Fiat Chrysler , Peugeot , Volkswagen and its premium unit Audi throttled back production at their European plants on Monday as they grapple with the coronavirus crisis and plunging demand. |
| Brazil likely to announce relief package for airlines amid coronavirusBrazil’s government will likely announce a package of measures to prop up the civil aviation sector later on Monday, as business evaporates and flights are canceled due to the coronavirus outbreak, the Infrastructure Ministry said. |
| French carmaker PSA closes European factories due to virus spreadFrench carmaker PSA said on Monday the company will close its European factories until March 27 due to the coronavirus outbreak spread. |
| ‘Hole’ Foods…‘Hole’ Foods… Greetings from Palo Alto. Below are images I just took of the nicest grocery store in one of the richest neighborhoods in the United States. |
| Rabobank: “Markets Must Now Accept: This Is War”Rabobank: “Markets Must Now Accept: This Is War” Submitted by Michael Every of Rabobank We can ill afford another Klendathu Markets must now accept: this is war. How else does one react to the slew of international borders being closed; to the slew of school and businesses within said borders being closed; to reports that elderly people may to self-isolate for months in the UK; that the army may be needed to ensure we get food; that companies are being co-opted by governments to fight the virus as now required ( œBuild ventilators! œMake virus tests free! ); that there is talk of supply-chains and virus experts attempting to be poached by the US to work solely for them; and, contra-wise, for key virus-related goods being on-shored or even nationalised, even in Germany? How else does one react to the scale of staggering scale and breadth of uncosted fiscal packages being rolled out, even in the US (though this has an end-year sunset clause ” if you want to believe that). Believe me, those fiscal bills are going to get bigger and bigger. Governments are going to have to support households, the self-employed AND businesses large and small through this all, or we face a domino-style economic collapse. Many are saying they will, or suggesting they will, even the EU’s somnambulant Khrushchev, Angel Merkel. And what else but war, or utter calamity, would see the Fed not able to wait even a further couple of days to deliver its latest 100bp bazooka cut? (We are now at the zero lower bound again, as our Fed Watcher Philip Marey has been saying all along we woul … |
| European Union To Ban Non-Essential Travel Into EuropeEuropean Union To Ban Non-Essential Travel Into Europe The gradual but accelerating “quarantining” of the world into its constituent parts to halt the spread of the Coronavirus just took a major step moments ago, when the FT reported that European countries plan a ban on entry to the 26-state Schengen passport free travel zone in the most radical response yet to the continent’s escalating coronavirus pandemic. The proposed action – expected to be announced later on Monday – and may be in response to the US ban of all flights from Europe for the next month, would cover all non-essential visits from third countries, with exemptions including for citizens of Schengen countries. The ban is aimed at non-essential travel to the Schengen area in an effort to curb the coronavirus’s spread across Europe, officials said. The Schengen countries include 22 EU members, as well as Iceland, Norway, Switzerland and Liechtenstein. The five EU states not in Schengen – Ireland, Cyprus, Croatia, Romania and Bulgaria – may also be invited to also implement the restrictions. In short, virtually all tourism between the US and Europe is now indefinitely halted. Exemptions to the ban under discussion include for EU citizens, residents and their family members, as well as workers in crucial sectors such as healthcare and transport, officials said. As the FT adds, EU officials are currently still finalizing the sweeping move, which comes after a sharp rise in cases of infection in Europe triggered a wave of unilateral decisions by member states to all but sea … |
| Box Office Sales To Plunge 40% In One Week As Social-Distancing Accelerates In USBox Office Sales To Plunge 40% In One Week As Social-Distancing Accelerates In US North American box office revenues are expected to plunge by 40% over last weekend in yet another example of collapsing consumption as people change their habits to avoid contracting coronavirus. |
| How bad will the virus be for aviation sector? This holds clueHow bad will the virus be for aviation sector? This holds clueMost airlines will be bankrupt by the end of May, global aviation consultancy firm CAPA said in a note. |
| Wall St dives, S&P 500 sheds $2 tn in valueWall St dives, S&P 500 sheds $2 tn in valueThe halt at the opening was the third emergency pause in Wall Street trading in six days. |
| What’s driving the rally in Yes Bank shares?What’s driving the rally in Yes Bank shares?Most market analysts on D-Street advised retail investors to exercise caution. |
| March 2020 Empire State Manufacturing Index CrashesWritten by Steven Hansen
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| The Margin: As troubling images of party scenes spread across the internet, health-care leaders jump on #StayAtHome trendRevelers in downtown Nashville over the weekend became a symbol of exactly what we’re NOT supposed to be doing during this pandemic. Hours before the city’s mayor closed bars throughout the county, tweets of Broadway’s legendary party scene were shared across social media. The reaction: STAY. AT. HOME! |
| Coronavirus update: 174,961 cases, 6,705 deaths, American business goes into lockdownThe number of newly identified COVID-19 cases in the U.S. soared over the weekend, and now some cities and states are moving into lockdown mode, with schools, bars, restaurants, and other large gathering spaces shutting down for weeks at a time. |
| Metals Stocks: Gold cuts losses as short covering kicks in after an earlier drop of more than 4%Gold futures significantly cut their earlier losses in Monday dealings, as short covering kicked in following an earlier drop of more than 4% for the precious metal. Traders reacted to a limit-down tumble for benchmark U.S. stock indexes at the opening bell after the Federal Reserve’s emergency decision Sunday to slash rates and implement $700 billion in asset purchases. |
The Empire State Manufacturing Survey index significantly declined to levels not seen since the Great Recession in 2009.Earnings Summary for Today
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