Written by Gary
World share markets and oil prices strugglling this morning (SPY +1.5 & slipping). The COVID-19 panic caused Wall Street’s worst one-day rout since the Black Monday crash of 1987.
Here is the current market situation from CNN Money | |
 | European markets are sharply lower today with shares in Germany off the most. The DAX is down 6.44% while London’s FTSE 100 is off 1.42% and France’s CAC 40 is lower by 1.05%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Amazon to hire 100,000 workers as online orders surge on coronavirus worriesAmazon.com Inc on Monday said it would hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak. |
| Ventas sees slowdown in move-ins to senior centers amid coronavirus pandemicVentas Inc said on Tuesday it was experiencing a slowdown in move-ins at its senior housing business and withdrew its 2020 financial forecasts, as the coronavirus pandemic raises the risk of tenants moving out. |
| Stocks shaky after worst Wall Street crash since 1987World share markets and oil prices struggled on Tuesday after coronavirus panic caused Wall Street’s worst one-day rout since the Black Monday crash of 1987. |
| Fiat Chrysler’s only open Italian plant running at reduced capacityFiat Chrysler (FCA) has resumed limited production at its Atessa facility in Italy, the automaker’s only open assembly plant, having halted operations at most of its European factories, a spokesman said on Tuesday. |
| Trump administration to seek $850 billion to stem virus’ economic fallout: reportThe Trump administration plans is seeking a $850 billion stimulus package aimed at buffering the economy against fallout from coronavirus, the Washington Post reported on Tuesday citing four unnamed officials familiar with the plan. |
| Oil near $30 as recession fears, pump war weighOil traded near $30 a barrel on Tuesday, close to its lowest since 2016, and analysts said more declines may follow as the coronavirus pandemic hits demand and Saudi Arabia and Russia battle for market share. |
| Volkswagen says diesel scandal has cost it 31.3 billion eurosVolkswagen said its diesel cheating scandal has cost it 31.3 billion euros ($34.69 bln) in fines and settlements, and the German carmaker expects cash outflows to continue until 2021, adding that these have already been provisioned for. |
| Volkswagen suspends production as coronavirus hits salesVolkswagen Group , the world’s biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday. |
| L Brands temporarily closes stores, draws down $950 million from existing credit lineL Brands Inc said on Tuesday it would temporarily close all its stores, including those of Bath & Body Works and Victoria’s Secret, in the United States and Canada through March 29 and that it has drawn down $950 million from an existing credit line due to the coronavirus outbreak. |
| US Retail Sales Tumble In FebruaryUS Retail Sales Tumble In February For some ever-optimistic reason, analysts were expecting a 0.2% MoM rise in retail sales in February. It did not – instead plunging 0.5% MoM, far worse than the weakest estimate and the biggest drop since Dec 2018’s collapse… |
| White House Unveils $850 Billion Economic Rescue Package, “Sending Checks To Every Household” A Good Idea, Dudley SaysWhite House Unveils $850 Billion Economic Rescue Package, “Sending Checks To Every Household” A Good Idea, Dudley Says Update (0830ET): Former NY Fed President Bill Dudley appeared on Bloomberg TV Tuesday morning to say that if the administration really wants to restore confidence, it should reconsider its insistence on a payroll tax holiday, and instead start firing off checks to every US household. “I think one good idea is to actually send out checks to households” to provide support during the coronavirus outbreak, Dudley said, who added that while the Fed is doing “everything it can” to support the availability of credit, the central bank is virtually powerless to blunt the initial demand shock: Only fiscal stimulus can accomplish that. “If that situation continues to deteriorate then I think weâ ™ll start to see the kind of special emergency interventions that we saw in 2008.” His comments come amid rumors that the Fed is about to intervene in the Commercial Paper market. *Â *Â * With the markets screaming for more federal fiscal stimulus to help cushion what will almost certainly become an extremely deep, but potentially short-lived, recession, the administration has unleashed headlines claiming that the third economic package will include $850 billion (more than 100x the $8.3 billion included in the first package). The headline hit earlier this morning, with a barebones report in Politico’s ‘Playbook’ newsletter, which frequently publishes administration scoops.
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| Covid-19 Helicopter Money: Go Big Now Or Go HomeCovid-19 Helicopter Money: Go Big Now Or Go Home Authored by Charles Hugh Smith via OfTwoMinds blog, This is why it’s imperative to go big now, and make plans to sustain the most vulnerable households and small employers not for two weeks but for six months – or however long proves necessary. |
| Elon Musk Keeps Tesla’s Fremont Factory Open Despite Alameda County LockdownElon Musk Keeps Tesla’s Fremont Factory Open Despite Alameda County Lockdown We already know that Elon Musk thinks the coronavirus panic is “dumb”. We also know Tesla’s track record for keeping a safe work environment is less than stellar. So, in what appears to be dissatisfaction unless his workers are directly in the line of harm, Elon Musk is once again creating a new set of rules for himself – just as he has done with the SEC and the NHTSA – and is defying an Alameda County coronavirus lockdown by keeping Tesla’s Fremont factory open and running in the midst of a global pandemic. |
| How India plans to use the crude oil rout to its advantageHow India plans to use the crude oil rout to its advantageGlobal oil prices have fallen around 40% in March as the impact of coronavirus pandemic has destroyed demand. |
| Nifty below 9,000 for first time in 3 yearsNifty below 9,000 for first time in 3 yearsBSE Bankex led the gainersâ ™ pack in the day, but soon reversed course to drop 4.46% at close. |
| Govt ends mystery of missing Rs 2,000 notesGovt ends mystery of missing Rs 2,000 notesCurrently, Rs 7.40 lakh crore worth of Rs 2,000 notes are in circulation. |
| The Margin: A rare win for Gen X? Boomers gave us latchkey childhoods that prepped us for coronavirus quarantineIs Generation X â ” the legion of latchkey kids for whom the waning Cold War forced futile school drills â ” better able to self-soothe under the confines of a coronavirus quarantine than Gen Z, millennials and baby boomers? |
| Futures Movers: Oil mixed after plunging to 4-year lowOil futures see a mixed performance Tuesday, a day after falling to a four-year low, with traders focused on expectations for a massive hit to demand from the global spread of COVID-19 and an increase in supply as Russia and Saudi Arabia engage in a global price war. |
| Airbus halts production in European countries hit hard by coronavirusAirbus halts production and assembly at sites in France and Spain for the next four days as countries try to contain COVID-19 disease spread by coronavirus pandemic. |
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