23Mar2020 Pre-Market Commentary: In An Unprecedented Move, Fed Unveils Open-Ended QE Including Corporate Bonds, DOW Futures Up 225 Points, Morning Volatility Worth Noting, WTI Crude Testing Support At 22.72, Gold Up Fractionally At 1514

Here is the current market situation from CNN Money

Central banks deploy record sums to break financial logjam, but may need more

Central banks have offered trillions of dollars of support to markets in recent days to keep them from freezing up, as investors worried about the economic damage from the coronavirus and made a chaotic dash for the exits.

Brent crude extends fall as coronavirus shutdowns sap demand

Brent crude prices extended falls on Monday amid more action by governments to contain the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a worldwide economic contraction.

SoftBank to raise $41 billion to expand share buyback, cut debt

SoftBank Group Corp said on Monday it is selling or monetizing up to 4.5 trillion yen ($41 billion) in assets to buy back 2 trillion yen of its shares and reduce debt, sending its stock soaring to its biggest daily gain in nearly 12 years.

Hyundai Motor heir apparent buys $15 million shares in automaker, parts affiliate

Hyundai Motor Group’s heir apparent Euisun Chung bought shares in automaker Hyundai Motor and parts affiliate Hyundai Mobis for a combined 19 billion won ($15 million), according to stock exchange filings.

Stocks stagger as more nations self-isolate against virus

Asian shares sank on Monday as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession.

Domestic travel, airline hubs the latest hit as coronavirus curbs tighten

Airlines canceled more flights on Monday, as Australia and New Zealand warned against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers in the coronavirus battle.

Airbus signs credit facility for 15 billion euros, withdraws 2020 guidance

Planemaker Airbus announced new steps on Monday to bolster its financial position as a coronavirus pandemic cripples the travel industry, including the signing of a credit facility for 15 billion euros ($16.1 billion).

Walmart ups minimum wage in e-commerce warehouses by $2 as orders surge on virus worries

Walmart Inc said on Monday it has temporarily raised entry wages for workers in its e-commerce warehouses by $2, following similar moves by rivals, as it attempts to manage a shopping surge brought about by the coronavirus outbreak.

Senate GOP virus bill aids U.S. transport sector; offers airlines loans, not cash

A Senate Republican coronavirus stimulus package would provide financial aid to U.S. airports, transit systems and passenger railroad Amtrak, but $50 billion for struggling U.S. airlines would be a loan, not a cash payout, the proposal showed.

1 In 3 Americans Ordered To Stay Inside As Global COVID-19 Infections Pass 350K: Live Updates

1 In 3 Americans Ordered To Stay Inside As Global COVID-19 Infections Pass 350K: Live Updates

Summary:

Japan PM Abe says world “not ready” to hold Olympics

Australia and Canada pull athletes from the games

Spain reports 26% jump in deaths on Sunday

Largest 2-day jump in global cases reported over the weekend

1 in 3 Americans begin Monday under lockdown

India shutters domestic transit even as ‘official’ cases remain low

*Â *Â *

For millions of Americans, the full weight of the novel coronavirus outbreak, and its ensuing crisis, finally became apparent over the weekend as governors from New York, to Ohio, to Delaware warned that all “non-essential” employees will soon be required to shelter in place.

Additionally, though hundreds of thousands of cases around the world likely remain undiagnosed, global health authorities revealed on Monday that the acceleration in new cases over the last 48 hours was the fastest on record, according to the FT’s calculations: According to the paper, the total number of confirmed cases around the world increased by a record magnitude this weekend as the situation worsened, particularly in the US.

Health authorities reported an additional 61,872 cases over the 48-hour period, while the number of fatalities increased by 3,260 to 14,748, the largest two-day jump in new cases on record.

The US was the hardest hit on Sunday, adding 9,339 cases, nearly 4,000 more than the 5,560 new cases that Italy added. For the first time in nearly 2 weeks, Italy saw a slowdown over the …

Stocks Soar After Fed Announced Open-Ended QE

Stocks Soar After Fed Announced Open-Ended QE

Update: ignore all of the below, because moments ago, with futures near limit down, the Fed announced it would pursue an unprecedented open-ended QE, which helped push futures sharply higher and are now green on the session.

In Unprecedented Move, Fed Unveils Open-Ended QE Including Corporate Bonds

In Unprecedented Move, Fed Unveils Open-Ended QE Including Corporate Bonds

Coming into Monday, the Fed had a problem: it had already used up half of its entire emergency $700BN QE5 announced last weekend.

US Officials Admit Killing Soleimani Backfired & Might Have Distracted From Covid-19 Response

US Officials Admit Killing Soleimani Backfired & Might Have Distracted From Covid-19 Response

Via AlmasdarNews.com

In an article released on Saturday, the New York Times reported that the Trump administration is experiencing a rift regarding their actions against Iran on January 3rd.

œPresident Trump was getting ready to declare the coronavirus a ‘national emergency’, but inside the White House last Thursday, a tense debate erupted among the president and his top advisers on a far different subject: whether the United States should escalate military action against Iran, a longtime American rival that has been devastated by the epidemic, the NYT reported.

Govt shuts domestic flights; Maharashtra imposes curfew

Govt shuts domestic flights; Maharashtra imposes curfewMaharashtra Chief Minister Uddhav Thackeray has put the state under curfew to ensure compliance with lockdown restrictions.

Virus triggers worst selloff in D-St’s history

Virus triggers worst selloff in D-St’s historyAnalysts say India has reached a crucial phase where it can either go China or Italy’s way.

Delhi’s Case No. 10: The making of a disaster

Delhi’s Case No. 10: The making of a disasterQuite a few Delhi coronavirus cases are connected to the woman from Dilshad Garden.

The Fed: Fed, saying aggressive action is needed, starts unlimited QE

The Federal Reserve on Monday announced it would buy bonds ‘as needed’ to support market functioning and set out $300 billion in new lending programs to help all corners of the financial market.

The Moneyist: ‘This is such a blatant disregard for the coronavirus advice from the CDC.’ Can my employer force me to go to work?Â

‘We still have quite a bit of foot traffic throughout the building.’

Metals Stocks: Gold extends rise as Fed ramps up monetary stimulus measures amid coronavirus outbreak

Gold futures head higher Monday, on pace for a third straight gain, with bullion finding added support after the Federal Reserve unveiled a major stimulus package that includes unlimited purchases of Treasurys.