Wednesday, March 18, 2020

Wednesday Evening Links

[AP] Europe’s central bank launches new program to calm markets

[CNBC] Dow futures point to 300-point gain after ECB announces massive stimulus package

[Reuters] Government borrowing costs jump as virus-related support costs climb

[CNBC] Senate passes coronavirus relief plan to expand paid leave, sends it to Trump

[CNBC] Coronavirus live updates: NYC mayor wants ‘shelter-in-place’ order, US cases number over 7,500

[Reuters] Trump administration wants to send taxpayers $500 billion, $50 billion in loans for airlines

[Reuters] Brazil cuts interest rates to new low 3.75% in coronavirus fight

[AP] Automakers shut North American plants over coronavirus fears

[Reuters] U.S. restaurants seek $455 billion of federal aid due to coronavirus hit

[Yahoo] Merkel calls coronavirus 'biggest challenge since WWII'

[Bloomberg] Global Bond Rout Gains Steam Led by Treasuries in Flight to Cash

[Bloomberg] NYSE to Shut Trading Floors Monday, Says Two People Had Virus

[Bloomberg] Currency Liquidity Vanishes on Mounting Fears of London Hub Slamming Shut

[WSJ] Coronavirus Pandemic to Test Limits of How Much Debt U.S. Can Bear

[WSJ] Markets Enter New Phase—Where Cash Is All That Matters

[WSJ] America Needed Coronavirus Tests. The Government Failed.

[WSJ] Bridgewater Associates Performance Hit by Coronavirus

[FT] Fear grips markets as faith in intervention runs out

Wednesday Afternoon Links

[Reuters] Wall Street extends recent selloff, puts Dow on course to erase 'Trump-bump'

[CNBC] Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low

[Reuters] Wall Street slumps, government bonds hammered as stimulus high fades

[CNBC] Here’s where things stand on the White House’s push for a $1 trillion stimulus package

[The Hill] GOP divided on next steps for massive stimulus package

[Reuters] U.S. restaurants ask for federal aid, could take $225 billion hit from coronavirus

[Bloomberg] Traders ‘Liquidating Positions Everywhere’ Upend Markets

[Bloomberg] ECB Buying Italian Bonds in Bid to Halt Market Rout

[Bloomberg] Private Credit Deals Dry Up in Rout With Pipeline Out of Reach

[Bloomberg] Credit Cracks Spark Historic Moves in Systematic Stock Trading

[WSJ] Short-Term Bond Market Roiled by Panic Selling

[FT] Bank-led freeze on stock buybacks could spread across US market

Wednesday's News Links

[CNBC] Dow plunges 1,000 points as stretch of unprecedented volatility continues because of coronavirus

[Reuters] Stocks, oil sliding again in 'irrevocably changed' markets

[Reuters] Italian bond yields jump, central bank intervention brings some calm

[Reuters] U.S. crude hits 17-year low as lockdowns, restrictions spread

[Reuters] Dollar rockets to three-year highs as coronavirus fears fuel funding scramble

[CNBC] Trump says the US will close the border with Canada to ‘non-essential’ traffic

[CNBC] US housing starts total 1.599 million in February, vs 1.500 million expected

[CNBC] Weekly mortgage applications drop over 8% as interest rates jump briefly

[CNBC] Coronavirus live updates: Mnuchin warns of high unemployment, celebrities ‘tour’ social media

[Reuters] Japan's exports fall, imports from China slump as virus impact widens

[Reuters] Japan's Abe to launch panel to mull big stimulus package: source

[CNBC] US GDP could shrink by 13% in 2nd quarter as part of ‘severe global recession,’ Deutsche Bank says

[Bloomberg] Global Bonds Plunge Ahead of Debt Deluge From Pandemic Defense

[Bloomberg] Wall Street Says a Volatility Doom Loop Is Gripping Markets

[Bloomberg] Trump Told Mnuchin to Go Big, and a $1 Trillion Stimulus Emerged

[Bloomberg] German Bunds Post Longest Losing Streak in 2 ½ Years

[WSJ] Fed to Relaunch Primary Dealer Credit Facility

[WSJ] Behind Washington’s Stimulus Frenzy: the Prospect of Billions of Unpaid Bills

[Bloomberg] China Guts U.S. Press Corps in Beijing With Mass Expulsions

[FT] Government bonds buckle as investors dump haven assets for cash

[FT] Extreme market stress puts $6.4tn ETF sector under acute pressure

[FT] Fed to lend against stocks and bonds in bid to stabilise markets

[FT] China lacks the appetite to save the world economy, analysts warn

[FT] Emerging markets hedge funds stung in Covid-19 sell-off

[FT] China’s farmers fear food shortages after coronavirus restriction