Friday's News Links

[Reuters] Wall Street gains at the end of blistering week

[Reuters] Markets gain as central banks, governments pour in cash

[Reuters] Euro zone bond yields tumble as risk sentiment picks up

[AP] Trump’s team, senators to negotiate $1T economic rescue deal

[CNBC] California governor issues statewide order to ‘stay at home’ effective Thursday evening

[CNBC] The upcoming job losses will be unlike anything the US has ever seen

[Reuters] U.S. states seek $150 billion in emergency federal coronavirus aid

[CNBC] Coronavirus live updates: US cases cross 14,000, China economy shows signs of normalizing

[Reuters[ Germany mulling half-trillion-euro support fund for corona-struck firms, Der Spiegel says

[Bloomberg] ‘Illiquidity Doom Loop’ Threatens Bond ETFs Caught Up in Turmoil

[Bloomberg] ‘Extreme’ Market Stress Trashes Havens in a Crisis of Liquidity

[Bloomberg] Euro’s Survival at Stake as Region on Course for Worst Half Ever

[Bloomberg] A Covid-19 Supply Chain Shock Born in China Is Going Global

[Bloomberg] Half of Chinese Retailers Risk Collapse Within Six Months

[WSJ] Bond-Market Strains Keep Traders on Edge

[FT] Analysts point finger at ‘risk parity’ strategy in market rout

[FT] Weird price dislocations are shaping the $4.1tn US municipal bond market

Thursday Evening Links

[CNBC] Futures point to 300-point drop for the Dow, reversing Thursday’s gains

[Reuters] Fed balance sheet hits record, banks tap loans as crisis measures take hold

[Reuters] Banks face liquidity strain as corporations tap revolving credits

[Reuters] Bond fund outflows set weekly record as virus upends markets: Lipper

[Reuters] Rates on commercial paper continue to rise after Fed action

[CNBC] Coronavirus: California estimates 25.5 million residents — 56% of the state — will get virus in next 8 weeks

[Bloomberg] Distressed Debt in U.S. Doubles to $500 Billion in Two Weeks

[Bloomberg] High-Grade Bond-Fund Outflows Hit $35.6 Billion, Smashing Record

[Bloomberg] Record Exodus From Muni-Bond Funds Fuels Worst One-Day Rout

[Bloomberg] Steve Cohen’s Point72 Quant Unit Falls 22% in March

[Bloomberg] Trump Says Coronavirus Could Have Been ‘Stopped’ in China

[WSJ] Hedge Funds Hit by Losses in ‘Basis Trade’

Thursday Afternoon Links

[Reuters] Wall Street ends higher to stem coronavirus selloff

[Reuters] U.S. oil reverses losses, posts largest one-day gain on record

[Reuters] 'No ordinary time': Senate hustles on $1 trillion coronavirus bill

[CNBC] New York Gov. Cuomo orders 75% of non-essential workforce to stay home as cases surge to 4,152

[Reuters] Fed's Rosengren says liquidity tool meant to prevent run on prime money market funds

[Reuters] Italy passes China's coronavirus death toll, prepares to extend lockdown

[Reuters] U.S. says will buy initial 30 million barrels of oil for strategic reserve

[CNBC] Coronavirus live updates: Expert says virus could kill millions, seniors get special shopping hours

[Reuters] Bank of England cuts rates to 0.1%, ramps up bond-buying

[Bloomberg] Muni-Bond Liquidity Crisis Hits Governments With Rates Up to 11%

[Bloomberg] Muni-Bond Investors Yank a Record $12 Billion from Mutual Funds

[Bloomberg] Credit Is the Scariest Market to Watch, Not the Dow or S&P

[WSJ] Fed Ramps Up Bond Buying, Indicating Much Larger Purchases Are Likely

[WSJ] The Next Coronavirus Financial Crisis: Record Piles of Risky Corporate Debt

[WSJ] Companies Are Suspending Dividends Because of the Coronavirus

[FT] Why the Fed is trying to tame the dollar

[FT] ECB and Bank of England deploy their big bazookas