Thursday, March 19, 2020

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

Thursday's News Links

[Reuters] Wall Street sinks again as virus response falls short

[Reuters] Dollar rules; ECB stimulus boosts bonds

[Reuters] Credit markets flash red as coronavirus hits corporate America

[Reuters] Oil jumps after three-day slump but virus and oversupply still weigh

[Reuters] Fed opens new dollar swap lines with 9 new foreign central banks

[Reuters] ECB to print 1 trillion euro this year to stem coronavirus rout

[Reuters] U.S. Fed moves to ensure liquidity in money market mutual funds

[CNBC] UK prepares for lockdown; EU’s chief Brexit negotiator has coronavirus

[Reuters] Exclusive: China to ramp up spending to revive economy, could cut growth target - sources

[AP] Central banks deploy trillions to keep economy running

[Reuters] Japan may hand out cash to households in stimulus package to battle virus fallout

[Reuters] Australia embarks on QE, cuts rates to record lows

[Reuters] South Korea warns of global credit crunch, will support dollar funding needs

[NYT] Automakers to Close Factories in North America

[Bloomberg] Enormous De-Leveraging in Bond Market Smacks of Margin Calls

[Bloomberg] Dollar Soars to Record as Funds Dump Everything in Risk Exodus

[Bloomberg] Global Liquidation Triggers Limit Down in Multiple Asia Markets

[Bloomberg] Fed Starts Emergency Program to Aid Money Market Mutual Funds

[Bloomberg] China Builders Face Defaults as Cashflow Comes Under Pressure

[Bloomberg] World Could Need $26 Trillion Stimulus, Top Global Fund Says

[WSJ] Coronavirus Testing Chaos Across America

[WSJ] Consumers Face a Massive Credit Crunch. Lenders Are Still Figuring Out What To Do.

[WSJ] Turmoil in Funding Markets Drags Down Mortgage REITs

[FT] The shocking coronavirus study that rocked the UK and US