AS Someone so succinctly Put it on twitter 50 handle range is the new 10 handle range
Virus Related Comments causing angst overnight:
• *11:31 HSBC EVACUATES RESEARCH DEPARTMENT, FLOOR HAS BEEN DEEP CLEANED
• *HSBC SAID TO FIND ONE CORONAVIRUS CASE AT LONDON RESEARCH ARM
• HSBC TRADING FLOOR HAS NOT CURRENTLY BEEN EVACUATED
• A cruise ship off the coast of California is on lockdown as a former passenger died from the Virus. A 71-year-old man traveled on the cruise ship in February, Other cruise passengers may have been exposed to him thus the lockdown (Bloomberg)
• -Italian death toll rises to 107 from 79 yday total cases 3089 from 2502 yday
• -@FerdiGiugliano: Italy confirms it closes schools across the country from tomorrow until March 15
• -Italian PM: Italy’s health service risks being overwhelmed by Coronavirus
• -ForexLive: Italy orders sporting events without fans until April
• China saying, they will Quarantine travelers from the U.S. fro 14 days upon arrival
Market news:
OPEC trying to Convince Russia to sign off on 1.5 mlb barrel a day production cut, it is likely too little too late as Demand destruction is well under way
Apple: Warns retail staff of iPhone replacement shortages (ITC Markets)
As of this Morning at least $50B in new Fiscal Spending is being unleashed from Countries hit by virus .IMF has pledged at least $50 Billion in Stimulus to any countries that need aid.IMF said a more “dire” global economic outlook is possible from Virus.
Rate cuts still priced in for march Even though Feds Bullard tried to talk down possibilities
Markets:
Chinese stocks Closed higher Spoos and Nasdaq -2.4%, Stoxx 50 -1.5 Dax -1.4% Mib -1.9% Yields begrudgingly moving lower 10s at .94% Bunds only +27 ticks. The New Market Norm plenty of Volatility day to day.
