Morning Market Wrap

  • Wall Street had the worst session since 1987 yesterday. S&P 500 closed 9.5% lower, Dow Jones dropped 9.99% and Nasdaq slumped 9.43%. Russell 2000 dropped 11.18%

  • Moods in Asia are poor as well but stock indices are trading off the daily lows. Nikkei closed 6.08% lower while HSCEI is trading 2.8% down. Australian S&P/ASX 200 made a stellar recovery and turned an 8% drop into a 4.5% gain. S&P 500 futures trade 40 point above yesterday’s close

  • Number of confirmed coronavirus cases continues to increase and has reached 134,806. Death toll is nearing 5,000. Yesterday was the day with the most new cases reported (spare for the day with China’s methodology shift) and the most deaths since the coronavirus outbreak started

  • New York City declared a state of emergency. UK authorities said they are now trying to delay the worst rather than contain the spread of the disease. More and more regions decide to shut down schools

  • Sophie Turdeau, wife of Canadian Prime Minister, tested positive for the coronavirus. Justin Trudeau will spend 2 weeks in self-isolation. Brazilian President Bolsonaro is also monitored for the virus

  • China said that work resumption rates, excluding Hubei province, vary from 60 to 95%. Apple said all of its stores in China has reopened

  • US forces conducted missile strikes on Iranian-backed militia in Iraq. The move seems to be response for recent attack on military base hosting Western troops

  • President Trump said he will consider restricting travel within the United States in case regions are badly hit by the virus

  • Bank of Canada announced term repo operations to boost liquidity

  • Italian financial watchdog imposed short selling restrictions on some stocks

  • AUD and NZD are top performing major currencies while JPY, GBP and USD underperform the most. EM currencies recover.

  • Oil is trading higher this morning while industrial metals trade mixed. Gold attempts to move back near the $1600 handle after yesterday’s drop.

  • Cryptocurrencies experienced epic crash over the previous two days. Two-day price drop for Bitcoin extended to over 50% earlier today. However, the coin tries to regain some ground

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