09 Mar 2020, 10:42 by Newsquawk Desk
- US equity futures hit limit down as the sell-off resumed driven by the virus, energy and safe-haven flows
- WTI and Brent front month futures traded with losses over USD 10/bbl after Saudi announced supply above 10.0mln BPD from April and slashed OSP’s
- Yields have dropped to fresh all-time lows which has seen the US curve entirely below 1.0% for the first time
- DXY is subdued given JPY outperformance (USD/JPY low 101.58) while commodity-linked currencies are feeling the pinch
- South Korea...
09 Mar 2020, 06:55 by Newsquawk Desk
- Asian equity markets resumed their slump and US equity futures also suffered heavy losses in which the E-mini S&P hit limit down
- Saudi Arabia launched an oil price war to punish Russia following the breakdown of the oil deal in which the Kingdom announced it will offer deep discounts by lowering OSP to all destinations
- WTI crude futures suffering losses of more than 31% to below USD 29/bbl and Brent crude also fell off a cliff to a floor of around USD...
06 Mar 2020, 11:49 by Newsquawk Desk
- European equities have once again faced heavy selling pressure as their global stockmarket rout continues
- Bunds, Gilts and 10-year USTs have soared in European trade but are now some distance away from best levels and braced for the next leg of the bull run or further retracement
- In FX, The Dollar continues to slide vs major peers while outperforming against the majority of its EM counterparts
- Moscow will only agree to extend the existing OPEC+ oil cuts, will not agree to extra cuts and its position...
06 Mar 2020, 06:54 by Newsquawk Desk
- Asian equity markets slumped across the board as the sell-off rolled over from Wall St. where all major indices declined over 3%
- DXY extended its decline heading into today’s NFP data to test the 96.50 level after the 10yr yield fell to a fresh record low
- US Senate voted 96-1 to pass the USD 8.3bln coronavirus bill and sent it to President Trump to sign into law
- WTI crude futures declined firmly below the USD 46.00/bbl in a resumption of the weakness ahead of today’s OPEC+ meeting
- Looking...
05 Mar 2020, 11:53 by Newsquawk Desk
- Initial gains for European equities proved to be fleeting. US futures indicate a lower open
- DXY softer, largely at the expense of JPY as USD/JPY breaches 107.00 to the downside
- OPEC reportedly agrees on a 1.5mln bpd output cut, subject to Russian approval; who would reportedly agree to a 1mln cut
- Bernie Sanders and Elizabeth Warren are reportedly in discussions on cooperating if the latter exits the presidential race
- Looking ahead, highlights include US Initial Jobless Claims & Factory...
05 Mar 2020, 06:54 by Newsquawk Desk
- Asia-Pac indices rose across the board following the constructive pick up from Wall St where all major indices surged and the DJIA posted gains of almost 1200 points
- US House voted 415-2 to pass USD 8.3bln coronavirus bill as expected, which now goes to the Senate and US President Trump has stated he will sign the bill
- Fed’s Bullard seemingly leaned away from an immediate further reduction in rates as he suggested that a barrier to cutting again this month is that action has just been...
04 Mar 2020, 12:05 by Newsquawk Desk
- European equities saw a relatively shaky start to the session before eventually moving back into positive territory (Eurostoxx 50 +1.4%)
- The DXY has regained some composure after Tuesday’s slide in wake of the Fed’s early or emergency March policy easing
- WTI and Brent prices are firmer this morning with further sources reports suggesting the possibility of deeper production cuts in excess of 1mln bpd
- Super Tuesday Update: Joe Biden is said to have won 319 delegates (372 total) so far vs. 242...
04 Mar 2020, 06:54 by Newsquawk Desk
- Asian bourses traded somewhat mixed following from the weak rollover from Wall St. where all major indices slumped around 3%
- Participants digested further weak data in which Chinese Caixin Services and Composite PMIs printed record lows
- HKMA lowered its base rate by 50bps to 1.50% following the Fed rate cut and Macau also lowered its discount window rate by 50bps to 1.50%.
- US VP Pence said there are 77 domestic cases of coronavirus, whilst Washington State confirmed 3 more deaths to bring the total...
03 Mar 2020, 11:52 by Newsquawk Desk
- Sentiment is bolstered in EU hours on expectations for stimulus measures due to the coronavirus
- However, G7 statement reportedly does not currently include specific language calling for fresh fiscal spending or coordinated rate cuts
- Commentary from the BoE & ECB on a virus response, ECB stands ready to take appropriate and targeted measures as necessary and commensurate with the underlying risks
- AUD is outperforming G10 peers after the 25bp RBA cut as guidance intimates rates may remain at this...
03 Mar 2020, 06:54 by Newsquawk Desk
- Asia traded mostly higher as the region took impetus from the rally on Wall St amid hopes of a coordinated effort to address the fallout from the coronavirus
- G7 Finance Ministers and Central Bankers planned call to discuss the virus will take place at 1200GMT/0700EST
- A draft statement reportedly does not currently include specific language calling for fresh fiscal spending or coordinated rate cuts
- ECB said it stands ready to take appropriate...
02 Mar 2020, 12:03 by Newsquawk Desk
- Sentiment was volatile in APAC hours on the abysmal Chinese PMIs; however, did recover throughout the Asia session before reverting back into negative territory in EU trade
- BoJ said it will closely monitor future developments and offered to buy JPY 500bln of JGBs & reportedly bought a record total of JPY 101.4bln of ETF on Monday
- EU Economic Commissioner Gentiloni says we will be assessing requests for fiscal flexibility under EU rules due to the coronavirus outbreak
- OECD cuts global economic...
02 Mar 2020, 06:54 by Newsquawk Desk
- Asian bourses and US equity futures began the week volatile with hefty losses which were later recouped as markets found reprieve
- China reported 202 additional coronavirus cases; South Korea reported 476 more cases; Italy reported 566 new cases; France noted 30 additional cases; US confirmed the first 2 coronavirus-related deaths
- White House officials are to discuss emergency measures to tackle virus outbreak; Italy will introduce measures valued at...
28 Feb 2020, 11:54 by Newsquawk Desk
- Mass sell-off continues, with all bourses firmly in negative territory and the DJIA future breaching the 25k mark
- Spot gold has failed to benefit from the continued sell-off, while JPY has been the clear beneficiary of haven flows
- WHO Spokesman says the coronavirus outbreak is 'getting bigger' the scenario of it reaching multiple, 'if not all countries' is something that we have warned about for a while
- Saudi Arabia is reportedly seeking a cut of 1mln BPD, according to sources cited by the FT, Saudi...
28 Feb 2020, 06:55 by Newsquawk Desk
- Asian stocks traded lower across the board following the bloodbath on Wall Street; Nikkei 225 and Hang Seng fell deeper into correction territory
- South Korea reported 256 more cases of new coronavirus thus far, with the total topping 2000; New Zealand, Lithuania, Nigeria and Belarus also reported their first cases
- Saudi Arabia is reportedly seeking an output cut of 1mln BPD, according to sources, deeper than the 600k BPD proposed by the...
27 Feb 2020, 11:54 by Newsquawk Desk
- Sentiment remains affixed to the coronavirus, with European bourses down and US equity futures currently posting losses of 1%
- South Korea reported over 500 more cases of new coronavirus thus far, taking the total to 1766; with increases in multiple countries
- Italian coronavirus cases may be inflated due to testing errors, WHO Official; did coincide with a mild uptick in sentiment
- Microsoft have cut their Q3 personal computing guidance and supply chain normalisation due to the coronavirus
- GBP...
27 Feb 2020, 06:55 by Newsquawk Desk
- Asian equity markets traded mostly lower following a mixed Wall Street handover, US equity and DAX futures trade with heavy losses heading into the European open
- US President Trump said we are ready to adapt and do whatever to tackle the virus outbreak, VP Pence was put in charge of the virus task force
- First US coronavirus case of unknown origin confirmed in North California; CDC said it could be the first instance of “community spread”
- Microsoft (MSFT) became the latest company to cut guidance due...
26 Feb 2020, 11:47 by Newsquawk Desk
- European bourses are negative at present, but well-off session lows which saw Dax March’20 future drop 400 points at worst
- WTI and Brent tested USD 49/bbl and USD 54/bbl on the EU morning sell-off; though selling has stabilised somewhat ahead of the US’ entrance
- First coronavirus related deaths have been reported in France, as well as the first cases in Poland, Greece and Brazil
- EU's Chief Trade Negotiator Hogan said he hopes to broker with the US a "mini-deal" before US increases tariffs on the...
26 Feb 2020, 06:55 by Newsquawk Desk
- Asian equities traded mostly lower after another bleak session on Wall Street, ASX 200 lagged and Mainland China outperformed
- South Korea reported 169 more cases of new coronavirus thus far; total number of cases topped 1000
- Source reports noted of some discussions in the White House about whether to declare a national emergency; San Francisco Mayor has declared a state of emergency
- Hong Kong government unveiled measures worth HKD 120bln in...
25 Feb 2020, 12:03 by Newsquawk Desk
- Sentiment remains subdued after a brief reprieve was insufficient to flip the narrative away from risk-off
- South Korea total cases now at 977 and a 10th coronavirus-related death reported; cases in Italy have increased as well as cases now being reported in Spain
- WHO spokesman says they do not have plans for a 'big announcement', many countries have pandemic plans ready and some may act depending on their situation
- US Trump Administration is sending Congress a budget request for USD 2.5bln to tackle...
25 Feb 2020, 06:55 by Newsquawk Desk
- Asian stocks traded mixed following a detrimental session on Wall Street; KOSPI outperformed, Nikkei 225 fell 4.5% on its return from its extended weekend
- South Korea reported 60 more cases of new coronavirus thus far, total at 893 and death toll at 9; the country is to draft supplementary budget as soon as possible
- US Trump Administration is sending Congress a budget request for USD 2.5bln to tackle the virus outbreak, House Speaker Pelosi deemed it inadequate
- FX markets were quiet with DXY softer,...
24 Feb 2020, 11:53 by Newsquawk Desk
- Mass FTQ as the coronavirus spreads substantially into Italy, South Korea and Iran
- Italy reported that the total number of cases rose to 152, with a fifth confirmed death
- South Korea reported over 200 new case which brings the current total to 833, with seven deaths also confirmed as of February 23
- China has postponed its parliamentary annual meeting, according to CCTV
- European bourses, and US futures are firmly into negative territory with Italian assets amongst those worst hit
- USD...
24 Feb 2020, 06:55 by Newsquawk Desk
- Major Asian indices traded lower across the board amid cases spikes outside China; KOSPI lagged, Shenzhen outperformed; Japan was closed – US equity, DAX and Eurostoxx 50 futures opened with steep losses
- In FX, DXY traded on either side of 99.500, Antipodeans were pressured, EUR was weighed on, KRW saw further weakness
- WTI and Brent futures posted losses of over 2.5% each, spot gold eclipsed 1680/oz at the open vs. Friday’s sub-1650/oz...
21 Feb 2020, 11:57 by Newsquawk Desk
- Sentiment remains subdued after yesterday’s sell-off; USD softens as GBP and JPY strengthen
- China's Politburo says the turning point of the virus outbreak in China has not arrived yet, State Media
- South Korea has reported 48 more cases of novel coronavirus, total rises to 204, according to Yonhap
- Libyan Commander Haftar has told Russian press he is ready for a Libyan ceasefire if some conditions are met
- Saudi Air Defence has intercepted and destroyed several ballistic missiles fired at the...
21 Feb 2020, 06:55 by Newsquawk Desk
- Asian equities traded with downside bias after a weak handover from Wall Street, Hang Seng and KOSPI lagged
- China reported an additional 889 (Prev. 394) coronavirus cases and 118 (Prev. 114) additional deaths as of February 20
- South Korea’s virus case count rose to 156; two evacuees from the Diamond Princess cruise have tested positive for coronavirus since landing
- Chinese Commerce Ministry is speeding up the study of new measures to provide further support for companies
- In FX, DXY was flat,...
20 Feb 2020, 11:55 by Newsquawk Desk
- USD remains king as 100 comes into focus for the DXY as it outperforms G10 peers, particularly JPY/AUD/NZD
- European bourses have traded largely directionless for the session, as focus remains on geopolitics/virus headline risk
- Concerns mount over the spread of coronavirus outside of China, namely Japan and South Korea
- Chinese PBoC LPR Rate 1yr 4.05% vs Exp. 4.05% (Prev. 4.15%); 5yr 4.75% (Prev. 4.80%)
- Turkey and Russia are in talks regarding joint patrols around Idlib, Syria
- Looking...