• Sentiment is subdued this morning as the absence of month-end factors has seen focus return to the virus
• White House issued 30-day social distancing guidelines and President Trump commented that following social distancing guidelines for the next 30 days is a matter of life and death
• Spanish coronavirus cases stand at 102,135 (Prev. 94,417); deaths increase by 864 to 9053 (Prev. 8189)
• Russia is not planning to boost oil output amid oversupply, sources state, Russia is not holding talks with Saudi;...

• Asian equity markets traded mixed with sentiment cautious after Wall St wrapped up the worst quarterly performance in the S&P 500 since 2008
• In FX markets, the prior day’s retreat in the DXY was stemmed after finding support around the 99.00 level
• OPEC members failed to unanimously agree on an emergency meeting of its economic commission board according to source reports
• US President Trump is to suspend certain tariffs payments for 90-days on imports such as apparel and light...

• Sentiment has generally been upbeat, but US futures are deteriorating as US players enter the market
• Chinese Manufacturing and Non-Manufacturing PMI topped estimates and the Composite PMI also printed in expansion territory
• Some downplayed the data given that it was a recovery from the prior month’s record low base and with China’s stats bureau warning the rebound does not mean the economy has returned to normal
• WHO official said coronavirus epidemic is far from over in Asia and the focus of the...

• Asian equity markets were mostly higher (before trimming some gains) as the region took its cue from the gains on Wall St and Chinese PMI figures
• Chinese Manufacturing and Non-Manufacturing PMI topped estimates and the Composite PMI also printed in expansion territory
• Some downplayed the data given that it was a recovery from the prior month’s record low base and with China’s stats bureau warning the rebound does not mean the economy has returned to normal
• DXY remained firmer after having reclaimed...

• European bourses have been choppy for much of the session, with similar performance seen in US futures; currently relatively unchaged on the day
• US President Trump announced that he is to extend federal guidelines on coronavirus to April 30th and that he sees deaths peaking in 2 weeks
• NIH’s Fauci projected the possibility of millions of coronavirus cases in the US and 100k-200k deaths
• Japan's ruling party has reportedly proposed a JPY 60tln stimulus package, which would include direct government...

• US House passed USD 2.2trln COVID-19 economic aid bill which President Trump signed on Friday
• US President Trump announced that he is to extend federal guidelines on coronavirus to April 30th and that he sees deaths peaking in 2 weeks
• NIH’s Fauci projected the possibility of millions of coronavirus cases in the US and 100k-200k deaths
• Asian equity markets resumed their selling, and US equity futures also began the week on the backfoot (before gradually recouping losses)
• In FX, the DXY was...

• Sentiment remains subdued, in a turnaround from yesterday, as focus turns from stimulus measures back to rising virus case counts
• Spain's coronavirus cases increase to 64059 from 56188; deaths at 4858 from 4089
• US confirmed cases stand at 81,378 - highest in the world, according to a Reuters calculation
• US House set a two-hour debate on coronavirus relief bill on Friday 0900 ET/1300 GMT, according to House officials
• In FX, the USD is firmer as the index fights back from a week which has...

Major APAC bourses started the day on a firm footing but later waned off highs; ASX 200 underperformed

·        US House set a two-hour debate on coronavirus relief bill on Friday 0900 ET/1300 GMT, according to House officials

·        UK and EU negotiating rounds have been abandoned amid coronavirus pandemic, according to The Guardian.

·        In...

• European price action has been choppy equity-wise, as focus remains on the progression of stimulus as well as the rising COVID-19 count
• US Senate voted unanimously (96-0) to pass the USD 2tln coronavirus response bill which sends the bill to the House
• US House Majority Leader Hoyer's office stated the House will convene at 0900EDT on Friday to consider the bill
• Spain's total coronavirus cases rise to 56,188 on Thursday from 47,610 on...

• US Senate voted unanimously (96-0) to pass the USD 2tln coronavirus response bill which sends the bill to the House
• US House Majority Leader Hoyer's office stated the House will convene at 0900EDT on Friday to consider the bill
• Asia equity markets traded cautiously amid headwinds from the US where most major indices finished in the green although pulled back heading into the Wall St. close
• In FX markets, the DXY softened and retreated back below the 101.00 level; EUR/USD above 1.09, USD/JPY below...

• European sentiment began firm but has since deteriorated significantly ahead of the US’ approach to market
• US Senate Majority Leader McConnell confirmed the they have reached a bipartisan deal and said the stimulus package would rush financial assistance to Americans
• ECB's Lagarde asked EZ Finance Ministers yesterday to seriously consider a one-off joint debt issue of coronabonds, according to officials; was opposed by Northern states
• Japan is discussing a USD 500bln stimulus package, Cash handouts...

• US Senate Majority Leader McConnell confirms that a bipartisan stimulus deal has been reached; package is said to be worth USD 2.5trl
• Asian equity markets traded with firm gains as the region took impetus from the historic rally on Wall St where the DJIA jumped by over 2100 points
• ESM's Regling said precautionary credit line ECCL is best for the COVID-19 response and would be available to all EZ countries
• US President Trump's administration...

• Sentiment remains bolstered as more stimulus measures are touted, with US futures hitting limit-up
• US President Trump said we will have an announcement soon as to timing of measures to ease coronavirus guidance
• US Treasury Secretary Mnuchin and Senate Democrat leader Schumer were optimistic for a deal on Tuesday; while Democrats introduced a USD 2.5bln stimulus bill
• Germany is reportedly mulling a stimulus package to boost the economy post-virus
• FX sees the DXY softer, to the benefit of G10...

• Asian equity markets were higher across the board as the region received much-needed reprieve from the recent sell-off
• US equity futures have performed better after-hours with the Emini S&P and DJIA back above the 3k and 19k levels respectively
• US Senate stimulus bill failed to get enough votes to clear the first procedural hurdle
• Senate Majority Leader McConnell suggested that the delays could push the stimulus package to Friday
• US President Trump said he will have an announcement soon...

• European bourses are subdued this morning, with US futures lifted off the limit-down level they touched overnight
• US Senate voted 47-47 on the coronavirus bill which failed to reach the 60 votes required to pass the first procedural hurdle
• US President Trump approved New York, Washington and California disaster declarations which allows federal funds to flow into the states.
• German Government intends to set up a rescue package of EUR 500bln for companies and banks
• German Public Health...

• Asian stock markets mostly traded with hefty losses and US equity futures hit limit down amid further coronavirus-related disruptions and a rising death toll
• US Senate voted 47-47 on the coronavirus bill which failed to reach the 60 votes required to pass the first procedural hurdle
• US Senate Majority Leader McConnell initially said the Senate will re-vote on the motion to proceed
• German Government intends to set up a rescue package of EUR 500bln for companies and banks, authorize EUR 350bln in new...

• Sentiment was bolstered on the ECB measures; but failed to hold to the optimism
• ECB announced EUR 750bln Pandemic Emergency Purchase Programme, conducted until end-2020
• Fed announced to launch mutual money market fund facility to lend to financial institutions
• RBA lowered Cash Rate Target by 25bps to 0.25% and announced QE as speculated
• Looking ahead, highlights include US Initial Jobless Claims, SARB Monetary Policy...

• Asian equity markets extended on losses with price action turbulent amidst ongoing coronavirus fears and disruptions
• ECB announced EUR 750bln Pandemic Emergency Purchase Programme, conducted until end-2020
• Fed announced to launch mutual money market fund facility to lend to financial institutions
• RBA lowered Cash Rate Target by 25bps to 0.25% and announced QE as speculated
• In FX, DXY remained firm above 101.00,...

• US Equity futures have resided at limit-down throughout the European session
• Debt complex has been heavily subdued while the DXY has printed fresh YTD highs
• Fed established a primary dealer facility to support market function beginning March 20th which will last at least 6 months for 90-day loans
• Former VP Biden was declared winner in the Florida, Illinois and Arizona Democrat primaries
• Looking ahead, highlights include US Building Permits and Housing Starts, Canadian CPI, DoEs, NZ GDP,...

• Asian equity markets were indecisive as the region failed to sustain the rebound on Wall St from its worst sell-off since 1987
• UK Chancellor Sunak announced new measures including cash grants, tax holidays, mortgage moratoriums and lending facilities
• Canada is to announce a CAD 27bln economic and aid package today to offset the coronavirus impact
• DXY slightly pulled back overnight but held on to the majority of gains seen in the prior session where it surged above 99.00
• Looking ahead,...

• European equities found mild reprieve following touted US stimulus measures; Spain’s IBEX outperforms on short-selling ban
• US Treasury Secretary Mnuchin is said to be seeking USD 850bln package or more of stimulus, according to Politico citing sources
• In FX, the Greenback gains more ground above 99.00 vs. a sub-98 low, as such G10 pairs are pressured
• Looking ahead, highlights include US retail sales, industrial production, business...

• Asia-Pac equity markets traded mixed and US equity futures hit limit up overnight as stock markets attempted to nurse the recent heavy losses
• US President Trump suggested the worst of the virus outbreak could be over by July/August, perhaps later
• US Treasury Secretary Mnuchin met with GOP Senators and said he is seeking a large number for additional coronavirus stimulus legislation
• In FX, the greenback was lacklustre around the 98.00 level....

• FOMC cut the Fed Funds Rate 100bps to 0.00%-0.25% and launched a USD 700bln QE program
• RBNZ lowered the OCR by 75bps to 0.25% in an emergency meeting and stated that the OCR is to remain at 0.25% for at least a year
• BoJ held an emergency monetary policy meeting in which it kept short-term rates at -0.10% and maintained long-term yield target at 0%, but raised purchases of ETFs and J-REITs
• European equities continue to erode in early trade...

• FOMC cut the Fed Funds Rate 100bps to 0.00%-0.25% and launched a USD 700bln QE program
• Bank of Canada cut its key overnight interest rate by 50bps to 0.75% from 1.25% and stands ready to adjust monetary policy further if required
• RBNZ lowered the OCR by 75bps to 0.25% in an emergency meeting and stated that the OCR is to remain at 0.25% for at least a year
• BoJ held an emergency monetary policy meeting in which it kept short-term rates at...

CENTRAL BANKS

Norges Bank emergency rate cut to 1.0% from 1.50%; decision was unanimous. Ministry of Finance has, at the Norges Bank's recommendation, elected to cut the countercyclical capital buffer to 1.0% from 2.5%. (Newswires) A decision which resulted in the NOK, which has been under significant pressure recently, strengthening somewhat as the measures are designed to provide support to the financial system. Are scheduled to meet on March 19th . Subsequently, Governor...