• European bourses are currently printing modest gains but US futures are notably firmer than their EU counterpart
• Crude is bolstered after constructive remarks from Trump and reports that China are to begin purchasing oil for state reserves after the recent price crash
• Fed exempted US Treasury debt and Federal Reserve deposits from supplementary leverage ratio for one year as it seeks to ease strains in Treasury market
• EU Commission proposes borrowing EUR 100bln against EU government guarantees to...

• Asian equity markets traded mixed after a weak handover from Wall St where stocks finished the day with losses of more than 4%
• DXY relatively steady overnight with the greenback’s major counterparts contained ahead of weekly jobs figures from the US
• US President Trump is to meet with the CEOs of US oil companies on Friday to talk about helping the industry
• Fed exempted US Treasury debt and Federal Reserve deposits from supplementary leverage ratio for one year as it seeks to ease strains in Treasury...

• 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...