• 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...

• Asian equity markets initially crashed overnight before rebounding, ASX outperformed; US equity futures rose to positive territory 
• Fed announced that it is to provide USD 1.5tln in temporary liquidity amid "highly unusual disruptions" in Treasury financing markets 
• Eurogroup President Centeno said EZ Finance Ministers will agreed to a ‘very large’ policy response to the coronavirus  
• UK and EU have agreed to “dial down the...

• US equity futures have hit limit down (5% in futures) multiple times in European hours as sentiment remains subdued after Trump failed to announce sweeping support
• US President Trump announced to suspend all travel from EU to the US for 30 days beginning Friday at midnight
• DXY is modestly firmer with the complex overall mixed but safe-haven JPY outperforms
• BoJ is reportedly likely to strengthen stimulus at its meeting next week, more active...

• Asian equity markets traded with hefty losses again after another bloodbath on Wall St where the DJIA slipped into bear market territory
• Overnight, Dow futures fell below the 23k level, Nasdaq futures hit limit down and Euro Stoxx 50 futures fell by as much as 8%
• In FX, DXY weakened and reversed some of the prior day’s gains, lifting EUR/USD back towards 1.1300 and USD/JPY below 104.00
• WHO's Tedros said coronavirus is a global pandemic, while he suggested to double down and be more aggressive to...

• Sentiment is somewhat mixed, with US futures lagging their European peers who are bolstered by stimulus measures
• BoE cut rates by 50bp to 0.25%, in a unanimous emergency decision. Cut the counter cyclical buffer and announced a new term funding scheme
• Italian PM Conte says the Government has set aside a total of EUR 25bln to assist the economy given the coronavirus
• Saudi Aramco has received a directive from the Energy Ministry to increase maximum sustainable capacity from 12mln BPD to 13mln...

• Asia-Pac stocks were lower as the prior session’s firm rebound on Wall St failed to resonate across the region
• US equity futures staged a pullback after the White House press conference provided very few details regarding economic measures and President Trump was a no-show
• DXY slightly weakened as it gave back some of the prior day’s spoils but remained above the 96.00 level
• RBA Deputy Governor Debelle suggested there are scenarios where measures such as QE and forward guidance would be...

• Risk sentiment remains firmer in EU hours after a strong APAC handover; though the overall narrative hasn’t changed fundamentally
• DXY is modestly firmer as the JPY retreats in-line with other safe havens
• President Trump announced he is to hold a press conference today on economic measures to respond to the coronavirus and suggested that economic steps will be major
• Japan is reportedly planning to spend JPY 430.8bln in second package of steps on virus outbreak; BoJ are considering expanding their ETF...

• Asian equity markets eventually traded mostly higher as markets began to pick up the pieces from the recent oil-triggered devastation
• DXY traded higher and rose back above the 95.00 level after rebounding from 18-month lows
• Italy has extended its emergency coronavirus measures to the entire country; includes restrictions on travel and public gatherings
• Commodities were mostly underpinned as risk assets recovered from the prior day’s sell-off, with WTI crude futures higher by nearly...

• 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...

• 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...

• 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...

• 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...

• 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...

• 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...

• 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...

• 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...

• 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...

• 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...