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Jumat, 13 Maret 2020

European Markets Rally as Germany Pledges Debt Package - Investing.com

By Geoffrey Smith

Investing.com -- European stock markets surged after Germany's finance minister announced the government would announce an 'unlimited' credit facility to help companies struggling with short-term cash flow problems due to the coronavirus outbreak.

Olaf Scholz told a press conference the facility would be administered by Kreditanstalt fuer Wiederaufbau, a state-owned development bank that also played a large role in the government's stabilization programs 11 years ago.

The measure is the most radical announced so far by Berlin and reassured markets about Germany's willingness to relax its purse-strings as the European economy stares a potentially sharp recession in the face.

Elsewhere, the European Commission confirmed that it was ready to relax the EU's Stability and Growth Pact, acknowledging that the Covid-19 outbreak represented an event outside the control of governments and therefore met the requirement for allowing exception spending.

By 8:10 AM ET (1210 GMT), the yield on the German 10-year benchmark bond, which collapsed to record lows earlier this month, rebounded to -0.59%, its highest level since the end of February.

The German extended gains to be up 6.9%, while the Italian , which had crumbled on Thursday amid fears of a lack of support for the eurozone country worst hit by the coronavirus, rose by 14.7%. Both indices were still short of Wednesday's closing levels, however.

The was at $1.1164, down 0.2% from Thursday's close.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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2020-03-13 12:31:19Z
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FDA grants emergency approval for faster coronavirus test | TheHill - The Hill

The U.S. Food and Drug Administration (FDA) has granted diagnostics giant Roche Holding AG an emergency approval for an automated coronavirus test, which the company said could increase testing tenfold for the virus that has reached pandemic levels.

The FDA granted an “emergency use authorization” to the test, which functions on Roche’s cobas 6800/8800 systems, Bloomberg News reported. The 8800 system can test up to 4,128 patients a day. The 6800 system can test as many as 1,440 a day, the Switzerland-based company confirmed.

“We are increasing the speed definitely by a factor of 10,” Thomas Schinecker, head of Roche’s diagnostics unit, told Bloomberg News.

This is the first commercially available test granted emergency approval by the FDA. The agency approved diagnostic tools from the CDC and the New York State Department of Public Health last month.

Roche’s cobas systems are available around the world, according to Bloomberg News. There are 695 of the 6800 instruments and 132 of the 8800 systems installed. There are 110 of these systems in the United States, and the company said it installed a “significant amount” in the country in recent weeks.

The two systems are able to provide test results within four hours. The company said it is “going to the limits of its production capacity,” Bloomberg News reported.

The company declined to comment on pricing for the tests to the outlet.

“We definitely extended the capacity of the testing significantly throughout the U.S,” Schinecker told Bloomberg News. The company also had an existing test for the coronavirus, but the cobas 8800 system can test patients approximately 10 times faster.

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2020-03-13 11:54:19Z
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Stocks poised to open higher after Wall Street’s worst day since 1987 - USA TODAY

Jessica Menton USA TODAY

Published 8:29 AM EDT Mar 13, 2020

Global stocks swung wildly Friday after Wall Street suffered its biggest drop since the "Black Monday” crash of 1987.

U.S. stock futures swayed between sharp gains and losses, with Dow futures currently up 1,000 points after plunging 2,352 points, or 10%, on Thursday for its worst loss since its nearly 23% drop on Oct. 19, 1987. Dow futures dropped 700 points overnight in volatile trading.

On Friday, Standard & Poor’s 500 futures surged 5%, triggering automatic shock absorbers. The S&P 500 tumbled more than 20% from its February record Thursday, sliding into a bear market and officially ending Wall Street’s historic 11-year bull market run.

The rout has come amid cancellations and shutdowns across the world, including Trump’s suspension of most travel to the U.S. from Europe. Worries have grown that the White House and other authorities around the world can’t or won’t counter the economic damage from the outbreak any time soon, threatening to end the decade-long economic expansion.

The coronavirus has infected around 128,000 people worldwide and killed over 4,700. The death toll in the U.S. climbed to 39, with over 1,300 infections.

“The recent shocks to the global economy are unprecedented,” Doug Duncan, senior vice president and chief economist at Fannie Mae, said in a note. “While we are still projecting modest growth in the coming months, the impact of the coronavirus threatens the longest expansion in U.S. history.”

Can the economy predict the next president?: Yes, if history is any indication

Stock market: It may feel like 2008 all over again, but here's how the coronavirus crisis is different

In both cases in 2020 and 1987, the economy was at or near full employment and generally healthy going into the crash. After the 1987 crash, there were widespread calls for an imminent recession as there are today, but that didn’t play out. The stock market recovered by almost 30% from its low within the next year and rose to a fresh high within about 18 months.

“Who knows how the contemporary crisis will play out, but it is worth thinking about its similarity to another quick moving and very scary market collapse when a recession did not occur,” Jim Paulsen, chief investment strategist for Leuthold Group, said in a note.

Global markets were mixed on Friday the 13th in most markets. In Europe, France's CAC 40 jumped 6%, while Germany's DAX rose 5%. Tokyo’s Nikkei 225 fell 6%. Sydney’s S&P ASX rose 4.4% and the Shanghai Composite declined 1.2%. In Hong Kong, the Hang Seng lost 1.1%.

Contributing: The Associated Press

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2020-03-13 11:46:30Z
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5 things to know before the stock market opens Friday the 13th - CNBC

1. Dow to bounce after worst day since 'Black Monday'

Traders work on the floor of the New York Stock Exchange, March 12, 2020.

Brendan McDermid | Reuters

Dow futures, reversing overnight losses, were pointing to about a 1,00-point advance at Friday's open after Wall Street suffered its worst session since the "Black Monday" stock market crash in 1987. The futures hit limit up, meaning they can't trade higher than up 5%. The Dow Jones Industrial Average on Thursday lost over 2,350 points or nearly 10% — pushing further into a bear market. It's down more than 28% from its Feb. 12 closing high. The S&P 500 tanked 9.5%, joining the Dow in a bear market and officially ending the longest bull market ever. From its financial crisis low on March 9, 2009, to its all-time high close of 3,386 on Feb. 19, the S&P 500 had gained 400%. But since last month's record, the index lost nearly 27%. A bear market is defined by a decline of at least 20% from recent highs.

2. Fed meets next week with high expectations for rate cut

Goldman Sachs expects the Federal Reserve to cut interest rates a full 1% at next week's meeting. Such a move would take the key fed funds overnight lending rate to a financial crisis low range of 0%-0.25%. Near-zero rates began in December 2008 and remained there for seven years. On Thursday, stocks briefly pared some of their losses after the Fed said it would take a series of moves to add up to $1.5 trillion into the financial system. Hedge fund billionaire David Tepper told CNBC's Scott Wapner that the Fed should launch temporary and targeted measures, such as buying mortgages and treasurys, to relieve some of the stress in the markets.

3. From sports to theme parks to Broadway, cancellations mount

Cancellations and declarations of states of emergency have poured in as U.S. coronavirus cases topped 1,700 with 40 deaths. Washington state, New York and California account for 60% of confirmed cases in America. In attempts to halt the spread of the virus at public events, professional sports organizations including the PGA, NBA, NHL, MLB and Major League Soccer suspended action. The NCAA canceled March Madness basketball. Universal and Disney announced theme parks closures. Disney delayed the release of "Mulan." Broadway is going dark. Global coronavirus cases surpassed 128,300 with 4,720 deaths. More than half of those infected are listed as recovered. In the worst hot spot outside China, where the outbreak started in December, Italy said its cases rose to 15,113, including 1,258 people who have recovered and 1,016 who have died.

4. Trump won't be tested for coronavirus; Trudeau's wife gets it

A photo showing a Brazilian government official (r) posing for a photo next to President Donald Trump and Vice President Mike Pence at Mar-A-Lago has tested positive for the 2019 novel coronavirus.

President Donald Trump won't be tested for coronavirus after meeting with a Brazilian official who tested positive over the weekend. An Australian official with the coronavirus met with Attorney General William Barr and Ivanka Trump. Canadian Prime Minister Justin Trudeau's wife, Sophie Gregoire, has tested positive. "Following medical advice, she will remain in isolation for the time being," according to statement from the prime minister's office. Justin Trudeau is in "good health with no symptoms," the statement said. Gregoire Trudeau had recently returned from a speaking engagement in London and began exhibiting "mild flu-like symptoms including a low fever" late Wednesday.

5. Biden vs. Sanders on stage Sunday and at the polls Tuesday

Democratic presidential candidate Sen. Bernie Sanders (I-VT) (L), speaks as former Vice President Joe Biden gestures during the Democratic presidential primary debate at Paris Las Vegas on February 19, 2020 in Las Vegas, Nevada.

Mario Tama | Getty Images

The Democratic National Committee is moving Sunday's presidential debate between Joe Biden and Bernie Sanders from Arizona to Washington, D.C., because of concerns about the coronavirus. The DNC had already announced the debate would be held without a live audience. The next major nominating contests are on Tuesday, when Arizona, Florida, Illinois and Ohio hold primaries. A win for the former vice president in Florida could be a knockout punch to Sanders. The Vermont senator is now projected to win last week's California primary. Democrats must win at least 1,991 delegates by the Democratic National Convention in July to secure the nomination. As of Thursday, Biden had won 854 delegates and Sanders had 701.

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2020-03-13 11:36:10Z
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New Coronavirus Test 10 Times Faster Is FDA Approved - Bloomberg

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2020-03-13 11:08:34Z
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Live Stock Market Today Updates and Coverage - The New York Times

Here’s what you need to know:

In London, the market jumped by more than 5 percent before retreating. — Credit...Dan Kitwood/Getty Images

Europe markets show early signs of optimism.

Asian stocks got hammered on Friday, following Wall Street’s worst trading day in more than three decades. But Europe opened higher, in a sign of returning optimism.

Wall Street looked poised to end the week on a more positive note, too, based on futures trading.

Stocks in France and Germany were up by around 3 percent in early trading before easing back. The DAX index in Frankfurt was up 1 percent, while the CAC 40 in Paris was up 1.4 percent.

In London, the market jumped by more than 5 percent, indicating some bargain hunters were back in the market, before settling down and trading at 2.1 percent.

The price of oil crept up by 7 percent to $35.50 a barrel after getting pummeled in recent days. The yields on the 10-year U.S. Treasury also rose.

Asia was more pessimistic. Like Wall Street, every major financial market in Asia except for China is now firmly in bear market territory. That means that stocks have fallen by 20 percent from their highs. Not even the promise of a flood of money from various global policymakers into domestic economies appeared to be able to sooth jittery investors.

In Tokyo, they pushed stocks down 6 percent. At one point, Japanese shares were down more than 10 percent.

In Seoul, stocks finished the week down 3.4 percent. Regulators in South Korea halted the market for a second day as investors pushed it down by as much as 13 percent in early trading. After trading they announced a six-month ban on all short selling, essentially preventing traders from betting against any stock.

Hong Kong’s market fell by 1.1 percent. Even in Shanghai and Shenzhen, where the Chinese government often puts a floor on share drops, stocks dropped by more than 1 percent.

In Sydney, investors had a sudden change of heart midafternoon, helping stocks to pare steep losses and close up 4.4 percent.

One gauge of market volatility, an index known as Vix, jumped to its highest level since it began in 1990, even higher than during the 2008 financial crisis.

China adds its central bank firepower.

China’s central bank on Friday moved to free up money to help the country’s economy, joining a growing number of global policymakers worried about the impact of the fast-moving coronavirus.

The People’s Bank of China said it would inject $79 billion into its financial system, in a move that indicated Beijing remains concerned about its domestic economy after weeks of virtual shutdown.

The central bank eased the financial cushion it requires lenders to keep — cutting the so-called reserve ratio requirement by up to 1 percentage point for some banks — to loosen up money and encourage lending.

China’s economy was already struggling with its slowest growth in nearly three decades before the coronavirus hit, disrupting business and leading to the virtual shutdown of business across China for six weeks.

The bank said on Friday that the move was done “in order to support the development of the real economy” and reduce the cost of financing for businesses.

Stocks plummet as Trump’s travel ban adds to investors’ distress.

Stocks continued their plunge on Thursday, as President Trump’s ban on the entry from most European countries to the United States disappointed investors who had been waiting for Washington to take stronger steps to bolster the economy.

Trading was turbulent, with stocks staging a brief comeback as investors reacted to the Federal Reserve’s decision to offer at least $1.5 trillion worth of loans to banks to help smooth out the functioning of the financial markets. But the market began to crumble again by midafternoon.

The S&P 500 closed down about 9.5 percent, its biggest daily drop since the stock market crashed in 1987, on what came to be known as Black Monday. The decline has left stocks in the United States firmly in a bear market — a term that signifies a decline of 20 percent from the most recent highs.

For the Dow Jones industrial average, the drop of 10 percent was also its worst since the 1987 stock market crash.

Analysis: Something weird is happening on Wall Street

Underneath the alarming stock market figures, the financial world is signaling something unusual.

Bond prices and stock prices have moved together, not in opposite directions as they usually do. There were reports from trading desks that many assets that are normally liquid — easy to buy and sell — were freezing up, with securities not trading widely. That includes some Treasury bonds, which are usually easy to buy and sell and often represent a safe haven for investors.

All this suggests that major financial players are experiencing a cash crunch, and are selling whatever they can as a result. That would help explain the seeming contradiction of assets that should go up in value in a time of economic peril instead falling in value.

The volatility in markets in the last few weeks reflects the deep uncertainty about the near future of the world economy. But for now it is being compounded by something strange happening just beneath the surface, creating ripples like the ones that are evident in this tumultuous week.

The Fed intervenes after ‘highly unusual disruptions.’

The Federal Reserve Bank of New York responded on Thursday to increasingly fraught market conditions by announcing that it would offer at least $1.5 trillion worth of short-term loans to banks Thursday and Friday and change the structure of its asset purchase program.

The moves came as the markets for a variety of bonds — including usually easy-to-trade Treasuries — turned messier starting on Wednesday. Traders and strategists reported that markets were thin, and the gap between the prices buyers offered and those that sellers asked for was widening. At the same time, tremors had developed in funding markets, the plumbing of financial markets in which cash flows between banks, as fears over the coronavirus economic caused gyrations across Wall Street.

“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in a statement.

Specifically, the central bank announced that it would offer $500 billion in a three-month repurchase operation Thursday afternoon. It also said that it would begin to buy government debt “across a range of maturities.” In recent months, it has been buying $60 billion a month only in short-term Treasury bills.

Analysts viewed the moves as warranted given funding constraints on Wall Street.

“This is a full-blown crisis response operation, intended to make it abundantly clear that the Fed will not allow liquidity to dry up,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note.

Here’s what else is happening.

“The Tonight Show Starring Jimmy Fallon” and “Late Night With Seth Meyers” will suspend production next week, NBC said Thursday, making them the biggest daily American television series to go dark because of concerns surrounding the coronavirus pandemic
Disney will close its theme parks worldwide starting this weekend, including Disney World in Florida and the Disneyland Resort in California. Disney Cruise Line will also close.

Reporting was contributed by Alexandra Stevenson, Cao Li, Amie Tsang, Carlos Tejada, Brooks Barnes and Katie Robertson.

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2020-03-13 10:40:09Z
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Live Stock Market Today Updates and Coverage - The New York Times

Here’s what you need to know:

In London, the market jumped by more than 5 percent, before settling down and trading at 2.1 percent. — Credit...Dan Kitwood/Getty Images