Daily News Links

8603 posts

Friday, March 20, 2020

Evening

• Wall Street dives, ends worst week since 2008, as New York, California impose restrictions
  Reuters
• Treasuries - Yields down after governor orders New York residents to stay home
  Reuters
• Forex swap spreads tighten after central banks take coordinated action
  Reuters
• US virus testing faces new headwind: Lab supply shortages
  AP
• New Yorkers ordered to mostly stay inside: ‘We’re all under quarantine now,’ Gov. Cuomo says
  CNBC
• Coronavirus live updates: States expand unemployment, WHO warns of health system collapse
  CNBC
• Trump says respects China, but unfortunate virus got out of control
  Reuters
• Downgrade doom looms for coronavirus-hit firms and markets
  Reuters
• World's top debt funds lose billions in coronavirus rout
  Reuters
• Column: Global economy hit by severest shock since 1930s - Kemp
  Reuters
• ‘Sell-Everything’ Strategy Is Causing Massive Credit Turmoil
  Bloomberg
• S&P 500 Share Buybacks to Drop 70% This Year, JPMorgan Predicts
  Bloomberg

General

• Wall Street gains at the end of blistering week
  Reuters
• Markets gain as central banks, governments pour in cash
  Reuters
• Euro zone bond yields tumble as risk sentiment picks up
  Reuters
• Trump’s team, senators to negotiate $1T economic rescue deal
  AP
• California governor issues statewide order to ‘stay at home’ effective Thursday evening
  CNBC
• The upcoming job losses will be unlike anything the US has ever seen
  CNBC
• U.S. states seek $150 billion in emergency federal coronavirus aid
  Reuters
• Coronavirus live updates: US cases cross 14,000, China economy shows signs of normalizing
  CNBC
• [Reuters[ Germany mulling half-trillion-euro support fund for corona-struck firms, Der Spiegel says
• ‘Illiquidity Doom Loop’ Threatens Bond ETFs Caught Up in Turmoil
  Bloomberg
• ‘Extreme’ Market Stress Trashes Havens in a Crisis of Liquidity
  Bloomberg
• Euro’s Survival at Stake as Region on Course for Worst Half Ever
  Bloomberg
• A Covid-19 Supply Chain Shock Born in China Is Going Global
  Bloomberg
• Half of Chinese Retailers Risk Collapse Within Six Months
  Bloomberg
• Bond-Market Strains Keep Traders on Edge
  WSJ
• Analysts point finger at ‘risk parity’ strategy in market rout
  FT
• Weird price dislocations are shaping the $4.1tn US municipal bond market
  FT

Thursday, March 19, 2020

Evening

• Futures point to 300-point drop for the Dow, reversing Thursday’s gains
  CNBC
• Fed balance sheet hits record, banks tap loans as crisis measures take hold
  Reuters
• Banks face liquidity strain as corporations tap revolving credits
  Reuters
• Bond fund outflows set weekly record as virus upends markets: Lipper
  Reuters
• Rates on commercial paper continue to rise after Fed action
  Reuters
• Coronavirus: California estimates 25.5 million residents — 56% of the state — will get virus in next 8 weeks
  CNBC
• Distressed Debt in U.S. Doubles to $500 Billion in Two Weeks
  Bloomberg
• High-Grade Bond-Fund Outflows Hit $35.6 Billion, Smashing Record
  Bloomberg
• Record Exodus From Muni-Bond Funds Fuels Worst One-Day Rout
  Bloomberg
• Steve Cohen’s Point72 Quant Unit Falls 22% in March
  Bloomberg
• Trump Says Coronavirus Could Have Been ‘Stopped’ in China
  Bloomberg
• Hedge Funds Hit by Losses in ‘Basis Trade’
  WSJ

Afternoon

• Wall Street ends higher to stem coronavirus selloff
  Reuters
• U.S. oil reverses losses, posts largest one-day gain on record
  Reuters
• 'No ordinary time': Senate hustles on $1 trillion coronavirus bill
  Reuters
• New York Gov. Cuomo orders 75% of non-essential workforce to stay home as cases surge to 4,152
  CNBC
• Fed's Rosengren says liquidity tool meant to prevent run on prime money market funds
  Reuters
• Italy passes China's coronavirus death toll, prepares to extend lockdown
  Reuters
• U.S. says will buy initial 30 million barrels of oil for strategic reserve
  Reuters
• Coronavirus live updates: Expert says virus could kill millions, seniors get special shopping hours
  CNBC
• Bank of England cuts rates to 0.1%, ramps up bond-buying
  Reuters
• Muni-Bond Liquidity Crisis Hits Governments With Rates Up to 11%
  Bloomberg
• Muni-Bond Investors Yank a Record $12 Billion from Mutual Funds
  Bloomberg
• Credit Is the Scariest Market to Watch, Not the Dow or S&P
  Bloomberg
• Fed Ramps Up Bond Buying, Indicating Much Larger Purchases Are Likely
  WSJ
• The Next Coronavirus Financial Crisis: Record Piles of Risky Corporate Debt
  WSJ
• Companies Are Suspending Dividends Because of the Coronavirus
  WSJ
• Why the Fed is trying to tame the dollar
  FT
• ECB and Bank of England deploy their big bazookas
  FT

General

• Wall Street sinks again as virus response falls short
  Reuters
• Dollar rules; ECB stimulus boosts bonds
  Reuters
• Credit markets flash red as coronavirus hits corporate America
  Reuters
• Oil jumps after three-day slump but virus and oversupply still weigh
  Reuters
• Fed opens new dollar swap lines with 9 new foreign central banks
  Reuters
• ECB to print 1 trillion euro this year to stem coronavirus rout
  Reuters
• U.S. Fed moves to ensure liquidity in money market mutual funds
  Reuters
• UK prepares for lockdown; EU’s chief Brexit negotiator has coronavirus
  CNBC
• Exclusive: China to ramp up spending to revive economy, could cut growth target - sources
  Reuters
• Central banks deploy trillions to keep economy running
  AP
• Japan may hand out cash to households in stimulus package to battle virus fallout
  Reuters
• Australia c.bank embarks on QE, cuts rates to record lows
  Reuters
• South Korea warns of global credit crunch, will support dollar funding needs
  Reuters
• Automakers to Close Factories in North America
  NYT
• Enormous De-Leveraging in Bond Market Smacks of Margin Calls
  Bloomberg
• Dollar Soars to Record as Funds Dump Everything in Risk Exodus
  Bloomberg
• Global Liquidation Triggers Limit Down in Multiple Asia Markets
  Bloomberg
• Fed Starts Emergency Program to Aid Money Market Mutual Funds
  Bloomberg
• China Builders Face Defaults as Cashflow Comes Under Pressure
  Bloomberg
• World Could Need $26 Trillion Stimulus, Top Global Fund Says
  Bloomberg
• Coronavirus Testing Chaos Across America
  WSJ
• Consumers Face a Massive Credit Crunch. Lenders Are Still Figuring Out What To Do.
  WSJ
• Turmoil in Funding Markets Drags Down Mortgage REITs
  WSJ
• The shocking coronavirus study that rocked the UK and US
  FT

Wednesday, March 18, 2020

Evening

• Europe’s central bank launches new program to calm markets
  AP
• Dow futures point to 300-point gain after ECB announces massive stimulus package
  CNBC
• Government borrowing costs jump as virus-related support costs climb
  Reuters
• Senate passes coronavirus relief plan to expand paid leave, sends it to Trump
  CNBC
• Coronavirus live updates: NYC mayor wants ‘shelter-in-place’ order, US cases number over 7,500
  CNBC
• Trump administration wants to send taxpayers $500 billion, $50 billion in loans for airlines
  Reuters
• Brazil cuts interest rates to new low 3.75% in coronavirus fight
  Reuters
• Automakers shut North American plants over coronavirus fears
  AP
• U.S. restaurants seek $455 billion of federal aid due to coronavirus hit
  Reuters
• Merkel calls coronavirus 'biggest challenge since WWII'
  Yahoo
• Global Bond Rout Gains Steam Led by Treasuries in Flight to Cash
  Bloomberg
• NYSE to Shut Trading Floors Monday, Says Two People Had Virus
  Bloomberg
• Currency Liquidity Vanishes on Mounting Fears of London Hub Slamming Shut
  Bloomberg
• Coronavirus Pandemic to Test Limits of How Much Debt U.S. Can Bear
  WSJ
• Markets Enter New Phase—Where Cash Is All That Matters
  WSJ
• America Needed Coronavirus Tests. The Government Failed.
  WSJ
• Bridgewater Associates Performance Hit by Coronavirus
  WSJ
• Fear grips markets as faith in intervention runs out
  FT

Afternoon

• Wall Street extends recent selloff, puts Dow on course to erase 'Trump-bump'
  Reuters
• Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low
  CNBC
• Wall Street slumps, government bonds hammered as stimulus high fades
  Reuters
• Here’s where things stand on the White House’s push for a $1 trillion stimulus package
  CNBC
• GOP divided on next steps for massive stimulus package
  The Hill
• U.S. restaurants ask for federal aid, could take $225 billion hit from coronavirus
  Reuters
• Traders ‘Liquidating Positions Everywhere’ Upend Markets
  Bloomberg
• ECB Buying Italian Bonds in Bid to Halt Market Rout
  Bloomberg
• Private Credit Deals Dry Up in Rout With Pipeline Out of Reach
  Bloomberg
• Credit Cracks Spark Historic Moves in Systematic Stock Trading
  Bloomberg
• Short-Term Bond Market Roiled by Panic Selling
  WSJ
• Bank-led freeze on stock buybacks could spread across US market
  FT

General

• Dow plunges 1,000 points as stretch of unprecedented volatility continues because of coronavirus
  CNBC
• Stocks, oil sliding again in 'irrevocably changed' markets
  Reuters
• Italian bond yields jump, central bank intervention brings some calm
  Reuters
• U.S. crude hits 17-year low as lockdowns, restrictions spread
  Reuters
• Dollar rockets to three-year highs as coronavirus fears fuel funding scramble
  Reuters
• Trump says the US will close the border with Canada to ‘non-essential’ traffic
  CNBC
• US housing starts total 1.599 million in February, vs 1.500 million expected
  CNBC
• Weekly mortgage applications drop over 8% as interest rates jump briefly
  CNBC
• Coronavirus live updates: Mnuchin warns of high unemployment, celebrities ‘tour’ social media
  CNBC
• Japan's exports fall, imports from China slump as virus impact widens
  Reuters
• Japan's Abe to launch panel to mull big stimulus package: source
  Reuters
• US GDP could shrink by 13% in 2nd quarter as part of ‘severe global recession,’ Deutsche Bank says
  CNBC
• Global Bonds Plunge Ahead of Debt Deluge From Pandemic Defense
  Bloomberg
• Wall Street Says a Volatility Doom Loop Is Gripping Markets
  Bloomberg
• Trump Told Mnuchin to Go Big, and a $1 Trillion Stimulus Emerged
  Bloomberg
• German Bunds Post Longest Losing Streak in 2 ½ Years
  Bloomberg
• Fed to Relaunch Primary Dealer Credit Facility
  WSJ
• Behind Washington’s Stimulus Frenzy: the Prospect of Billions of Unpaid Bills
  WSJ
• China Guts U.S. Press Corps in Beijing With Mass Expulsions
  Bloomberg
• Government bonds buckle as investors dump haven assets for cash
  FT
• Extreme market stress puts $6.4tn ETF sector under acute pressure
  FT
• Fed to lend against stocks and bonds in bid to stabilise markets
  FT
• China lacks the appetite to save the world economy, analysts warn
  FT
• Emerging markets hedge funds stung in Covid-19 sell-off
  FT
• China’s farmers fear food shortages after coronavirus restriction
  FT

Tuesday, March 17, 2020

Evening

• Dow rebounds more than 1,000 points as Trump seeks $1 trillion in stimulus for coronavirus fight
  CNBC
• Fed moves to backstop funding for U.S. companies as coronavirus fallout spreads
  Reuters
• Fed plans steps to ease short-term borrowing for companies
  Reuters
• NY Fed says it will offer an additional $500 billion in overnight repo on Tuesday
  Reuters
• Senate weighs emergency coronavirus pandemic funds; Trump seeks $850 billion more
  Reuters
• Mnuchin says Trump administration is looking to get cash to Americans ‘immediately’
  CNBC
• Regulators considering more changes to free up bank liquidity, sources say
  CNBC
• Coronavirus live updates: Malaysia closes border, Italy death toll crosses 2,500
  CNBC
• China expels journalists from New York Times, Wall Street Journal and Washington Post
  CNBC
• Homebuilder sentiment falls, as coronavirus begins to factor in
  CNBC
• New York state coronavirus cases soar to more than 1,300, hospitalizing 19%
  CNBC
• 86% of people with coronavirus are walking around undetected, study says
  NY Post
• UK confirmed coronavirus cases rise 26% to 1,950 in past 24 hours
  Reuters
• Europe to shut borders as lengthy virus crisis looms
  Reuters
• Spain unveils 'unprecedented' 200 billion euros coronavirus package
  Reuters
• Fed Restarts Commercial Paper Facility to Ease Market Strain
  Bloomberg
• Stocks Locked In to Credit’s Vortex With Solvency Risk Spreading
  Bloomberg
• Fed Unveils Emergency Lending Program to Shore Up Business Credit Markets
  NYT
• Lessons from Italy’s Hospital Meltdown. ‘Every Day You Lose, the Contagion Gets Worse.’
  WSJ
• Rise in Italian yields has echoes of eurozone debt crisis
  FT
• Global funding squeeze forces dollar higher
  FT
• US leveraged loan prices slump to lowest since financial crisis
  FT

General

• Stocks higher after Wall Street's steepest plunge since 1987
  Reuters
• German Bund yields reach one-month high, French, Spanish sell-off continues
  Reuters
• Asian stocks fall in volatile session after historic Wall St. plunge
  Reuters
• Oil falls to $30 on recession fears and Saudi pump war
  Reuters
• Offshore dollar funding markets flash amber as squeeze intensifies
  Reuters
• Trump administration to seek $850 billion to stem virus' economic fallout: report
  Reuters
• Trump and U.S. states ramp up drive to slow spread of coronavirus
  Reuters
• Retail sales fall 0.5% in February, indicating weakness before virus hit with force
  AP
• Large U.S. banks plan to access Fed's discount window
  Reuters
• Coronavirus live updates: Iran frees prisoners; Macron says ‘we are at war’
  CNBC
• Coronavirus to cause global recession, surge in defaults: S&P Global
  Reuters
• Goldman sees China's economy shrinking 9% in first quarter amid coronavirus outbreak
  Reuters
• Turkish central bank cuts rates early, by 100 basis points
  Reuters
• Treasury Futures Domino That Helped Drive Fed’s $5 Trillion Repo
  Bloomberg
• ECB Provides Banks With $120 Billion to Prevent Squeeze
  Bloomberg
• Central Banks Preferring to Blast Through Ammo, Not Save It
  Bloomberg
• Evaporated, Collapsed: Strategists Dissect Stock Liquidity Woes
  Bloomberg
• France Ready to Nationalize Firms as EU Heavyweights Take Charge
  Bloomberg
• India Could be Next Virus Hotspot With an ‘Avalanche’ of Cases
  Bloomberg
• ‘We Call It Uninvestible’: Views on Markets After Another Rout
  Bloomberg
• Trump’s ‘Chinese Virus’ Tweet Adds Fuel to Fire With Beijing
  Bloomberg
• As Market Convulses, Big Banks Plan to Borrow Funds From Fed
  NYT
• Fed Deploys Its Full Arsenal, but It Still Has Some Tools
  WSJ
• How Bad Could Markets Get? History Says Much Worse
  WSJ
• A Generational War Is Brewing Over Coronavirus
  WSJ
• Coronavirus forces Manila to shut all financial markets
  FT
• Coronavirus sell-off weighs heavily on bond and equity issuance
  FT

Monday, March 16, 2020

Evening

• Wall Street sinks as Fed's shock cut increases worries over virus spread
  Reuters
• Oil drops nearly 10%, breaking below $29 as demand evaporates
  CNBC
• Treasuries - Yields fall after Fed action, but above last week's lows
  Reuters
• Senate developing third U.S. coronavirus economic relief bill - Grassley
  Reuters
• Schumer to propose at least $750 billion to combat coronavirus
  The Hill
• Airline bailouts? Cash handouts? Debate deepens on inoculating economy against coronavirus
  Reuters
• Canada closing borders to non-citizens because of coronavirus
  CNBC
• Coronavirus: Merkel announces sweeping shutdown in Germany
  Yahoo
• ECB's Lagarde ready to do what needed to protect euro zone: Italy finance minister
  Reuters
• New York Fed adds $500 billion in overnight repo support to keep reserves 'ample'
  Reuters
• Coronavirus live updates: Dow sinks, Trump offers August timeline, SF orders ‘stay home’
  CNBC
• US airlines seek more than $50 billion in government assistance as coronavirus roils business
  CNBC
• Explainer: What's in the U.S. coronavirus aid bill?
  Reuters
• Romney proposes sending $1,000 checks to every American to ease coronavirus economic pain
  CNBC
• Coronavirus: First test of a U.S. financial system 10 years in repair
  Reuters
• What Happens to the Economy When Everything Stops?
  WSJ
• Another Problem for the Fed: Banks Pressured as Clients Scramble for Cash
  WSJ
• How the Federal Reserve has moved to support the financial system — explained
  FT
• US bond market volatility hits highest level since 2009
  FT
• Investors call for Fed help in ‘frozen’ commercial paper market
  FT
• Investors clamour for ECB support in Italian bond slump
  FT

General

• S&P 500 recovers some of its steep losses after halt, now down 6%
  CNBC
• Stocks pounded as Fed's aggressive rate cut fans recession fears
  Reuters
• Brent falls 10%, WTI below $30 as coronavirus spreads
  Reuters
• Yen jumps as traders seek safety despite Fed's slashing rates
  Reuters
• Fed slashes rates, global central banks coordinate to cushion coronavirus blow
  Reuters
• NZ central bank slashes rates at emergency meeting as coronavirus worsens
  Reuters
• Coronavirus live updates: New York City to limit restaurants and bars to take-out and delivery, movie theaters to shut
  CNBC
• Big U.S. banks halt stock buybacks, citing customer needs during coronavirus
  Reuters
• New York City, Los Angeles mayors order restaurants, bars, theaters closed for coronavirus
  Reuters
• More U.S. retailers shut stores to limit coronavirus spread
  Reuters
• China Jan-Feb property investment down 16.3% y/y, sales plunge by nearly 40%
  Reuters
• VIX Futures Flash Market Fear With Jump to Highest Since 2009
  Bloomberg
• China’s Resistance to the Global Equity Rout Is Now Crumbling
  Bloomberg
• China Home Price Growth Stalls, Sales Plunge Amid Virus Shutdown
  Bloomberg
• Libor Plunge Risks Wreaking Havoc in $670 Billion CLO Market
  Bloomberg
• In Market Rout, ETFs Are Where the Action Is
  WSJ
• Whatever the Federal Reserve just did, it may not help much
  FT
• Dire Chinese economic data reveals devastating coronavirus hit
  Financial Times
• US investors brace for ratings downgrades as turmoil deepens
  Financial Times

Sunday, March 15, 2020

Evening

• Stocks plunge as Fed's emergency rate cut fails to calm panic
  Reuters
• Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program
  CNBC
• Fed slashes rates, rips open crisis tool kit to cushion coronavirus blow
  Reuters
• Stock futures drop — hit ‘limit down’ — even as Fed slashes rates; Dow futures off 1,000 points
  CNBC
• U.S. 10-year Treasury futures price up after Fed cuts rates to near zero
  Reuters
• WTI Crude Oil tumbles toward $31 on shock Fed cut amid the coronavirus crisis
  FXStreet
• Powell says the Fed doesn’t see negative rates as ‘appropriate’ policy for the United States
  CNBC
• Dollar slips as Fed leads world with emergency rate cuts
  Reuters
• CDC recommends canceling events with 50 or more people for the next eight weeks throughout US
  CNBC
• Coronavirus live updates: Fed slashes rates, New York governor wants Trump to mobilize the military
  CNBC
• Worries grow over northern hospitals as Italy's coronavirus toll grows
  Reuters
• Here’s what’s worrying pros about the massive Fed move to save the markets from the coronavirus
  CNBC
• The S&P 500 had its choppiest week since Hoover was US president
  MoneyWeb/Bloomberg
• Central Banks Coordinate to Ensure Dollar Liquidity Around World
  Bloomberg
• Gold Climbs After Fed Cuts Interest Rates as Virus Spreads
  Bloomberg
• The Fed’s Future Is Already Here in Return to Zero Rate World
  Bloomberg
• Key Source of Corporate Cash Seizing Up Amid Credit Market Rout
  Bloomberg
• Fed Cuts Rates to Near Zero and Will Relaunch Bond-Buying Program
  WSJ
• Fed cuts rates to zero as part of sweeping crisis measures
  FT

General

• The plumbing behind world's financial markets is creaking. Loudly
  Reuters
• Haven assets losing their mojo in virus-stricken market
  Reuters
• Wall St Week Ahead-Investors hope Fed can help calm markets as big rate cut expected
  Reuters
• EU finance ministers to hold video call on virus on Monday
  Reuters
• Coronavirus live updates: Nike closes all US stores, American Airlines suspends long-haul flights
  CNBC
• ECB ready to rein in bond spreads, beef up purchases - Panetta
  Reuters
• China to support trade finance, consumer credit to boost economy - banking regulator
  Reuters
• As virus roils markets, Trump again threatens Fed chairman
  AP
• UAE, Saudi central banks roll out $40 billion stimulus for virus-hit economies
  Reuters
• China Set for Unprecedented Contraction in Early-Year Data
  Bloomberg
• The Fed Was Having a Leisurely Rethink. Then It Got Ambushed
  Bloomberg
• After a Long Fall in Oil Prices, a Crash
  WSJ
• Will the Federal Reserve slash interest rates to zero?
  FT
• Eurozone stability is under threat again
  FT
• Spain locks down 46m people to contain coronavirus surge
  FT
• Dalio caught flat-footed with big losses at Bridgewater fund
  FT
• Crude price crash hits oil-linked exchange traded products
  FT

Evening

• Investors prepare for more market swings as virus spreads in the U.S.
  Reuters
• Coronavirus live updates: France closes most stores, Spain imposes lockdown, US restricts UK travel
  CNBC
• Grocers limit food purchases, urge shoppers not to hoard as panic buying continues. Kroger ramps up hiring
  CNBC
• France closes shops, restaurants, tells people to stay home
  Reuters
• Europeans scramble across borders as coronavirus restricts travel
  Reuters
• Trump Says He Could Demote Fed Chair Powell, Risking More Market Turmoil
  NYT

Saturday, March 14, 2020

General

• France to close all restaurants, cafes, cinemas and clubs due to coronavirus
  Reuters
• Trump takes coronavirus test, extends travel ban to Britain, Ireland
  Reuters
• Spain plans partial coronavirus lockdown from Monday: draft
  Reuters
• Norway to close ports, airports from Monday to stop coronavirus: PM
  Reuters
• Wall Street weekahead: Investors hope Fed can help calm markets as big rate cut expected
  Reuters
• World closes borders, restricts travel to contain coronavirus spread
  Reuters
• Coronavirus live updates: Hospitals cancel elective surgeries, small businesses get pummeled
  CNBC
• Spain Plans Lockdown; NYC Reports First Death: Virus Update
  Yahoo/Bloomberg
• Japan's Abe vows 'unprecedented steps' to protect virus-hit economy, urges global cooperation
  Reuters
• Trump says he has the right to remove Powell as Fed chair but hasn’t ‘made any decisions’ yet
  CNBC
• Trump says hopes the Fed will 'finally get on board'
  Reuters
• As Wall Street reels, veterans recall '87 while the young look to textbooks
  Reuters
• Apple temporarily shuts stores worldwide to fight virus
  AP
• Dalio’s Macro Fund Plunged About 20% This Year as Market Tanked
  Bloomberg
• Nightmare on Wall Street Was All About Liquidity
  Bloomberg
• What Central Banks Did This Week as the Virus Hit Global Markets
  Bloomberg
• Diary of a Crazy Week in the Markets
  WSJ
• The Refi Boom Is Rattling Mortgage-Bond Investors
  WSJ