Money market mutual funds. Welcome to daybreak europe. Extraordinary action as usurps theagarde Bond Buying Program with a pandemic Bond Buying Program and considering raising selfimposed qb limits. You wonder if omp is in the cards. We are still seeing this Dollar Strength as if these centralinary times for bankers also in markets with all people wanting to get their hands on dollars, seeing almost indiscriminate selling across assets as everyone just wants to hold cash. Tosef extraordinary times say the least. At the end of the day, this greenback strength is now getting to a stage where it is causing major dislocations and other key crosses in terms of the fx space, but also we have this mountain of dollardenominated debt in the emerging market space. Seven point 8 trillion globally. Thats going to be an issue in terms of interest payments. Raises the stakes for further coordinated responses in terms of Central Banks sitting together and to come up with a plaza cord. You do wonder w
Feelings. I apologize for this d very sorry. Displays of contrition. Words and i want to see that. Youre 8 years old. Admissions of guilt ill be hanged without any now while woody orders of food home. Televised to audiences of hundreds of millions of people across china and beyond. Since at least 2013 chinese authorities have subjected dozens of alleged nor breakers to this kind of treatment. The televised confessions are regularly presented as interviews and embed it in a news programs previous high like the country in 2004 some reports like this one featuring swedish citizen wayman high are also repackaged for audiences outside china i got quite clear sense that he had been tortured for example when he when he was the taint. Its a serious allegation. But quasars business associate lamb winkie says she too confessed underage arrests we are more of the middle of the more and more open. Water of the old. Age you know where you. Live as ill be going into like that. They put me in this ch
And the corporate impact come up mastercard and United Airlines are the latest companies to warn that sales profits are getting hurt. Manus welcome to daybreak europe. Hedges. To hedge your the defensive positions traders have put on especially in the bond market are already being shaken to the core. The biggest oneday drop since 2016. . Hat is your hedge, and nejra nejra fish you ask yourself what caused this must don . We saw the biggest move down in global stocks, one of the biggest in 10 years. The gain in Global Equities for 2020 wiped out. That theabout the fact spread for the coronavirus outside china was causing concern, or did equity markets finally wake up to what the bond market was signaling, that that that the 30yearold yield plunging . Manus i think what are the best articles is from Goldman Sachs saying, another 25 basis points down in terms of yield. A really bad surprise would be 35 basis points. My line of choice in the bond story this morning is one punter spend 12wh
Matt the coronavirus spreads stateside. New cases across the u. S. Including in new york city. President trump meets with pharma executive today as the global death toll passes 3000. The fed is in play. Policymakers stand ready to cut rates but doubted they can fully offset the virus in fact. Goldman sachs sees a 50 basis point reduction this month. Berlin reports its first case of the coronavirus. Italy seeks a wider deficit to pay for emergency economic measures as cases soar. We are under an hour away from cash trading in europe. You are getting 1 to 2 gains in futures, the ftse futures up. This is after the biggest route we have seen, we saw last week since 2008 for the broader stoxx 600 european index. Getting gains in the preachers in the u. S. Are not as sharp but we are 7. 5 hours away from the start of trading there. The nasdaq, down, many contracts rising this morning. What are you seeing . Money going into risk assets. That is the theme through the Asian Session and markets
Concern spreads from italy to iran, but the World Health Organization says the outbreak is not yet considered a pandemic. The business case. Mastercard and United Airlines, the latest companies to issue profit warnings amid the operate. And, sticking to the script. Cleveland fed president Loretta Mester says the virus is a threat to the u. S. Economy, but does not justify a change in rates. Just under one hour away from the start of cash equity trading across europe and in the u. K. Lets take a look at futures after the big drop yesterday. We saw in some cases the biggest slide in european stocks since the brexit vote. As a result, we see a bounce in futures today. Maybe investors saying it is time to buy in the dip. You can see that dax futures are up 8 10 of 1 . U. S. Futures are also showing gains today after the biggest drop in two years on the s p and dow. You can see we swap over to u. S. Futures, they will be showing green arrows as well. Lets take a look at whats going on in te