Newsquawk Rundown, Daily Podcast

CENTRAL BANKSNorges 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 supportUS President Trump announced to suspend all travel from EU to the US for 30 days beginning Friday at midnightDXY is modestly firmer with the complex overall mixed but safe-haven JPY outperformsBoJ 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 territoryOvernight, 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 104.00WHO'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 measuresBoE cut rates by 50bp to 0.25%, in a unanimous emergency decision. Cut the counter cyclical buffer and announced a new term funding schemeItalian PM Conte says the Government has set aside a total of EUR 25bln to assist the economy given the coronavirusSaudi 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 regionUS equity futures staged a pullback after the White House press conference provided very few details regarding economic measures and President Trump was a no-showDXY slightly weakened as it gave back some of the prior day’s spoils but remained above the 96.00 levelRBA 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 fundamentallyDXY is modestly firmer as the JPY retreats in-line with other safe havensPresident 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 majorJapan 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 devastationDXY traded higher and rose back above the 95.00 level after rebounding from 18-month lowsItaly has extended its emergency coronavirus measures to the entire country; includes restrictions on travel and public gatheringsCommodities 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 flowsWTI 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’sYields have dropped to fresh all-time lows which has seen the US curve entirely below 1.0% for the first timeDXY is subdued given JPY outperformance (USD/JPY low 101.58) while commodity-linked currencies are feeling the pinchSouth Korea...

Asian equity markets resumed their slump and US equity futures also suffered heavy losses in which the E-mini S&P hit limit downSaudi 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 destinationsWTI 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...