Newsquawk Rundown, Daily Podcast

European equities have once again faced heavy selling pressure as their global stockmarket rout continuesBunds, 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 retracementIn FX, The Dollar continues to slide vs major peers while outperforming against the majority of its EM counterpartsMoscow 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 lowUS Senate voted 96-1 to pass the USD 8.3bln coronavirus bill and sent it to President Trump to sign into lawWTI crude futures declined firmly below the USD 46.00/bbl in a resumption of the weakness ahead of today’s OPEC+ meetingLooking...

Initial gains for European equities proved to be fleeting. US futures indicate a lower openDXY softer, largely at the expense of JPY as USD/JPY breaches 107.00 to the downsideOPEC reportedly agrees on a 1.5mln bpd output cut, subject to Russian approval; who would reportedly agree to a 1mln cutBernie Sanders and Elizabeth Warren are reportedly in discussions on cooperating if the latter exits the presidential raceLooking 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 easingWTI and Brent prices are firmer this morning with further sources reports suggesting the possibility of deeper production cuts in excess of 1mln bpdSuper 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 lowsHKMA 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 coronavirusHowever, G7 statement reportedly does not currently include specific language calling for fresh fiscal spending or coordinated rate cutsCommentary from the BoE & ECB on a virus response, ECB stands ready to take appropriate and targeted measures as necessary and commensurate with the underlying risksAUD 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 coronavirusG7 Finance Ministers and Central Bankers planned call to discuss the virus will take place at 1200GMT/0700ESTA draft statement reportedly does not currently include specific language calling for fresh fiscal spending or coordinated rate cutsECB said it stands ready to take appropriate...

Sentiment was volatile in APAC hours on the abysmal Chinese PMIs; however, did recover throughout the Asia session before reverting back into negative territory in EU tradeBoJ said it will closely monitor future developments and offered to buy JPY 500bln of JGBs & reportedly bought a record total of JPY 101.4bln of ETF on MondayEU Economic Commissioner Gentiloni says we will be assessing requests for fiscal flexibility under EU rules due to the coronavirus outbreakOECD cuts global economic...

Asian bourses and US equity futures began the week volatile with hefty losses which were later recouped as markets found reprieve  China reported 202 additional coronavirus cases; South Korea reported 476 more cases; Italy reported 566 new cases; France noted 30 additional cases; US confirmed the first 2 coronavirus-related deaths  White House officials are to discuss emergency measures to tackle virus outbreak; Italy will introduce measures valued at...