Asia Steady after Another Worst Day Since Black Monday
Markets are generally steady so far today. The panic selloff overnight in the US wasn't carried through to Asia. DOW had another worst day since Black Monday, getting practically no support from Fed's all-in easing. In the currency markets, major pairs and crosses are staying inside yesterday's range for...
Monetary Policy is No Cure to Coronavirus Crash as Selloff in Europe Extends
Fed's all-in easing, together with RBNZ and BoJ stimulus, provide no apparent support to market sentiment. Number of coronavirus cases continued to skyrocket, breaking 170,000 level today. More importantly, deaths totals hit 6,680. Selloff intensifies in European session with FTSE, DAX and CAC breaking through Friday's spike low. US...
Stocks in Panic after Fed, RBNZ and BoJ Emergency Actions, No End to Risk Aversion Yet
It's a bit unsure whether emergency policy actions by major central banks are calming the markets, or inducing fears. Fed, RBNZ and BoJ surprise the markets by unscheduled announcements today, with measures to counter the impact of coronavirus pandemic. Fed cut interest rate by -1.00% to 0-0.25%, with restart...
China’s February Data Slumped, Showing First Sign of Coronavirus Impacts
China’s economic data for February dived, showing for the first time impacts of the coronavirus outbreak on the world’s second largest economy. Originating in China, the coronavirus has now evolved into global pandemic, affecting about 100 countries and territories. The impacts on global economy are not limited to supply chain...
Fed and RBNZ Announce Emergency Cuts, BOJ to Follow?
In a very surprising move, FOMC has implemented another emergency cut, the second time in two weeks, to combat the negative impacts of the coronavirus outbreak. Originating in China, the virus has officially evolved into a pandemic affecting almost 100 countries and territories in the world.
FOMC board members voted...
CFTC Commitments of Traders – Safe Havens Shone amidst Risk Aversion
As suggested in the CFTC Commitments of Traders report in the week ended March 10, NET LENGTH in USD Index declined -10 076 contracts to 12 412. Speculative long positions fell -6 280 contracts and short positions gained +3 796 contracts. Concerning European currencies, NET SHORT for EUR futures...
CFTC Commitments of Traders – NET LENGTH on Crude Oil and Gold Slumped on Price Correction
According to the CFTC Commitments of Traders report for the week ended March 10, NET LENGTH for crude oil futures dropped -972 contracts to 387 397 for the week. Speculative long positions jumped +23 663 contracts while shorts jumped -24 635 contracts. NET LENGTH should decline further in the...
Markets Could Stabilize after Bearish Mood Exhausted in Wild Week
Global markets experienced another wild week, with free falls in risk assets and oil prices. Coronavirus pandemic occupied all headlines, ranging from business news, politics, sports and show business. Massive disruption in economic activity is happening.
Major central banks and governments came to rescue and launched coordinated measures to support...
Stocks Rebound on Profit Taking, Dollar Firm But Yen Retreats
US stock markets are staging a notable rebound at open, following Europe. There are no special developments, except that coronavirus is hitting politicians and sports, as well as all major events. Total number of global cases hit 139,016, and it's unsure if it will break 140,000 level even before...
Dollar & Yen Rule on Global Routs, Markets to Stabilize Before Weekend
Yen, Dollar, and Swiss Franc are set to close as the strongest ones for the week. Global stock market crash continues with US stocks suffering the worst decline since Black Monday overnight. Asian markets gap lower and are staying in deep red. For now, Australian Dollar is the worst...
ECB Coronavirus Response Yawned, Stock Market Crash Continues
Global stock market crash continues today as total coronavirus cases are set to break 130k level very soon. Sentiments were rocked by US unilateral ban of European travellers, which also prompted EU condemnation. US stock futures hit limit down and stocks are set to follow other markets to open...
Yen Jumps after US Bans European Travellers, ECB Stimulus Awaited
Yen surges in Asian session as sentiments are knocked down hardly by US ban of European travellers. Global coronavirus cases jumped to 126,367 with 4633 deaths. Situation in Europe continue to worse, particular dire in Italy, cases in US also rose above 1,300. Nevertheless, new numbers in China, the...
US Crude Oil Inventory Jumped amidst Price Selloff
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -7.58 mmb to 1271.01 mmb in the week ended March 6. Crude oil inventory soared +7.66 mmb (consensus: +2.27 mmb) to 451.78 mmb. Stockpile rose in 3 out...
UK Delivers Coordinated Coronavirus Relief, with Fiscal Package and BoE Cut, Sterling Unmoved
UK is at the center of focus today as BoE announced an emergency rate cut, followed by massive coronavirus relief package from the government. Yet the Pound is relatively unmoved. Stock markets also show no optimism as the outbreak continues to worsen. After initial gains, all major European indices...
Coronavirus Theme Continues, Aussie Lower on Consumer Sentiments and Uncertainties
Asian markets soften generally, having no follow through actions the strong but limited rebound in the US overnight. On the one hand, investors are disappointed by the lack of concrete announcement from US on coronavirus relief. On the other hand, the coronavirus outbreak continues to accelerate globally. Number of...
Stocks in Recovery as Markets Await Trump’s Coronavirus Package, Dollar Firmer
Global stocks are staging a recovery today after yesterday's crash. In the currency markets, Canadian and Dollar are currently the strongest ones for today. Yen and Sterling are the weakest. Governments are preparing or announcing special coronavirus relief packages. EU leaders will also have a video conference today to...
ECB Expected to Announce Stimulus Package Including Deposit Rate Cut
Coronavirus originated from Wuhan, China has become an pandemic affecting about 90 countries and territories in the world. In the Eurozone, the top 3 economies have reported totally 11,800 cases so far, with Italy alone taking up over 9,000 cases. The rapid transmission of the virus is expected hurt...
Markets Stabilized after Mass Selloff as Global Governments Prepare Coronavirus Support Measures
Financial markets in Asian somewhat stabilized despite the massive crash in the US overnight. Investors are awaiting the next development in global coronavirus pandemic. Governments are all preparing fiscal support to their respective economies. US will announce "very dramatic" actions on Tuesday, which include payroll tax cut and "very...
Global Selloff Intensifies as US Stock Market Circuit Breaker Triggered
Risk aversion continues to be the main theme in the markets today, on the back of global coronavirus pandemic and plunge in oil price. US trading is halted for 15 minutes after DOW tanks more than -1800 pts at open while S&P 500 drops -7%.. The selloff triggered a...
Saudi’s Oil War to Lead to Oversupply in 2Q20, Driving Away High-Cost Producers
Oil market roiled by the surprising collapse of OPEC+ talk. For the time since late 2016, OPEC members and a number of non-OPEC oil producers failed to agree on a deal to limit output, as Russia refused to commit. In response, Saudi Arabia, the largest producer in OPEC and...