A look at our index of 21 Lehman Systemic Risk Indicators, FRA OIS is the highest since April 2009 and was wider Friday with stocks significantly higher.
Archives of “March 2020” month
rssWhite House says US President Trump coronavirus test result was negative
A statement from Sean Conley, Trump’s doctor.
This is good news if true. Trump in known as a bit of a germaphobe so his caution may have paid off. Wash your hands folks!
In other news, the wife of Spain’s Prime Minister has tested positive.
Coronavirus – Spain has declared a state of emergency
Spain’s Prime Minister says effective immediately, adds that the economic impact will be significant
- medium distance rail transport to be reduced
- says we must all be united in fighting the corinavirus
- says the limits on freedom of movement start on Saturdayy
- says would not be reasonable to hold planned regional elections in Galicia and Basque country early April amid coronavirus lockdown
The whole of Italy went into lockdown last week. France has just announced similar.
Spain now. That last point on not holding elections … uh-oh.
Looking at case progressions I suspect the UK will be Monday or Tuesday, I’m surprised they aren’t already.
PM shuts down France. All non-essential commercial businesses closed
France goes on lockdown after nearly 1000 new cases today
French Prime Minister Edouard Philippe closed all cafes, restaurants, discos and cinemas until further notice.
That will mean almost a complete halt of the world’s seventh largest economy with neighbouring Italy in the same situation. Germany and Spain remain open but cases are rising.
Banks, grocery stores and pharmacies will remain open along with public transit but Philippe asked that people limit use to essential travel.
“We must show more discipline,” he said after noting that too many people were still out in restaurants and cafes.
Other businesses can remain open but Philippe encouraged working from home wherever possible.
At the same time, the number of cases in France rose to 4.499 from 3,661 a day earlier. Cases have doubled in 72 hours. Deaths hit 91 from 79 on Friday.
US President Trump says he has taken the coronavirus COVID-19 test
Fox report Trump was tested, results are expected within 48 hours
- “I decided I should based on the press conference yesterday people were asking that I take the test.”
Trump’s job has brought him into close contact with people confirmed as having the virus so this test is a wise step.
What we have seen so far from the progression of the infection around the globe is older people seem particularly vulnerable to the more severe impacts of the virus, along with those people with existing respiratory issues.
Thought For A Day
Foreign participation in China’s bond market is set to take off. Smart money is moving.
If there’s one thing to read today, it’s right here, a must…
New highs for crude as Pres. Trump announces the US will fill up strategic reserves
High extends to $33.87
The price of crude oil has moved up from about $31.90 to a new session high of $33.87 after Pres. Trump announces that the US will fill up the strategic oil reserves given the low oil prices. That is the good news. The not so good/bullish news is that the earlier high for the day was at $33.86 just $0.01 below the new high level.
The contract currently trades at $33.33.
A move above the $33.87 level will be needed to give buyers more confidence for further gains
US stocks close at the highs and nearly erase the declines from yesterday
S&P index is the biggest gain since October 2008
The US stocks were encouraged by the actions proposed by Pres. Trump. That, and short covering, into the weekend led to a huge run higher. The gains nearly erased the declines from yesterday.
The final numbers are showing:
- S&P is up 230.38 points or 9.29% at 2711.02. Yesterday the index fell -9.51%
- Nasdaq is up 673.07 or 9.35% at 7874.87. Yesterday the index fell -9.43%
- Dow is up 1985.00 points or 9.36% at 23185.67. Yesterday, the index fell -9.99%
For the week, the major indices recovered a lot of the gains, but still ended with sharp declines
- S&P index fell -8.79%
- NASDAQ index fell -8.17%
- Dow fell -10.36%
- YTD for the major indices are showing:
- S&P index -16.09%
- NASDAQ index -12.23%
- Dow industrial average – -18.76%