Warnings on Wall Street… U.S. Federal Reserve Chairman Jerome Powell warns of prolonged economic damage, sending global stock markets into the red. Meanwhile, Cleveland Fed President Loretta Mester tells CNBC that the outlook for 2020 looks ‘dire’, adding that any recovery is likely to be slow, but shoots down expectations the central bank will lower rates into negative territory. President Trump says he disagrees on that point but calls Powell his “most improved player”, praising him for his recent actions to mitigate the fallout from the outbreak. Billionaire investor David Tepper issues a stark warning, telling this channel that the market is the second-most overvalued ever, sending the Dow to a session low. In autos news, FCA and Peugeot suspend their dividends for this year but jointly state that their merger is on track. We also speak to Zurich Insurance CFO George Quinn who says the company is bracing for up to $750m of virus-related claims this year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street suffers steep losses with the Dow Jones falling more than 400 points and the Nasdaq breaking a six-day rally. This comes on the back of Dr Anthony Fauci’s Coronavirus Senate hearing where the White House’s top virus adviser warned against reopening the U.S. economy too soon. The pandemic also weighs on Commerzbank. The German lender swings to a loss in the first quarter and warns that it is difficult to give concrete guidance. CNBC has learned that ride-hailing app Uber has made an offer for food delivery service Grubhub but the price has yet to be decided. And the UK awaits first-quarter GDP data, which is expected to show that the British economy has severely contracted, as retail sales fall by more than 19 per cent for April.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China’s industrial deflation worsens as producer prices fall 3 per cent in April. It’s the largest slump in four years. New reports of Coronavirus clusters in Seoul and China weigh on Asian markets but on Wall Street the Nasdaq bucks the trend, posting a sixth consecutive day of gains for the first time since December. German steel giant ThyssenKrupp sees it net loss widen to nearly €1bn in the second quarter, as all parts of the business, from the elevator unit to the car parts division, see earnings decline. In further autos news, Toyota says it will post an 80 per cent drop in full-year operating profit in the wake of the pandemic – the car giant’s poorest result in almost a decade. Tesla founder Elon Musk is defying Californian lockdown orders by reopening his flagship Alameda County plant. He has dared authorities to arrest him over the move. As the UK economy begins to reopen, with manufacturing and construction sector workers being urged to return, opposition parties slam Prime Minister Boris Johnson over confusing public messages.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

From ‘Stay at Home’ to ‘Stay Alert’ - Prime Minister Boris Johnson lays out a conditional plan to lead parts of the UK population back to work but he refuses to lift the lockdown just yet. On the continent, France and Spain ease restrictions from today with just over half of Spaniards allowed to resume their normal lives as part of the first phase of the country’s exit. This comes after the country logs its lowest death toll in two months. Markets in Asia follow Wall Street into the green, buoyed by economic restarts around the world and shrugging off concerns over April’s U.S. unemployment figures. The PBOC promises to further bolster the Chinese economy, also helping sentiment. In Brussels, the EU threatens to sue the German government over its constitutional court ruling which challenges the ECB’s asset purchase programme.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian stocks rise on signs that relations between Washington and Beijing are warming after trade representatives from both countries agreed to stronger cooperation in implementing the first phase of the trade deal. U.S. non-farm payroll is expected to show that more than 20m jobs were lost last month. Siemens says it will hit the bottom in Q3 and see full-year revenue decline, after posting an 18 per cent drop in Q2 industrial profit. Uber sees shares spike in extended trade on news that bookings are up from April’s lows. CEO Dara Khosrowshahi assures the market that the ride-hailing app will be profitable in a matter of quarters.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A surprise recovery…Chinese exports unexpectedly rise in April with a sharp uptick in overseas shipments since December. However, lower domestic demand provides softer-than-expected import numbers. AB Inbev withdraws its full-year guidance after beer volumes fall nearly 10 per cent in Q1. The brewing giant says it has reopened all of its sites in China. Air France-KLM forecasts significantly negative operating earnings this year as its net loss widens to €1.8bn in the first quarter. Credit Suisse says it can’t predict the extent to which the Coronavirus outbreak will impact its financial goals, striking a more pessimistic note than its earnings release a few weeks ago. Meanwhile, Telefonica and Liberty Global reach a deal to create a new UK mobile and broadband behemoth, while Telefonica reports net profit halved in the first quarter.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Media giant Disney cancels its 2020 dividend payout after suffering a $1.4bn hit to income due to the Covid-19 outbreak. It has announced plans to reopen its Shanghai theme park from next week. BMW lowers its margin outlook, saying that the negative impact of the virus is lasting longer than expected with second-quarter data being worse than the first. Unicredit suffers a bigger loss than anticipated as it sees trading income fall and is forced to take a large writedown on loans. In Germany, state heads agree a draft reopening plan that would see all shops and restaurants resume trading but with provisions for fresh lockdowns if cases rise.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Crunch time for the ECB…Germany’s constitutional court is set to rule on whether the ECB’s sovereign bond-buying programme is appropriate in a decision that could hinder its QE measures. BNP Paribas' first-quarter profit falls by 33 per cent as market turmoil weighs on its trading unit. CFO Lars Machenil tells CNBC the economic outlook is difficult. WeWork founder Adam Neumann is suing Softbank for abandoning a $3bn tender offer that was part of the office-sharing firm’s rescue package.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese oil and airline stocks have dragged the Hang Seng down and U.S.-China tensions weighed on sentiment. U.S. officials reportedly believe China covered up the Coronavirus outbreak to hoard medical supplies. President Trump has blamed Beijing and warned that U.S. deaths could top 100,000.  Billionaire investor Warren Buffett has sold off all airline positions and warns of gloomy times ahead for the aviation sector. The FDA has granted Roche approval to carry out anti-body testing. The Swiss drug maker has vowed to double its production over the coming months.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

European Commission President Ursula Von Der Leyen tells CNBC exclusively that an investigation into the origins of Coronavirus is needed, with the cooperation of China. President Trump has threatened Beijing with fresh tariffs and says he has seen evidence that links the outbreak to a laboratory in Wuhan. The Dow Jones ends April on a high – its best monthly performance since 1987 – driven by gains in energy stocks, despite the recent historic sell-offs in oil. Amazon shares sink as founder Jeff Bezos warns the retail giant could post a loss in the second quarter after dedicating $4bn to virus response measures. Apple beats first-quarter expectations but shares dip in after-hours trading after CEO Tim Cook refuses to provide guidance amid the pandemic.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A global rally…The S&P 500 is set for its best month in nearly 50 years following positive news on a Gilead drug trial. U.S. Federal Reserve chairman Jerome Powell says the American economy has suffered “an extraordinary shock” in the wake of the Coronavirus pandemic. He has warned of a severe economy contraction in the second quarter and says the central bank will maintain low rates for as long as needed. Hopes of a quick recovery in China have been dashed as export numbers fell at the fastest pace since the financial crisis. In tech news, Microsoft sees shares soar in extended trade on increased cloud revenues through remote working. Plus, Facebook’s shares jump in after-hours trading as it says advertising revenues made a comeback in April. Its CFO David Wehner has told CNBC it remains cautious.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Standard Chartered warns of severe market dislocation as its credit impairments jump sharply. Shares rise in Hong Kong as its CFO, Andy Halford, says the signals coming from Asia are positive. Airbus posts a net loss in Q1 and provides no guidance, blaming limited visibility. The French aerospace giant says the virus has prevented it from delivering 60 aircraft. Alphabet’s shares rise in extended trade after saying the slowdown in advertising revenue is easing, beating more pessimistic forecasts. Plus, we speak to Rainer Seele, CEO of Austrian oil company OMV, as it reveals an 8 per cent drop in core earnings.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

HSBC’s first quarter profit slumps 48 per cent as it warns the Coronavirus crisis will have a material impact on capital and liquidity. CFO Ewen Stevenson, however, says it is starting to see some signs of recovery in China. Swiss lender UBS has posted a 40 per cent rise in Q1 net profit thanks to lower loan loss provisions and higher trade revenue. CEO Sergio Ermotti says its clients have remained active. Santander creates a €1.6bn reserve pot to mitigate the virus fallout after it sees Q1 profit nosedive by 82 per cent. And in Switzerland, industrial giant ABB warns the group will be significantly challenged by a sharp drop in demand due to the lockdowns.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Bank of Japan launches an unprecedented expansion of its quantitative easing programme, pledging unlimited bond buying. The stimulus increase moves Asian equities higher. Chinese industrial profits fall 35 per cent in March but recover from the steepest drop in a decade as almost a quarter of sectors see an increase in activity. Deutsche Bank surprises by posting a profit in Q1 but the German lender warns that it will miss its capital target due to the recession caused by the Coronavirus pandemic. In the UK, Prime Minister Boris Johnson returns to work to lay out a plan to lift the nationwide lockdown. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Germany commits…EU leaders have agreed on a huge rescue package to mitigate the economic damage wrought by the pandemic with Berlin set to provide a substantial contribution. A leaked WHO report shows disappointing results from trials of Gilead’s touted Coronavirus drug, Remdesivir. In the U.S., as 16 states release their formal re-opening plans following lockdowns, President Trump warns that social distancing measures may need to be extended into early summer or beyond. Tech giant Intel abandons its 2020 guidance, warning that a demand surge for microchips may yet turn into a slump. In the UK, retail sales fall by a record 5.1 per cent in March.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Coronavirus casts a shadow over Q1 earnings…Credit Suisse reports a 75 per cent rise in first-quarter net profit amid exceptional levels of client activity. However, the Swiss lender has set aside CHF568m for potential loan losses. Daimler is warning of a 70 per cent drop in earnings due to a collapse in demand amid the Coronavirus pandemic. French hotel giant Accor says it expects April and May to be its toughest months as it waits for government guidance on lockdowns. The company posted a 17 per cent drop in Q1 revenues. In energy news, both Brent and WTI bounce back after falling to historic lows this week. U.S. prices have soared by as much as 40 per cent overnight with renewed tensions with Iran and optimism that production cuts will help ease oversupply bolstering the uptick.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Subscribers soar…streaming giant Netflix blows away expectations in the first quarter by signing up more than 15m new customers, thanks to strong demand for franchises like ‘Tiger King’ amid the global lockdown. But, the stock pares gains in after-hours trading after the company warns the pandemic-related boost is unlikely to last later in the year. Luxury giant Kering reports a 23 per cent fall in Gucci sales in the first quarter and cautions that it is too early to judge the recovery in the Chinese market following the Covid-19 outbreak. The plunge in oil prices accelerates with Brent bearing the brunt of the selling, also pushing U.S. and Asian stock markets lower. And in the U.S, the Senate passes a $500bn rescue package aimed at aiding small firms, hospitals and ramping up testing for Coronavirus.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A historic collapse…the price of a barrel of WTI for May turned negative, the first time ever levels have fallen below zero. U.S. President Trump has said he is considering blocking Saudi imports to build up state reserves and support the price of crude. President Trump has also moved to temporarily suspend all immigration into the U.S. to protect lives and jobs from the Coronavirus pandemic. In aviation news, the virus claims a major scalp as Virgin Australia goes into voluntary administration after failing to secure a government aid package. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Reopening Row…President Trump has played down accusations from U.S. governors who say they lack the Coronavirus testing equipment to re-open their states. The May WTI contract slumps to its lowest level since 1999 on fears the U.S. is approaching peak storage capacity. The ECB is reportedly considering a European bad bank to avoid subsequent NPL crises but it faces opposition from Brussels to stick to state aid rules. Around Europe there are signs of lockdowns easing, with Germany reopening parts of its economy. Spain is extending confinement but easing restrictions while the UK cabinet is reportedly showing signs of disagreement over an exit strategy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China contracts…. The Chinese economy shrinks for the first time in nearly 30 years with Q1 GDP falling by 6.8 per cent as the Coronavirus outbreak weighs heavily on consumer spending and production. Retail sales in the mainland fall more than 15 per cent in March. U.S. futures, however, rise on the back of a positive report from a key drug trial, as Gilead Science says Covid-19 patients are recovering quickly after being treated with its Remdesivir medicine. President Trump publishes a three-point plan for re-opening the U.S., also pushing equities higher but U.S. bond yields fall for a third session running on the back of rising jobless claims. Luxury and cosmetics giants LVMH and L’Oréal are upbeat on a recovery in China despite both suffering falling sales amid global pandemic lockdowns in the first quarter. And car registrations in the EU plunge more than 50 per cent in March, with Italy the hardest-hit country.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Record retail rut…U.S. sales plunge almost 9 per cent while manufacturing hits a 74-year low, prompting recession fears. We speak to IMF managing director Kristalina Georgieva, who says economic pain could yet intensify should the Coronavirus return for a second global circuit and cause Asian growth to grind to a halt. In the UK, the government is expected to extend the national shutdown until early May. This comes after Berlin announces a similar extension but Chancellor Merkel unveils plans for a cautious re-opening of the economy, beginning with some small businesses next week. Volkswagen will be restarting production in its German and Slovakian factories with other global plants to follow shortly after. In tech news, Alphabet CEO Sundar Pichai tells employees the company isn’t immune to the global pandemic and outlines plans to freeze certain investments, namely hiring new personnel.    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

No more cash…President Trump withdraws U.S. funding of the World Health Organisation, slamming the agency for fundamental failures in tackling the global Coronavirus pandemic and for having a pro-Chinese agenda. In response, Germany’s foreign minister says strengthening the WHO is the best investment. The IMF warns of the worst downturn since the Great Depression, but its chief economist tells CNBC that the global economy remains in far better shape to weather the storm than it did in the 1930s. In corporate news, bad-loan provisioning has weighed heavily on profits at U.S. lenders JPMorgan and Wells Fargo. JPMorgan CEO Jamie Dimon believes the U.S. economy won’t fully reopen until the summer. Plus, a $25bn aid package is agreed to help the U.S. aviation sector after the Coronavirus outbreak cripples the travel industry.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China trade…March import and export figures fall by far less than expected despite the impact of the pandemic shutdown. U.S. bank stocks slumped Monday – their first negative session in five days – with investors eagerly awaiting to see the impact of Coronavirus ahead of their Q1 results. The death toll from the virus in the UK tops 11,000 and there are fears that the country could be the worst affected in Europe. However France, Spain and Germany have begun to gradually consider their exit strategies from lockdown.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks end the week in the green, with the Dow and S&P 500 gaining more than 10 per cent during the period. The Dow crossed the 23,000-point mark late in the session following news that Democrat Presidential candidate Bernie Sanders has decided to drop out of the race clearing the way for Joe Biden. The latest FOMC minutes show Fed officials believe the U.S. economic outlook is ‘profoundly uncertain’ and plan to keep rates near zero until the Coronavirus impact is weathered. Crude prices jump on hopes of an Opec+ agreement on output cuts on Thursday. In corporate news, Disney is enjoying a jump of 50m subscribers to its streaming service as a direct effect of the outbreak while coffee giant Starbucks is warning it will see a 50 per cent slump in Q2 earnings. Across Europe, countries are bracing for lockdown extensions as health officials say the peak of the virus has not yet been reached.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trump slams WHO…President Trump threatens to withhold funding and criticises the World Health Organisation for its response to the Coronavirus, saying the agency is too China-centric. France becomes the fourth country to record more than 10,000 deaths from the pandemic with Parisian authorities intensifying the lockdown by banning citizens from all daytime outdoor exercise. In the UK fatalities continue to accelerate but health officials believe there are signs that the virus spread is slowing. Prime Minister Boris Johnson’s condition is described as stable following a second night in intensive care. After an all-night virtual conference euro zone finance ministers fail to reach agreement on the exact rescue measures of a virus rescue package for the bloc. And in energy news, crude rallies on hopes of an Opec+ output cut deal but the U.S. insists it won’t participate.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson has been moved to intensive care in hospital, after his Coronavirus symptoms worsen. Foreign minister Dominic Raab has stepped in to deputise. The Dow Jones rallied by 1,600 points on Monday with the retail sector leading the way following reports that infection numbers in the most stricken U.S. states have begun to level off. There are reports that Opec+ could agree on an output cut if the U.S. also slashes production. Euro zone finance ministers meet to discuss the EU’s financial rescue strategy but there are concerns that disagreement over Coronabonds could once again scupper any progress.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson has been hospitalised after showing persistent Coronavirus symptoms for the past ten days. Downing Street has said the move is a precautionary step. The rift between Saudi Arabia and Russia widens, delaying make-or-break talks on an oil output deal, with both sides blaming each other. President Trump has upped the ante on oil prices, threatening tariffs on crude imports in an attempt to safeguard U.S. producers from the sell-off. However, U.S. futures and Asian shares seem to shrug off the tension amid signs the pandemic is slowing. Virus cases in Italy, France and Spain decline but EU leaders call for a new marshall plan to mitigate the fallout from the Covid-19 outbreak. NBC News hears exclusively from Italian Prime Minister Giuseppe Conte on his country’s struggle against the disease.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Striking a deal…President Trump sparks the biggest crude oil rally on record, telling CNBC’s Joe Kernen that he has managed to negotiate a deal to get Saudi Arabia and Russia to make significant production cuts as producers demand an Opec+ meeting. U.S. weekly jobless claims reach a record 6.6m, worse than expected. In China, service sector jobs for March are slashed at their fastest rate ever as consumer activity rebounds from a record low despite remaining in contraction. European Commission president Ursula Von Der Leyen has launched a €100bn short-term work scheme to aid those countries hardest hit by the economic fallout of the pandemic, which has now reached one million cases of Covid-19.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hard times ahead…President Trump warns of a difficult few weeks to come as the U.S. death toll surges and up to 80 per cent of the country remains on lockdown. In energy news, oil bosses are set to meet with President Trump as Whiting Petroleum becomes the first oil major to file for bankruptcy. In the UK, British Airways will reportedly furlough up to 36,000 staff following talks with the airline union. Plus, Prime Minister Boris Johnson promises to boost Coronavirus testing after admitting only a fraction of frontline NHS staff have so far been checked.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

March market misery as the Dow closes the month in the red. It posted its worst first quarter on record. The energy sector was the big underperformer, plunging nearly 35 per cent in March, while US tech giants are among the few stocks to eke out gains. The markets should brace for more dismal data, as Cleveland Fed president Loretta Mester told CNBC. In Europe, major indices lost more than 20 per cent this month. Britain's major banks are now ditching their dividends after the U.K.'s financial regulator joins its European counterparts to call on lenders to preserve cash. This comes as the death toll in the U.K. marks its biggest daily rise, while President Trump warns the virus could claim as many as 240,000 U.S. lives.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Beating expectations…Chinese factories rebound in March according to official PMI data. In energy news, oil prices have rallied from 18-year lows after Russia and the U.S. agree to hold talks as Saudi Arabia boosts production. U.S. tech stocks lead a Wall Street surge on Monday with Microsoft seeing sharp increased demand for its cloud services. And in banking news, Credit Suisse has announced it may cut bonuses this year but will still maintain its dividend, going against decisions by other European lenders to halt payouts until October.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Longer lockdown? President Trump abandons his predictions that the U.S. will be open for business by Easter and extends restrictions until 30th April. German Finance Minister Olaf Scholz says the ESM bailout fund remains the correct instrument for shoring up EU economies in the wake of the Coronavirus pandemic. The UK is bracing for potentially tougher quarantine measures amid reports that the lockdown could stretch out until June. And in corporate news, Unicredit becomes the first Italian bank to suspend its dividend and share buyback scheme as the ECB advises lenders to halt payouts until October.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. overtakes China and Italy reporting the world’s highest number of Covid-19 cases. New York is the epicentre and there are warnings the health system there is fraying. The dollar heads toward its largest decline in a decade but the Dow posts its best three-day rally in more than 90 years, after the US Senate passes the $2tn stimulus package. Federal Reserve president Jerome Powell tells NBC that the U.S. is already likely to be in recession but insists that the central bank has enough ammunition to weather the Coronavirus pandemic, as its balance sheet grows to $5tn. The G20 nations pledge to inject that same figure into the global economy in a rare united response to mitigate the fallout from the crisis. And finally, we speak to the CEO of pharma giant Novartis, who tells the programme he is seeing unprecedented collaboration between the world's biggest healthcare names. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stimulus Plans. The mammoth U.S. Coronavirus stimulus bill is passed as President Trump voices hope that large parts of the economy could be ready to reopen by Easter. The Dow posts a second day of gains for the first time since last month. Reports of a total lockdown this weekend in Tokyo causes the Nikkei to fall while Singapore’s GDP growth shrinks 2.2 per cent. In Europe, nine EU nations call for the creation of ‘Coronabonds’ to offset the economic damage caused by the outbreak. In the UK, the BoE and the Treasury look set to approve more measures to support the British economy.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Done deal…the White House and U.S. Senate finally agree on a massive $2tn stimulus package to mitigate the medical and economic fallout of the Coronavirus outbreak. The rescue agreement – the largest in U.S. history – drives Asian stocks sharply higher, after the Dow stages a massive rebound in its best day since 1933. India launches the world’s biggest lockdown with Prime Minister Narendra Modi ordering its 1.3bn-strong population to stay indoors for 3 weeks to stem the spread of the virus. In Tokyo, Prime Minister Shinzo Abe finally succumbs to pressure and postpones the Olympic Games until next year while in the UK, thousands of retired NHS staff will return to work and a new emergency hospital will be constructed in London’s ExCeL arena in the wake of the largest daily jump in Covid-19 cases.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Weeks, not months… President Trump promises to re-open the U.S. economy for business soon, however Congress blocks his stimulus package bill for a second time, weighing on Wall Street. Democratic and Republican senators once again disagreed over the contents of the legislation. But Asian stocks surge as the Fed promises to buy an unlimited number of government bonds. Oil prices also rally. Prime Minister Boris Johnson locks down Britain in order to stem the spread of Coronavirus, barring gatherings and all but the most essential trips out of home while Spain reels from the outbreak as the national death toll surpasses 2,000. In corporate news, German steel giant ThyssenKrupp decides to scrap its 2020 profit outlook while Spanish lender Santander adjusts its dividend policy for the year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks stumble on a stimulus snag … U.S. futures drop, briefly hitting limit down, after major indices recorded their worst week since the 2008 financial crisis. Part of President Trump’s $2tn stimulus package doesn’t win approval in the Senate with Democrats criticising the bill for helping large corporates over average workers in the face of the Coronavirus outbreak. Oil prices near a 17-year low in a volatile session. In Germany, Chancellor Angela Merkel goes into quarantine and limits social gatherings to two people. Berlin is also set to approve a €500bn bailout fund, breaking its long-held ‘Black Zero’ debt policy. Italy has increased travel limitations to combat the spread of the virus after the death toll surged over the weekend. Prime Minister Giuseppe Conte has warned that the economic impact of the virus will be felt throughout the country. And in corporate news, Airbus has withdrawn its full-year guidance due to the economic volatility caused by the pandemic.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Coronavirus counter-measures...Pressure on stocks ease slightly as central banks take more action. The U.S. Federal Reserve extended its swap lines to another nine central banks in a bid to mitigate the effects of the Coronavirus outbreak. President Trump also says that the government could take stakes in troubled corporates – something not seen since the automotive industry was bailed out. Italy is now the centre of the pandemic with deaths surpassing those of China for the first time. The BoE has cut rates to a historic low of 0.1 per cent to boost sterling up from 35-year lows. Prime Minister Johnson, however, has not ruled out further rescue measures to shore up British business.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Extraordinary times…ECB President Christine Lagarde launches a €750bn rescue package to counter the Coronavirus pandemic while the BOJ sets out a ¥1tn JGB purchase plan. The stimulus, however, fails to lift market sentiment with Asian stocks falling while U.S. futures fail to hold on to brief gains after the Dow falls through the 20,000-point mark. In an exclusive interview with CNBC, legendary hedge fund investor, Bill Ackman, issues a stark warning about the outbreak and urges the U.S. government to shut the country down. In energy news, oil falls 20 per cent, putting it on track for its worst week in history but WTI is back up after hitting its lowest level in 18 years. And in the UK, London braces for imminent lockdown as Prime Minister Boris Johnson closes schools and the national Coronavirus death toll tops 100.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A short-lived rebound … the major U.S. averages rally by more than 5 per cent on the back of stimulus hopes but U.S. futures fall and Asian stocks turn lower. President Trump’s administration promises a massive $1tn rescue package in light of the global Coronavirus crisis, including tax breaks and cash handouts. A CNBC source learns that U.S. Treasury Secretary Steven Mnuchin has warned senators that U.S. unemployment could hit 20 per cent if his fiscal proposals are not enacted. In the UK, Chancellor Rishi Sunak unveils a £350bn fiscal programme to shore up businesses affected by the outbreak and says he won’t hesitate to increase this figure should demand increase. Meanwhile in Brussels, the EU shuts its external borders with the drastic lockdown set to last for a month at least.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The worst day since Black Monday…the Dow suffers a 3,000-point sell-off in its third-biggest loss ever, and the most dismal day since 1987. The market’s volatility gauge - the VIX - swings to a record high as President Trump warns the U.S. economy could fall into recession. The U.S. also says the outbreak could drag into August. U.S. airlines have said they will require a $50bn bailout which could be the largest rescue package since the terrorist attacks of 9/11. In auto news, VW posts solid full-year data for 2019 but says that guidance for 2020 has now become impossible. Airbus temporarily suspends work at its French and Spanish assembly plants in order to contain Coronavirus. And in the UK, Prime Minister Boris Johnson ramps up restrictions and advises Britons against non-essential contact and travel.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Big bazooka…the U.S. Federal Reserve launches a round of emergency measures, cutting interest rates by 100 points to zero, initiating a $700Bn QE programme, which includes treasuries and mortgage-backed-securities purchases. It also injects additional dollars in a coordinated action with other central banks around the world. Chairman Jerome Powell says liquidity is the top priority in light of the volatility caused by the Coronavirus outbreak. The markets, however, are not convinced. U.S. futures plunge, hitting limit-down, as the Dow drops 1,000 points. Asian indices fare no better, despite additional measures by the Bank of Japan. Europe shuts down, with Spain quarantining its 46m citizens and France and Germany closing large parts of their economies and beefing up border security. Boris Johnson’s government is pressured to do more as President Trump’s travel ban is extended to the U.K. and Ireland as of tomorrow. And there is dismal data from China as industrial production and retail numbers collapse. Fixed asset investment falls for the first time ever.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The worst session since Black Monday in 1987. The Dow sheds another 10% as the Fed's $1.5 tn cash injection fails to stem the declines. But US futures turn cautiously higher and Asian stocks come off session lows. In Europe, ECB President Christine Lagarde tells CNBC exclusively that fiscal policy should be the first front in the fight against the outbreak. Lagarde also rejects President Trump's branding of COVID-19 as a 'foreign virus'. France becomes the latest European country to shut schools, as President Emmanuel Macron pledges to do “whatever it costs” to prop up the economy against the virus outbreak. Airline shares across the world plunge deep into the red on the U.S.’s TransAtlantic travel ban, with European leaders pledging to support the region's hardest hit carriers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A Transatlantic Travel Ban. President Trump bans travel between the U.S. and Europe and blames the Continent for 'seeding' virus hotspots in the States, sending US futures sharply lower. It’s the end of an 11 year bull run as the Dow pushes into bear market territory. This as the World Health Organization officially declares coronavirus a pandemic. Asian stocks follow suit, with the Nikkei falling more than 4 percent. Italy's lockdown tightens. The government closes all but essential services in the toughest restrictions since World War 2. And the pressure piles up on the ECB to act, with analysts predicting a mix of policy measures and rate moves to help the euro zone economy cope with the market shocks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In a special edition of the Squawk Podcast, we bring you two parts of our 3 hour programme. Part 1: A whipsaw session as US stocks swing from a 900 point rally, to the brink of bear market, and back again, while Asian equities take a leg down amid unanswered questions over US stimulus. US Futures also trade lower after President Trump pitches a zero percent payroll tax rate, but his team fails to provide details on a promised fiscal package. EU leaders pledge decisive action to tackle coronavirus, announcing fresh investment and measures to prop up small business. Part 2: The Bank of England surprises markets with a 50 basis point cut, lowering interest rates from 0.75% to 0.25% and joining the Fed in delivering its first emergency move since 2008. The BOE warns that economic activity will weaken significantly due to the Coronavirus shockSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Rebounding from a historic rout. U.S. markets come close to entering bear market territory after the Dow sinks 2,000 points as virus fears and an oil price war knock 5 trillion dollars from stocks. But crude prices bounce back from the worst day in almost 3 decades and US futures rise as President Trump teases potential stimulus including a payroll tax cut, ahead of meetings with congressional Republicans and Wall Street executives. Italy quarantines the entire country as Europe's fourth biggest economy becomes the largest outbreak outside China. Prime Minister Giuseppe Conte says it faces its 'darkest hour'. And finally Chinese inflation slows and factory prices fall as the virus continues to weigh on the economy, while fresh research points to a more than 50 percent plunge in monthly mobile phone sales.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil price war. Crude prices crash 30 percent in the worst day since the Gulf War, as Saudi Arabia floods energy markets, looking to punish Russia for obstructing OPEC-Plus output cuts. Asian stock markets plunge with the Nikkei hitting a 14-month low and Australia's benchmark index posting its worst fall since the financial crisis, while US futures trade limit down, pointing to another rough day on Wall Street. US 10-year treasury yields hit a new record low as the prospect of rates turning negative becomes a reality, while the 30-year yield goes below 1 percent for the first time ever. Over 16 million people are put into lockdown in Italy as the government takes drastic measures to stem the worst outbreak outside China. But leaks of the action cause confusion and a rush across regional borders. And finally women rally across the globe to mark International Women's Day, upping calls for equal pay and fair representation.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A week of swings… The Dow suffers another near-1,000 point drop, as Coronavirus fears take hold again while Asian equities move deeper into the red. The yield on the U.S. 10-year treasury falls to another record low, nearing 0.8 per cent. Bond king Jeffrey Gundlach tells CNBC the outbreak has put a fork in the economy and could tip the U.S. into recession. Oil prices slide despite OPEC's decision to make the biggest output cut since the 2008 crisis, if Russia gets on board. Secretary-General Mohammed Barkindo tells CNBC extreme circumstances warrant the move.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.