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The Morning Wrap




US indices finished yesterday’s session lower but off the daily lows. S&P 500 closed 5.18% lower, Dow Jones dropped 6.3% and Nasdaq declined 4.7%


Declines can be spotted all across Asia-Pacific region. Nikkei dropped 1.04%, S&P/ASX 200 declined 3.44%.Shanghai Composite is trading 1% down. Kospi hit lower trading limit (-8%). DAX futures point to a 1.5% bearish gap at open


Number of confirmed coronavirus cases increased to over 219 thousand. Death toll stands at 8,970. New Zealand and Australia decided to shut borders. The US-Canada border was shut for non-essential travel as well. Almost 72 thousand cases were confirmed in France, Italy, Spain and Germany combined (around a third of total).


RBA cut cash rate to 0.25%, delivering a second quarter point rate cut in March.


ECB announced a pandemic emergency purchase programme worth €750 billion. Under the programme purchases of public and private sector securities will be carried until end-2020


Swiss franc is the top performing major currency as safe haven flows dominate. AUD and NZD decline severely. EM currencies trade lower


Gold and silver catch a bid while platinum lags. Industrial metals decline while oil tries to recover from multi-year lows


Australian unemployment rate dropped from 5.3% to 5.1% in February (exp. 5.3%)


Japanese CPI inflation slowed from 0.7% to 0.4% YoY in February. Core gauge came in at 0.6% YoY, in-line with expectations.



Number of new confirmed cases reported each rises dramatically. Over 20,000 cases were reported yesterday and almost 1,000 deaths. Source: worldometers.