China official PMIs February: Manufacturing 35.7 (expected 45.0) Non-manufacturing 29.6 (expected 51.0)
- deaths now number >3,000 in China
Manufacturing 35.7, this is the lowest ever recorded for this indicator.
ForexLive Americas FX news wrap: Powell issues surprise statement
- Gold -$59 to $1585
- WTI crude down $1.83 to $45.26
- US 10 year yields down 11 bps to 1.15%
There are no easy answers in a tick-by-tick play-by-play at a time like this. Fear and greed dominate. The surprise news of the day was a statement
US stock futures continue to rally after the close
The rally that started in the final 15 minutes of trading continued into the after-hours and futures are up 1.2% on the day. That's nearly +5% from the intraday low.
CFTC Commitments of Traders: Euro shorts continue to grow, yen shorts jump
I think this is a clue as to why the pound was so weak late in the week. Everyone is heading to the sidelines to get a clear look at the virus and that meant closing out long GBP and short EUR positions; along with
US stocks catch a big bid in the final 15-minutes of trading to limit the damage
The S&P 500 finished the day down just 24 points at 2954 in a big win for the bulls late in the day.
The index gained more than 70 points in the final 15 minutes of trading in a huge bid, that was likely helped by month-end rebalancing. The huge rallies in bond
Cable jumps on the Powell put, USD/JPY continues to fall
Fed cuts don't matter for the stock market anymore. It's a biological crisis, not an economic one. Rates at zero will be great when officials finally get on top of the virus and the tide turns, but they're not a reason to buy right now.
US 5-year yields are threatening the 2016 low
It's tough to overstate how dramatic the moves in bonds have been this weekend. US Treasury yields continue to crater.
I think they're a clearer sign of where the market thinks the Fed is going than anything else. US 5-year yields are down another 16.6 (!) basis points today in a continued swan
Watch out for the China PMIs on the weekend
On Saturday China will release the official manufacturing and non-manufacturing PMIs. The consensus is the manufacturing number is a drop to 45.0 from 50.0 in January.
A 50 basis point cut from the Fed is now 70% priced in for the March 18 meeting
The Fed funds futures market continues to imply that a cut is fully priced in but now it's a question of 25 basis points or 50 bps.
Trump admin weighing pushing for tax cut to address virus fallout - WaPo
Any cuts would have to get through the House and that's a tall -- if not impossible -- order unless both sides are willing to do some major horse trading. It's all politics.