Overseas Headlines- March 17, 2020

United States:

U.S. Stock Futures Whipsawed While Dollar Jumps: Markets Wrap

“Volatility continued to roil global financial markets as investors struggle to adjust to an unprecedented upheaval in social interactions that looks set to plunge the world into recession. U.S. stock futures swung wildly, Treasuries slipped and stresses appeared in the short-term funding and front-edit credit markets. S&P 500 futures clung to a 1% gain, but only after wiping out a rally that took it to upper trading bounds overnight. Treasuries declined, reversing part of a nearly 25 basis-point surge on Monday. The dollar bolted higher versus major peers.”

https://www.bloomberg.com/news/articles/2020-03-16/rout-to-extend-in-asia-after-u-s-stocks-drop-12-markets-wrap?srnd=premium

 

Europe:

Macron Throws Away Budget Plans With $384 Billion Virus Response

“France is tearing up its budget program and plans huge spending as the coronavirus outbreak sends the economy into a deep slump. Finance Minister Bruno Le Maire will present an emergency budget on Wednesday that will include 45 billion euros ($50 billion) of spending plus 300 billion euros of loan guarantees. France’s debt will rise above 100% of economic output.”

https://www.bloomberg.com/news/articles/2020-03-17/macron-throws-away-budget-plans-with-384-billion-virus-response?srnd=premium-europe

 

Asia:

As Gold Plunges, Chinese Investors Find New Haven in Steel Rods

“Investors in China have found an unlikely new hiding place from the chaos engulfing financial markets. The price of steel reinforcement bar, the somewhat unglamorous but ubiquitous commodity used to strengthen concrete, has risen almost 5% over the past month in Shanghai. Over the same period, gold — the traditional haven amid turmoil — has dropped more than 5% as investors sell to cover losses in other markets.”

https://www.bloomberg.com/news/articles/2020-03-17/as-gold-plunges-chinese-investors-find-new-haven-in-steel-rods?srnd=premium-europe

 

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2020-03-17T12:31:25-05:00