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Top 5 Things to Know in the Market on Friday, March 27th

EconomyMar 27, 2020 07:13AM ET
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By Geoffrey Smith 

Investing.com -- The U.S. overtakes China (but not yet Europe) in having the most cases of Covid-19. The Senate's $2.2 trillion economic support bill should pass the House of Representatives on Friday, although isolated rumblings of opposition suggest it's not a done deal yet. The dollar is on course for its worst week since 2009 as confidence returns to global funding markets, while the euro zone failed to agree on common bonds to fight the economic fallout and the U.K. suspended its housing market. Here's what you need to know in financial markets on Friday, March 27th.

1. U.S. overtakes China in Covid-19 cases

The U.S. has now overtaken China in the total number of confirmed cases,  with nearly 86,000, despite having only one quarter of the population. The U.S. death toll approached 1,200, still well behind the likes of China and Italy.

In a press conference on Thursday, President Donald Trump said the figures were a credit to U.S. testing and repeated his priority of restoring activity as quickly as possible, saying that “people want to get back to work.” 

Separately, the Washington Post reported that the G7 had been unable to agree on a joint communique due to the U.S.'s insistence of calling the Covid-19 virus the "Wuhan virus".

2. Senate support package due for House vote

The House of Representatives is expected to vote on the $2.2 trillion  package passed earlier this week by the Senate, despite rumblings of resistance from individual lawmakers.

Republican Rep. Thomas Massie of Kentucky told a local radio station on Thursday he would oppose allowing the bill to pass by voice vote, effectively forcing a physical vote in Washington for which it would be difficult to gather a quorum.

However, the effect of the bill and of measures taken by the Federal Reserve continues to course through global funding markets, driving the dollar index below 100 and putting it on course for its biggest weekly drop since 2009.

3. Stocks set to open lower as profit-taking kicks in

U.S. stocks are set to open lower on Friday after a breathless rally over the last three days that meets the technical definition of a new bull market.

By 7:10 AM ET (1110 GMT), the Dow Jones 30 futures contract was down 470 points or 2.1%, while the S&P 500 contract was down 2.1% and the Nasdaq 100 futures contract was down 1.8%.

The Chinese CSI 300 had earlier fallen 0.5%, not helped by a 38% drop in industrial profits over the first two months of the year, while Europe’s Stoxx 600 fell 2.7%.

4. Europe struggles, medically and financially

Europe continues to struggle with the Coronavirus, both medically and financially.

Spain reported its deadliest day of the outbreak so far with 769 deaths on Thursday, while Italy also broke a three-day sequence in which new infections and deaths had slowed. The deterioration in Italy’s figures appear due to the virus spreading further beyond the region of Lombardy in the north.

A teleconference among EU leaders on Thursday, meanwhile, produced no further progress on coordinating the bloc’s response to the outbreak, due to a dispute over proposals to issue joint debt, led by France, Spain and Italy.

Elsewhere in Europe, the U.K. government effectively suspended the housing market due to public health concerns, a measure that rippled through the shares of realtors, banks and builders on Friday.

5. Russia keeps pressure on oil; U.S. Senators up in arms

Crude oil prices turned lower as the rally in other risk assets ran out of steam, leaving participants to focus on a mind-blowing level of oversupply in the near term. By 7:10, U.S. crude futures were down 0.1% at $22.55, while Brent was down 1.2% at $26.02

Additionally, Russia’s deputy energy minister was quoted by newswires as saying that Russia thought a fair price for oil is between $45 and $55 a barrel. That’s somewhat below the level that many western oil companies have used for their baselines in recent years, and also below what many shale producers would need to breakeven, at least in the current environment of sky-high borrowing costs.  

A group of Republican Senators, chiefly representing oil and gas producing states,  urged the administration to take action against Russia and Saudi Arabia for conducting “economic warfare” against the U.S.

Top 5 Things to Know in the Market on Friday, March 27th
 

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Comments (13)
jemin An
jemin An Mar 27, 2020 11:14AM ET
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US should fire chairman of W.H.O, so called Chinese speaker. He postpone declaration PANDEMIC just for Chinese interest. Wuhan virus, or China virus, we should call it in right way. US will suffer 2st, 3st corona wuhan virus hits.
Boy Good
Boy Good Mar 27, 2020 11:14AM ET
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Lol lots of chineses disliked your comment China out
jemin An
jemin An Mar 27, 2020 10:22AM ET
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If Russia, it is if, they drive oil price under 20, US desperately needs another 2T dollar stimulus immediately. I mean Russia can ask to Trump anything, now.
William Hineser
William Hineser Mar 27, 2020 9:58AM ET
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Does anyone really believe China reported all of their Covid-19 cases?
john burr
john burr Mar 27, 2020 9:58AM ET
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hell nah. they bluffed numbers during SARS. go check out some youtube videos and you’ll find out easily their numbers are not true
Wei Feng
Wei Feng Mar 27, 2020 9:58AM ET
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This is why America delayed the eindow to control the virus spread because people like you guys were busy finding other country’s problem instead of taking action and focusing on getting Anerica better! China’s number is lower because every single case is traced and published including where they were about and all the people who are affected were quarantined seperately and everyone stayed home.. also everyone wears mask when they need to go out! The government also inmediately worked on supply. Many companies never made masks started making mask starting from chinese nee year... and thousands of medical staff from other provinces when to wuhan to help to put under control. You have no idea how quickly people worked together there and the true meaning of “ united”! America is no longer “united states” but “split states”!!!
Buzzy Jefferson
Buzzy Jefferson Mar 27, 2020 9:58AM ET
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Wei Feng  China's history of wet markets and unleashing lethal viruses on the world is not only well known, it's legendary. They have refused to stop this practice for decades. They don't care how many people die. They are the most selfish people on the planet because they won't correct their ways, and have the gall to try to blame others for the results of their behavior. No amount of childish propaganda from that regime is going to change reality.
owolabi adefalujo
owolabi adefalujo Mar 27, 2020 9:58AM ET
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All reported cases are just like sample group of those affected. if 100% sampling is done which is not very possible, you will marvel and get seriously disturbed.
History Light
History Light Mar 27, 2020 9:58AM ET
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Great point.
john burr
john burr Mar 27, 2020 9:04AM ET
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govt pays for all of corona test kits and for your stay at the hospital in south korea. 99% of people put on masks and keep social distance. they dont go out and do ******** china.. basically the entire country was locked down. the police put on chains on every house and arrested ppl without masks. thays china and korea getting outta the corona virus in 2 months. can the US do the same? we’re in deep ******** and the fed and Trump just wants to up pump up the market like theres no tomorrow. you know its gonna backfire. compared to 2008? i say this is much heavier ******** if not why would fed and Trump react this way?
jemin An
jemin An Mar 27, 2020 9:04AM ET
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The reason why S.Korea government did it, because they have parliament election in April, but at the first virus spreading in korea, government ignored korean medical doctor association's strong advice, and open border to China, the epicenter of disease widely, then finally virus spread all over in S.Korea. So, they dare not ask for the patients to testing charge, for the victory in coming election. A ********story. u understand?
john burr
john burr Mar 27, 2020 9:04AM ET
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jemin An yeah so im sayinf the US cant fix problems like china and korea. whats ur argument?
jemin An
jemin An Mar 27, 2020 9:04AM ET
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Point is China, S.Korea are never winner in virus war. They still suffering cause epidemic. Trump's 2T stimulus is in fact for business not for peoples, only get a lunch money from it. Why money should put in wrong company, like Boeing, made terrible mistake in business, uh? I think this 2T stimulus made cause they have no other option, and this one is even bone head policy.
Arvind Patel
Arvind Patel Mar 27, 2020 8:23AM ET
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What's wrong in calling it Wuhan Virus if it had originated in Wuhan. SARS also had originated in China and by calling it Sars, we forgot where it originated.  China must make it illegal to to eat any wild animals and birds and act as civilised people. Now we are a global village.
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Lee John
Lee John Mar 27, 2020 8:23AM ET
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Two CIA agents passed the Corona virus to the China in an attempt to slow their technological progress by getting people sick or die. but the Christian God recognizes this and now we are being punished a lot more than China for our devious plot. Trump's plot is backfiring on him to get re-elected.
Ed Miller
Ed Miller Mar 27, 2020 8:23AM ET
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"What's wrong with"  True, but at this point,  it just needlessly blocks needed cooperation to get anything done!  And Trump's  just venting his closed-minded frustration and anger because he knows the recession that's coming (or here) will ***his chances of reclaiming the White House
Landon Sach
Landon Sach Mar 27, 2020 8:23AM ET
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It makes sense to keep track of where a virus came from. No one forgot where SARS came from, this information is readily available by Googling the topic. You're entitled to your opinion but I respectfully disagree - - calling it Wuhan virus is an ethnocentric approach that indirectly (or maybe directly) points all blame at China. China is not the only one in the game here. Each country and group of local governments, as well as their citizens are responsible for their reaction and the speed of virus spread. Naming it Wuhan Virus is like a slap on the wrist that will lead xenophobia, and that doesn't fit with your global village philosophy.
John Hemphill
John Hemphill Mar 27, 2020 8:23AM ET
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The world has gone insane over political correctness. China's govt conducts crimes against humanity on a massive scale, theft of Western military and technical Intel, trade extortion, and either reckless or intentional propagation of epidemics. The world says nothing. Call a virus by the name of where it came from, the world yells racism. Sick.
Buzzy Jefferson
Buzzy Jefferson Mar 27, 2020 8:23AM ET
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Lee John Firstly, you're not part of "we", so just stop. Secondly, This virus, like every lethal virus since the beginning of time, came from China. All of them start there, and every sane person knows it. Turn off the cctv. You're embarrassing yourself.
Ramana Murthy
Ramana Murthy Mar 27, 2020 8:15AM ET
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Bill will pass however profit booking will continue as number of corona cases surge in the US. there is no way the panic can be stopped given the numbers. we are in no way in control of the situation.
Ogün Doğan Özata
Ogün Doğan Özata Mar 27, 2020 8:02AM ET
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bill is going to pass because its much needed right now and whoever delays it will have a bad time in elections!
Simon Racz
Simon Racz Mar 27, 2020 7:36AM ET
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Europa is not a country.
Dan Aline
Dan Aline Mar 27, 2020 7:36AM ET
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And with some luck we will never be a country.
Andi Peruško
Andi Peruško Mar 27, 2020 7:30AM ET
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We in Croatia and in whole Europe have health insurance in case of quarantine in hospital, but I dont know for the US.I think that Trump and his colleagues dont know jet what is in Europe about that virus.In my country we are not allowed to go out of home without a licence of civile order and with good reason.I dont think 2.2 T will be enough if the virus last 2 months.I can only recommend to everyone to stay at home.
Ed Miller
Ed Miller Mar 27, 2020 7:30AM ET
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"Health insurance"  sounds nice, but it won't help you when the shortage of lower paid doctors, nurses and aids finally takes hold.
taylor jason
taylor jason Mar 27, 2020 7:28AM ET
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hahah you got to laugh when they say us equity indices formed a new bill market yesterday when jobless claims was literally through the roof and the economy is virtually closed
Michael Weisbeck
Michael Weisbeck Mar 27, 2020 7:26AM ET
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Haha, well said Francis!
Buzzy Jefferson
Buzzy Jefferson Mar 27, 2020 7:23AM ET
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China's government wastes no time implementing a full and complete propaganda campaign claiming The US made the Wuhan virus and planted it in China in late 2019. Nearly their entire population now believes this. They are trying to convince the world that they didn't hide the virus from the world for weeks or that they didn't arrest doctors, bloggers and journalists who tried to warn the world. The audacity and ability to lie these people display with completely straight faces is mind boggling and unique on the planet.
Patrick Philippe
PaTT_Philippe Mar 27, 2020 7:23AM ET
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lol, "audacity to lie" is something China is competing with the USA. The rest of the world contemplates which country is worse in that regard.
Geo Dee
Geo Dee Mar 27, 2020 7:23AM ET
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US leadership lies straight faced .... lol
David Cook
David Cook Mar 27, 2020 7:23AM ET
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thing is.. we have known about this for 5 years: https://www.nature.com/articles/nm.3985
Troy Haar
Troy Haar Mar 27, 2020 7:23AM ET
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You should look up Charles Lieber Wuhan University
Francis Thawe
Francis Thawe Mar 27, 2020 7:22AM ET
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Out of all these nice meat (pork, beef, fish, goat,) but someone busy eating bats, dogs and snakes? Now we all suffering.
 
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