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Stock Futures Rise With Euro on ECB Support Move: Markets Wrap

Stock Markets Mar 18, 2020 07:28PM ET
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(Bloomberg) -- The euro and U.S. equity futures rose after the European Central Bank announced more stimulus measures.

S&P 500 futures reversed losses to rise about 2% and the euro edged up. The ECB launched a new temporary program worth 750 billion euros ($820 billion). Wall Street suffered another plunge Wednesday as investor focus turned to the possible length of the coronavirus-driven downturn. Oil rose to take back some of Wednesday’s 24% plunge that left prices at an 18-year low.

In currencies earlier, the Bloomberg dollar index surged to an all-time high as investors sought to raise cash. The pound hit its lowest level against the greenback since 1985.

“The outlook has changed pretty dramatically even in the last few days,” Alicia Levine, chief strategist at BNY Mellon, told Bloomberg TV. “We’re looking at a sudden stop globally, so the probability of a global recession has gone up remarkably.”

Meantime, the U.S. Senate cleared the second major bill responding to the coronavirus pandemic and White House economic adviser Larry Kudlow said the government might take an equity position as part of an aid package. Australia is expected on Thursday to announce a quantitative easing package.

“We still have downside room in the stock market,” Scott Minerd, co-founder and global chief investment officer at Guggenheim Partners, told Bloomberg TV. “Until we see some forced liquidation -- which for the first time today I have a sense we are seeing -- we are not going to come to a bottom.”

Oil on Wednesday dropped below $25 a barrel for the first time since 2003 in London and tumbled 24% in New York after Saudi Arabia signaled it’s doubling down on a price war with Russia just as demand evaporates with the spreading coronavirus.

Here are the main moves in markets:

Stocks

  • Futures on the S&P 500 Index rose 1.5% as of 8:01 a.m. in Tokyo. The underlying index fell 5.2% on Wednesday.
  • Futures on Japan’s Nikkei 225 added 1.8%.
  • Australia’s S&P/ASX 200 Index added 0.4%.
Currencies

  • The yen was at 108.14 per dollar.
  • The offshore yuan traded at 7.0716 per dollar.
  • The pound was at $1.1604 after tumbling 3.7%.
  • The Aussie bought 57.97 U.S. cents.
  • The euro traded at $1.0944, up 0.3%.
Bonds

  • The yield on 10-year Treasuries rose 11 basis points to 1.19%.
  • Australia’s 10-year yield advanced 18 basis points to 1.39%.
Commodities

  • West Texas Intermediate crude added 13% to $22.99 a barrel.
  • Gold was at $1,486.90 an ounce.
©2020 Bloomberg L.P.

Stock Futures Rise With Euro on ECB Support Move: Markets Wrap
 

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Comments (4)
Fairway TradeUS
Fairway TradeUS Mar 18, 2020 8:10PM ET
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When a company buys back its stock it is because it feels as though its not only undervalued BUT there is no better investment than to do so.Why does a politician like Senator Chas Schumer speak as if it is a crime.?Being a lifelong politician should be a crime.Buy names like DIS, UPSMRK AMAT Buy the Airlines like JBLU LUV
Midway Eholdings
Midway Eholdings Mar 18, 2020 8:09PM ET
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Buy now 50% rally then sell
David David
David9 Mar 18, 2020 7:55PM ET
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Just close down market selling for two months, only allow buying, then when we have a handle on the virus, then we can open it again. This is crazy fear panic selling.
Kuzi Ajida
Kuzi Ajida Mar 18, 2020 7:31PM ET
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Oh wow its BTD mode again baby
Thubelihle Magwaza
Thubelihle Magwaza Mar 18, 2020 7:31PM ET
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what does BTD means?
Martin Wyckoff
Wyckoff Mar 18, 2020 7:31PM ET
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Thubelihle Magwaza  Buy The Dip?
 
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