Top 5 things to know The third stage of economic stimulus has reached a dead end amid disputes over the limited ability of countries to intervene to save companies.Stocks are recovering with unparalleled strength, amid a focus of traders on the new package launched by the Fed yesterday.
The outbreak in Italy has slowed, as Britain enters its closure, and Thailand declares a state of emergency.
Oil rebounded on hopes the United States and Saudi Arabia would strike a price-support deal.
The most important thing to know about financial markets on Tuesday, March 24.
1. The Senate Agreement is rejected
Top 5 things to know
The US Senate approved a package of financial facilities, with an infusion amount
Yesterday, a House spokeswoman announced a $ 2.5 trillion package focusing on cash distributions for families affected by the virus and small businesses.
The number of injuries in the U.S. continues to increase, to exceed 46,000, according to Johns Hopkins data. The number of victims reached 500 cases, including 125 in New York.
Thailand has declared a state of emergency, while new cases have increased in Indonesia.
2.Does Italy finally see the light at the end of the tunnel?
Italy is now the epicenter of the epidemic, and recorded the second day of decline in documented cases and deaths, raising hopes for a pivot point that changes the course of events.
Bonds and Italian stocks bounced strongly today after news that Germany was ready to agree to a loan delivered via the European Stability Mechanism to fight the virus, without strong conditions on fiscal policy.
But the German Finance Minister denied the idea of joint debt to the euro area. The Eurogroup meeting will take place later, to discuss what to do about: Italy, Spain, and Portugal.
While Britain imposed a ban on public gatherings of more than two people, and until last Thursday it was producing a more violent approach compared to counterparts.
3. A huge jump in the markets
The US market opens today with a very strong hike, after a green session in Europe and Asia. Markets are now ignoring Coronavirus data, focusing only on the Fed’s unprecedented package.
More optimistic speeches are emerging from Washington, where Treasury Secretary Stephen Mnuchin and House Majority Leader Chuck Schumer said talks about the third package may be very close.
The trading of the main stock indices was suspended after reaching the maximum increase by 5%.
Europe is thriving, with STOXX 600 rising 5.0%, Nikkei 225 up 7.0%, and the Chinese CSI 300 rising 2.4%.
4. The worst data for purchasing managers everThe markets also ignored the highly negative data coming out of Europe, and from Britain today, to clarify the depth of the impact of the Coronavirus on economic performance
Top 5 things to know The IHS Markit Eurozone composite purchasing managers’ index fell worse than expected to 31.4 for March, from 51.6 in February. With data from Britain falling to 37.1, the lowest expectation is at 45.1.
The performance of the service sector across the old continent was the worst, while the industry sector outperformed, reflecting the increasingly poor performance of travel and entertainment.
The US data comes out today at 16:45 Saudi Arabia, a quarter of an hour after the opening. It will be similar to the worst when it came out of the Philadelphia index last week.
5. Oil bounces back on hopes of concluding an agreement between Saudi Arabia and the United States
Oil prices rebounded strongly, after the US Energy Secretary, Dan Bruelite, implied the conclusion of the agreement between the United States and Saudi Arabia to bring stability to the market.
Top 5 things to know He quote: “At some point, we will engage in diplomatic efforts. But there are no agreements yet on its nature.”
Crude oil futures rose 6.4% to $ 26.86 a barrel, and Brent rose $ 28.27 a barrel.
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