Global markets futures looking into another RED open this morning despite the attempt of the FED to stimulate the economy by lowering the US interest rate to zero overnight. The move by the FED on interest rates and the 700 Billion monetary stimulus is another attempt to counter the massive activity shrink in the US economy that took another blow over the weekend after both New York city and LA closed down schools, restaurants and all public events. EU markets opened the trading week at 2340, at 8-yesr lows, last traded August 2012. Australian markets and all Asian markets are pointing to a sharply lower open following the corona virus recession fears and the weak China Industrial production reading that came at -13.5%, vs -3% expected. The dollar index is trading at 96.6 this morning, down 1.2% following the Fed move and leaving the “safe heaven” field to the CHF and JPY, both up sharply this morning. Oil futures are looking glim as well, down nearly 5% and trading at near 2020 lows 30.5 per barrel as investors fear a global demand collapse near term and there is no expected deal from OPEC+ on production quotas for 2020 in sight.
G7 meetings all day and US Empire State Manufacturing index are the important news on the agenda Monday, (all times GMT).
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Nasdaq futures are halted this morning after reaching the max “limit down” 5% and the CME halted trading in a attempt to curve the panic in the markets.
EURSXX50 index is trading at 8-year lows this morning and down 38% over the past month.
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