US economy could shrink 14% in Q2: JP Morgan

SAN FRANCISCO (REUTERS) – The US economy could shrink 14 per cent next quarter, a JP Morgan economist said on Wednesday (March 18), one of the most dire calls yet on the potential hit to the United States from the coronavirus epidemic. A drop of that size would be steeper than in the fourth quarter of 2008 – the worst […]

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GLOBAL MARKETS-Asian stocks find support after ECB purchase programme

* ECB launches $850 bln bond buying program * U.S. stock futures turn positive, euro rises * ASX higher in early trade * Asian stock markets : tmsnrt.rs/2zpUAr4 By Tom Westbrook SINGAPORE, March 19 (Reuters) – Asian stock markets fought to stabilise on Thursday, as the latest promise of stimulus from the European Central Bank propped up sentiment while the […]

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TREASURIES-Yields surge in volatile session as coronavirus crisis saps liquidity

(Recasts and updates with market action, analyst comment) By Ross Kerber BOSTON, March 18 (Reuters) – U.S. Treasury yields swung widely in a volatile session on Wednesday as investors scrambled to make trades in an illiquid market, moving a closely watched part of the yield curve to its steepest in two years. The benchmark 10-year yield was up 18.1 basis […]

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UPDATE 1-French finance minister ups pressure on ECB over crisis response

(Adds details) PARIS, March 18 (Reuters) – The European Central Bank needs to “quickly and massively” step up its response to the economic fallout from the coronavirus outbreak, France’s finance minister said on Wednesday, putting pressure on the ECB. Bruno Le Maire said he was closely following the blowout in spreads between the different borrowing costs of euro zone countries […]

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After Lebanon, where next? Emerging markets look for weak links

LONDON, March 18 (Reuters) – In the aftermath of Lebanon’s sovereign debt default and with the global economy reeling from its biggest shock in more than a decade, emerging market investors are honing in on other potential weak links from Oman to Zambia. Record amounts of cash have been pulled out of emerging markets in recent weeks as investors shied […]

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UPDATE 1-U.S. housing starts fall less than expected in February

(Adds details, background) WASHINGTON, March 18 (Reuters) – U.S. homebuilding fell in February, pulled down by a sharp decline in the construction of multi-family housing units, and could continue to weaken as the coronavirus pandemic disrupts economic activity. Housing starts dropped 1.5% to a seasonally adjusted annual rate of 1.599 million units last month, the Commerce Department said on Wednesday. […]

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MORNING BID-Governments aim their bazookas

A look at the day ahead from senior markets correspondent Saikat Chatterjee. The views expressed are his own. Bazooka time! After coming under fire for being slow to respond to what is an effectively a simultaneous demand and supply shock to the global economy, governments across the world are rushing to roll out massive stimulus, adding to the monetary firepower […]

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UPDATE 1-Austria says no one knows how far deficit will widen

(Adds details from budget draft) VIENNA, March 18 (Reuters) – Austria, which has abandoned a pledge to balance the budget in the face of the coronavirus crisis, issued a draft on Wednesday that includes a small deficit and said it cannot predict how much further the shortfall will widen. The conservative-led government that took office in January with the help […]

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GLOBAL MARKETS-Global stocks tumble as investors flee risk on coronavirus fears

* U.S. stock futures hit limit-low after NY bounce * Stimulus hopes outweighed by concerns about epidemic * U.S. yield curve steepens amid $1 trln stimulus talk * Dollar in demand due to liquidity fears * Asian stock markets: tmsnrt.rs/2zpUAr4 By Hideyuki Sano TOKYO, March 18 (Reuters) – Global stock futures and Asian shares tumbled in choppy trade on Wednesday, […]

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