Thursday, March 12, 2020

US And World Stocks Enter Bear Market 美国和世界股票进入熊市

US stock indexes Futures limit down and closed for trading as Dow, S&P 500 and Nasdaq 100 are down 1365 (-5.79%), 151 (-5.50%) and 414 (-5.17%) respectively.







。Shortly after the Fed injected $95BN in liquidity via two term reports (a 2-week and the first 1-month op), it also announced $103.1BN injected via the overnight operation, which means that the Fed has injected a combined $198BN in liquidity as funding markets freeze.---Zero Hedge

。Surprising many who were expecting a rate cut from the ECB this morning, moments ago Christine Lagarde announced that rates would remain unchanged, with the all important deposit rate unchanged at -0.50%. However, in order to alleviate liquidity shortages, the ECB did surprise everyone by announcing a boost to its QE, adding a "Temporary Envelope of EU120B in Asset Purchases." The ECB also announced a new LTRO "with an interest rate that is equal to the average rate on the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III operation in June 2020. Finally, the ECB noted that "considerably more favourable terms will be applied during the period from June 2020 to June 2021 to all TLTRO III operations outstanding during that same time."

。At 9pm on Wednesday evening, president Trump took the emergency step of addressing the nation to describe how the US will defend itself from the spreading pandemic and to calm America's fears over the coronavirus. It did not work out as expected, because moments after Trump announced a 30-day travel ban for European flights to the US, global stocks plunged into a bear market, oil crashed, airline stocks and treasury yields plunged, and US equity futures eventually tumbled limit down. With the pandemic wreaking havoc on the daily life of millions, investors were disappointed by the lack of broad measures in Trump 's plan to fight the pathogen, prompting traders to bet on further aggressive easing by the Federal Reserve. "He (Trump) did not announce any new concrete measures such as a large -scale payroll tax cut to buffer the economy against the impending coronavirus slowdown, "said Jeffrey Halley, senior market analyst at OANDA." That has probably disappointed markets more than anythi ng. "--ZeroHedge

。Stocks plunged on Wednesday, with the Dow Jones industrial average falling into a bear market, in a drop that reflected investors' fear that Washington won't be able to muster a response to the economic crisis triggered by the spreading coronavirus. A bear market begins when stocks have fallen 20 percent from their high. Though it's a somewhat arbitrary threshold, in financial markets the designation acknowledges what many investors are surely feeling — that fear-based trading in the stock market may not end soon. The last time stocks in the United States were in a bear market was during the height of the financial crisis, more than a decade ago. The S & P 500 fell nearly 5 percent on Wednesday, while the Dow dropped nearly 6 percent. From its February high, the S & P 500 is down 19 percent, while the Dow is down 20 percent .--- New York Times

。For weeks, investors have been pleading for governments to shore up a global economy ravaged by the coronavirus. But after the biggest wave of stimulus announcements since the outbreak began, fear is mounting that the efforts might not provide the salvation markets are looking for. Emergency measures in the UK, Italy and Australia, along with a commitment from Germany's Angela Merkel to do “whatever is necessary,” were met with fresh waves of selling by stock investors who sent the MSCI All-Country World Index to the brink of a bear market. The gloom veered toward panic after President Donald Trump announced an underwhelming set of US support measures and restricted travel from Europe, sparking a 4% drop in S & P 500 futures and a 7% tumble in contracts on the Euro Stoxx 50.- --Bloomberg

。If coronavirus infections decline and Congress passes a fiscal stimulus package, Invesco's Kristina Hooper says, stocks will make a sustainable comeback. “I don't think we've hit a bottom yet,” the firm's chief global market strategist told CNBC's “Trading Nation ”On Wednesday.” What's going to be critical is the fiscal response, particularly tying it to keeping those Americans afloat who have lost work because of the virus. ”According to Hooper, the health care and the Federal Reserve's monetary policy responses to the pandemic aren't enough to help Wall Street and Main Street weather the economic fallout. --- CNBC



道琼斯指数,标准普尔500指数和纳斯达克100指数分别下跌 1365(-5.79%),151(-5.50%)和414(-5.17%)。美国股票指数期货跌停。













。在美联储通过两次定期报告(为期2周和前1个月的操作)注入950亿美元的流动性后不久,它还宣布通过隔夜操作注入了1031亿美元。这意味着美联储在市场资金冻结的情况下共注入了1,980亿美元以增加流动性。---ZeroHedge。

。欧洲央行行长克里斯蒂娜•拉加德(Christine Lagarde)宣布利率将维持不变,所有重要存款利率均维持在-0.50%,这令许多人感到意外。然而,为了缓解流动性短缺,欧洲央行宣布提高量化宽松政策,并给所有人带来惊喜,增加了“ EU120B资产购买的临时期限”。欧洲央行还宣布了一项新的LTRO,“利率等于存款工具的平均利率。LTRO将以优惠条件提供流动性,以弥合TLTRO III于2020年6月开始运作的时期。最后,欧洲央行指出” “在2020年6月至2021年6月期间,将对同一时期内所有未完成的TLTRO III操作采用更为有利的条款。”

。在星期三晚上9时,特朗普总统采取紧急措施向美国讲话,描述美国将如何捍卫自己免受蔓延的大流行之害,并平息美国对冠状病毒的恐惧。由于特朗普宣布对欧洲飞往美国的航班实行30天旅行禁令后不久,全球股市暴跌进入熊市,石油崩盘,航空股和国债收益率暴跌,美国股票期货最终暴跌,此举未能如期实现。限制下来。随着大流行对数百万人的日常生活造成严重破坏,投资者对特朗普对抗病原体的计划缺乏广泛措施感到失望,这促使交易员押注美联储采取进一步的宽松政策。 OANDA的高级市场分析师Jeffrey Halley说:“他(特朗普)没有宣布任何新的具体措施,例如大规模削减工资税以缓冲经济以抵御即将来临的冠状病毒放缓。”这就是最令人是玩的。”-ZeroHedge

。周三股市暴跌,道琼斯工业平均指数跌入熊市,这表明投资者担心华盛顿将无法对冠状病毒传播引发的经济危机做出回应。当股票从高位下跌了20%时,便开始了熊市。尽管这是一个比较随意的门槛,但在金融市场上,这一称呼肯定承认了许多投资者肯定会感觉到的-基于恐惧的股市交易可能不会很快结束。美国的股票上一次进入熊市是在十多年前的金融危机最严重时期。标普500指数周三下跌近5%,而道指下跌近6%。标准普尔500指数从2月份的高点下跌了19%,而道指下跌了20%。---纽约时报

。唐纳德·特朗普总统星期三晚说,美国将给个人和中小企业三个月的免税期,以努力抗击新型冠状病毒的经济影响。他说,他还将为受影响的公司提供500亿美元的低息贷款。此举旨在保持市场的流动性以及企业和消费者的支出,但特朗普宣布美国将暂停从欧洲旅行30天的决定,以及他是否表示也将禁止货运的困惑,使这一举动黯然失色。他还说,一些人和企业将能够将通常在4月15日到期的联邦所得税推迟三个月缴纳,而不会受到罚款。 ---路透社

。数周以来,投资者一直在呼吁政府支持被冠状病毒肆虐的全球经济。但是自爆发以来最大的一轮刺激措施宣布之后,人们越来越担心这种努力可能无法提供救市所希望的。在英国,意大利和澳大利亚采取的紧急措施,以及德国安格拉·默克尔(Angela Merkel)做出“一切必要”的承诺,股票投资者掀起了新一轮的抛售浪潮,这些浪潮使MSCI全世界所有国家指数都跌到快进入熊市。在唐纳德·特朗普总统宣布采取一套压倒性的美国支持措施以及限制从欧洲旅行之后,忧郁情绪逐渐陷入恐慌之中,这引发了标准普尔500指数期货下跌4%,欧洲斯托克50指数下跌7%。---彭博社

。景顺的克里斯蒂娜•胡珀说,如果冠状病毒感染下降并且国会通过财政刺激方案,股市才能可持续的卷土重来。该公司首席全球市场策略师周三对CNBC的“Trading Nation”表示:“我认为股市尚未触底。”至关重要的是财政应对措施,特别是要令那些因病毒而失业的美国人能维持生活。根据胡珀的说法,医疗保健和美联储的货币政策反应不足以帮助华尔街和美国渡过经济危机。---CNBC

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