Get Ready For A Tough Time Today 为今天的艰难时刻做好准备

。The circuit breaker rules, which apply to regular trading hours only, are as follows:
Level 1: If the S&P 500 drops 7%, trading will pause for 15 minutes. (This would occur today if the S&P falls 208 points).

Level 2: If the S&P 500 declines 13%, trading will again pause for 15 minutes if the drop occurs on or before 3:25 p.m. ET. There will be no halt if the drop happens after that. (This would occur today if the S&P falls 386 points).

Level 3: If the S&P 500 falls 20%, trading would halt for the remainder of the day. (This would occur if the S&P falls 594 points).

These circuit breakers have never been triggered in their current form during regular trading hours. The prior circuit breaker system was revamped after it failed to prevent the May 2010 flash crash.  This current set of breakers were put into effect in February 2013. ---CNBC

。Global stocks plunged with the Emini locked limit down for the longest period on record, crude oil tumbled as much as 33% as WTI plunged as low as $27.34, and the yield on the 10Y Treasury crashed to an all time low of 0.31% after Saudi Arabia launched a price war with Russia, sending investors already panicked by the coronavirus fleeing for safe assets. As noted overnight, the catalyst for today's historic rout was the plunge in crude, which tumbled as a result of Saudi Arabia launching an all out price war, one which may result in as much as a 4 million barrel production surplus per day, and which at one point tumbled more than 30%, the most since the Gulf War in 1991. After paring some losses, WTI and Brent remained down about 20%.---ZeroHedge

。Italy’s government is clamping down on travel as the country tries to gain control over the virus outbreak that has led to the deaths of 366 people. France has banned gatherings of more than 1,000 people. In the U.S., Columbia University has suspended classes and school closures are increasing, with New York City Mayor Bill de Blasio warning the number of cases are expected to increase. Corporate disruption is also increasing, with Apple Inc. Chief Executive Officer Tim Cook offering employees at most of its global offices the ability to work from home. The airline industry is coming under extreme pressure from the travel disruptions, with Deutsche Lufthansa AG saying it is looking for government support.---Bloomberg

。As the oil-price plunge frazzled traders on edge over the coronavirus, the generic front-month futures contract for the CBOE Volatility Index surged as high as 51.3 on Monday morning in London. That’s the highest level since 2009. A jump of more than 10 points from Friday would be the biggest single-day move for the contract since Feb. 5, 2018. On that day, one of the most violent jumps ever in implied volatility helped spur a stock rout and the death of several exchange-traded products in an event known as Volmaggedon. ---Bloomberg

。Japan will boost its special financing for small and mid-size firms hit by the coronavirus to 1.6 trillion yen ($15.6 billion), according to a government document seen by Reuters on Monday. The financing, which the government is due to announce on Tuesday, marks a sharp increase from the roughly 500 billion yen previously announced.The government will use public financial institutions including the Japan Finance Corporation and the Development Bank of Japan to provide the funding, according to the document.---Reuters

。FAA is poised to require electrical wiring issues, first discovered back in December, to be fixed before Boing planes can return to the sky, The Wall Street Journal reported on Sunday evening. Sources told the Journal that FAA managers and engineers have concluded that the layout of the Max's wiring violates wiring-safety standards. The current configuration, under extreme conditions, could cause a short-circuit in the plane's flight-control systems and lead to a crash, similar to what happened with two Max jets that killed 346 people. ---ZeroHedge

。Apple (AAPL) sold fewer than half a million smartphones in China in February, government data showed on Monday, as the coronavirus outbreak halved demand for all such devices. ---Reuters




。仅适用于正常交易时间的市场融断规则如下：
级别1：如果标准普尔500指数下跌7％，交易将暂停15分钟。 （如果标准普尔指数下跌208点，今天就会发生这种情况）。

第2级：如果标准普尔500指数下跌13％，如果下跌发生在下午3:25 ET或之前，则交易将再次暂停15分钟。如果跌落发生在那时间之后，将不会停止。 （如果标准普尔指数下跌386点，今天就会发生这种情况）。

第3级：如果标准普尔500指数下跌20％，则在当天的剩余时间内交易将停止。 （如果标准普尔下跌594点，就会发生这种情况）。

这些熔断机制从未在常规交易时间内被触发过。在未能防止2010年5月的闪崩之后，对先前的融断系统进行了改造。这套最新的融断机制于2013年2月生效。--- CNBC

。全球股市因Emini熔断创下有记录以来的最长跌幅，原油下跌多达33％，WTI跌至27.34美元，而10年期美国国债的收益率跌至历史最低点0.31％。冠状病毒及阿拉伯与俄罗斯发动价格战导致的恐慌导致投资者逃向安全资产。正如隔夜所指出的那样，今天历史性崩溃的催化剂是原油的暴跌，这是沙特阿拉伯发动全面的价格战而暴跌的，这可能导致每天多达400万桶的石油生产过剩，原油曾一度下跌超过30％，是自1991年海湾战争以来的最大涨幅。在弥补了一些损失之后，WTI和布伦特原油价格仍下跌了约20％。---ZeroHedge

。由于意大利政府试图控制导致366人死亡的病毒爆发，意大利政府正在禁止旅行。法国禁止超过1000人聚会。在美国，哥伦比亚大学已停课，学校的停课数量也在增加，纽约市市长比尔·德·布拉西奥警告说，感染案件数量预计将增加。苹果公司首席执行官蒂姆·库克（Tim Cook）为公司全球大部分办事处的员工提供在家办公的能力，企业的破坏性也在加剧。航空业正承受着旅行中断的巨大压力，德国汉莎航空公司表示正在寻求政府的支持。---彭博社

。由于油价暴跌及交易商对冠状病毒感到担忧，周一凌晨，CBOE波动率指数的近月期货合约飙升至51.3。这是自2009年以来的最高水平。较上周五跳升10点以上。这是该合约自2018年2月5日以来最大的单日涨幅。在2018年2月5日波动率有史以来最猛烈的跳涨之一被称为Volmaggedon的事件中，股票崩盘和几种交易所交易产品的死亡。 ---彭博社

。路透社周一看到的一份政府文件显示，日本将把针对冠状病毒的中小型企业的特殊融资增加到1.6万亿日元（合156亿美元）。政府将在周二宣布的这笔融资比之前宣布的约5,000亿日元大幅增加。政府将利用日本金融公司和日本开发银行等公共金融机构提供资金。---路透社

。据《华尔街日报》周日报道，联邦航空局已准备好要求波音在12月首次发现的电线问题上，要在飞机返回天空之前进行修复。消息人士告诉《华尔街日报》，FAA经理和工程师得出的结论是，Max的电线布局违反了安全标准。在极端条件下，当前的配置可能导致飞机的飞行控制系统短路并导致坠毁，类似于两架Max喷气式飞机造成346人死亡的情况。 ---Zero Hedge
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周一政府数据显示，苹果公司（AAPL）2月份在中国销售的智能手机不到50万部，因为冠状病毒的爆发使所有此类设备的需求减少了一半。 ---路透社