Global cases: More than 800,000
Global deaths: At least 38,714
US cases: At least 164,610
US deaths: At least 3,170
。The torrid quarter-end rally which many attributed to a flood of forced pension fund buying as part of aggressive rebalancing, reversed overnight as US index futures reversed all overnight gains even as European stocks headed for a fifth increase in six sessions amid ongoing debate whether the market meltdown has ended despite the accelerating spread of the coronavirus (spoiler alert: no), while treasury yields dipped below 0.7% while the disconcerting dollar rally is back front and center.---ZeroHedge
。The coronavirus economic freeze could cost 47M jobs and send the unemployment rate past 32%, according to the latest projections from the St. Louis Fed. They reflect the high nature of at-risk jobs that ultimately could be lost to a government-induced economic freeze aimed at halting the spread of COVID-19. A record 3.3M Americans filed initial jobless claims for the week ended March 21 and economists expect another 2.65M or more to join them this week. ---Wall Street Breakfast
。Moody's Investors Service has lowered its outlook on U.S. corporate debt from stable to negative, saying that a coronavirus recession will result in rising default rates. "Government support will cushion the blow for some companies, but it is unlikely to prevent distress at businesses with less certain long-term viability," wrote Senior Credit Officer Edmond DeForest. The situation is especially troubling as non-financial corporate debt totaled $6.6T at the end of 2019, a 78% increase since the Great Recession ended in mid-2009.---Wall Street Breakfast
。Furloughs at Macy's (NYSE:M) will affect the "majority" of its 125,000 workers, while Gap (NYSE:GPS), which owns Old Navy and Banana Republic, said it would furlough nearly 80,000 store employees in the U.S. and Canada. L Brands (NYSE:LB) is suspending most store staff, Nordstrom (NYSE:JWN) is putting "a portion of corporate employees" on temporary leave and furloughs total 85,000 at Kohl's (NYSE:KSS). It's a stark sign of how devastating the coronavirus will be on many apparel and accessories retailers which were already under pressure before COVID-19. ---Wall Street Breakfast
。China factory activity saw a strong rebound in March, March PMI surprisingly surge to 52, indicating that the economy is getting back to work just as it will face a steep decline in demand due to the economic blow of the coronavirus outbreak. That helped oil prices to stage a small recovery on Tuesday, even if crude prices are still set for the worst quarter in history in a market where traders are scrambling to book overflowing tankers. Asian stocks were mixed and both U.S. and European stock futures are down going into what has been one of the most volatile quarters in recent memory.---Bloomberg
。As we've previously noted, every four decades, something jinxes the Olympics. Japanese officials spent the last several months downplaying the virus outbreak, but as soon as the Games were delayed on March 23, virus cases in Tokyo spiked, with possible lockdowns looming, reported AP News. Former government officials have raised their eyebrows of just how COVID-19 cases were low before the postponement, to now on an exponential curve, as some have suggested there was a coverup by the government to artificially suppress cases to make it appear that the Games would go on. ---ZeroHedge
。The Hollywood Reporter noted that the government gave nearly 600 movie theaters across China the green light for phased reopening in the third week of March. Then by March 27, Beijing's Film Bureau requested that all theaters go into lockdown. The Chinese government did not explicitly cite the reason for the latest theater closings. Still, scientists are now warning that a second coronavirus wave could be arriving by the end of April."It's time to relax the lockdown, but we need to be alert for a potential second wave of infections," says Ben Cowling, an epidemiologist at the University of Hong Kong.Cowling warned that a second wave of the fast-spreading virus could hit China by the end of April. ---ZeroHedge
。最新COVID-19统计：
全球案例：超过80万
全球死亡人数：至少38,714
美国案件：至少164,610
美国死亡人数：至少3,170
。激烈的季度末反弹是许多人归因于积极的季末养老基金资产再平衡的强迫购买的结果，但隔夜被扭转，美国指数期货扭转了所有隔夜的涨势，尽管欧洲股市在六个交易日中上涨了五日。尽管冠状病毒传播加速，而市场崩溃已经结束否这个问题仍在被争论中。美国国债收益率跌至0.7％以下，而令人不安的美元涨势又回到了中心位置。---ZeroHedge
。根据圣路易斯联储的最新预测，冠状病毒导致的经济冻结可能会使4,700万个工作丧失，并使失业率超过32％。它们反映出高风险工作的性质，这些风险最终可能因政府旨在阻止COVID-19传播导致经济冻结而失去。截至3月21日的一周，创纪录的330万美国人首次申请失业救济，经济学家预计本周还将有265万或更多人申请失业救济。 ---华尔街早餐
。穆迪投资者服务公司（Moody's Investors Service）已将对美国公司债务的展望从稳定下调为负面，称冠状病毒衰退将导致违约率上升。高级信贷官埃德蒙德·德福雷斯特（Edmond DeForest）写道：“政府的支持将减轻一些公司的打击，但不可能防止长期生存能力较弱的企业陷入困境。”这种情况尤其令人不安，因为截至2019年底，非金融公司债务总额为6.6T，自2009年年中大萧条结束以来增长了78％。---华尔街早餐
。梅西百货（NYSE：M）的无薪放假将影响其125,000名员工的“多数”，而拥有Old Navy和Banana Republic的Gap（NYSE：GPS）则表示将在美国和加拿大休假停薪近80,000名商店员工。 L Brands（NYSE：LB）暂停了大多数商店员工的工作，Nordstrom（NYSE：JWN）将“一部分公司雇员”暂时休假，而Kohl's（NYSE：KSS）的停薪休假总数为85,000。这是一个鲜明的迹象，表明在COVID-19之前就已经面临压力的许多服装和配饰零售商将遭受毁灭性冠状病毒的打击。 ---华尔街早餐
。正当冠状病毒爆发的经济打击，其需求将急剧下降之际，3月份中国工厂活动强劲反弹，3月份PMI 出乎意料上升至52显示经济正恢复正常运转。即使原油价格仍处于历史上最糟糕的一个季度，但交易员们争先恐后地预订了满载的油轮，这也帮助油价在周二小幅反弹。亚洲股市涨跌互现，在近期记忆最动荡的季度之一快将结束之际，美国和欧洲股市期货均今早下跌。--彭博社
。正如我们之前所提到的，每隔四十年，奥运会就会发生一些事情。据《 AP News》报道，日本官员在过去几个月中淡化了病毒的爆发，但是，一旦奥运会于3月23日被推迟后，东京的病毒病例便激增并可能出会实行现封锁。前政府官员对对奥运延期之前COVID-19案件的低数量到现在呈几何曲线上升表示震惊，因为有些人建议政府对确诊案件进行掩盖，以使奥运会看起来可以继续继续。 ---零对冲
。好莱坞记者指出，中国政府为3月第三周分阶段重新开放的中国电影院开了绿灯。然后，到了3月27日，北京电影局要求所有电影院关闭。中国政府没有明确指出最近关闭剧院的原因。科学家们警告说，第二轮冠状病毒可能会在4月底到达。“现在是时候放松封锁了，但是我们需要警惕第二波潜在的感染，”美国流行病学家Ben Cowling说。考林警告说，第二波快速传播的病毒可能会在四月底袭击中国。 ---零对冲
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