· CORONAVIRUS CRISIS:
Ø Total confirmed cases: More than 3,062,054
Ø Total deaths: At least 211,433
Ø The coronavirus COVID-19 is affecting 210 countries and territories around the world and 2international conveyances: the Diamond Princess cruise ship harbored inYokohama, Japan, and the Holland America's MS Zaandam cruise ship.
Ø US cases: At least 1,010,123 and deaths: 56,796 (+1,383)
Ø Spain cases: At least 229,422 (+2,793) and deaths: 23,521 (+331)
Ø Italy cases: At least 199,414 (+1,739) and deaths: 26,977 (+333)
Ø Thailand cases: At least 2,931 (+9) and deaths: 52 (+1)
· Dollar dips as plans to reopen economies boost risk sentiment
The U.S. dollar fell across the board on Monday as several countries laid out plans to ease restrictions on businesses that have been closed due to the novel coronavirus outbreak, boosting risk appetite and reducing demand for the safe-haven U.S. currency.
Italy, which has the world’s second-highest rate of coronavirus deaths, is among the countries that have laid out plans to allow businesses to reopen.
In the United States, a number of states have eased restrictions on businesses, and more are ready to follow.
The dollar fell 0.19% against a basket of currencies to 100.05. The euro was last up 0.07% at $1.0828, after earlier rising to $1.0861.
The single currency was also supported after credit-rating agency Standard & Poor’s on Friday reaffirmed Italy’s BBB rating. Many had expected a downgrade.
The yen gained after the Bank of Japan expanded its stimulus to help companies hit by the coronavirus crisis, pledging to buy an unlimited amount of bonds to keep borrowing costs low as the government tries to spend its way out of the deepening economic pain.
The dollar fell 0.23% against the Japanese currency to 107.25 yen, after earlier dropping to 107.00 yen, which was the lowest since April 15.
Traders are next focused on a U.S. Federal Reserve meeting that will end on Wednesday and a European Central Bank (ECB) meeting on Thursday.
· The Fed won’t move on rates this week, but here are some other things it could do
After unleashing the most aggressive programs to support markets and the economy in its history, the Federal Reserve is likely to pause any additional initiatives until it has more information about how those moves are working and what lies ahead.
That does not mean, however, that central bank officials won’t have some news in store when they meet this week.
In the months since the coronavirus has ripped through the nation and the world, the Fed has slashed its benchmark interest rate to near zero and launched a variety of programs that also look to get money to households and businesses in need.
Wall Street expects the Fed to keep a lid on interest rates into the foreseeable future and continue to run its liquidity and lending programs for as long as it takes to get the U.S. economy back on its feet and financial markets running smoothly.
· The Fed says it is expanding its municipal bond buying program
The Federal Reserve is expanding its municipal bond buying program as part of its efforts to keep money flowing for cash-strapped local and state governments.
As part of its Municipal Lending Facility, the Fed is buying up to $500 billion worth of state and local government bonds. In an announcement Monday, the central bank said the facility now will buy debt from counties and states with populations of at least 500,000 and cities with 250,000 residents or more.
In addition, the Fed expanded the duration of the bonds it will buy from two years under the previous announcement to three years. The program is limited to investment-grade debt.
The Fed also said it will consider in the future buying revenue bonds. Officials “will continue to closely monitor conditions” in local and state government debt markets” as it determines whether to accept the revenue bonds, the announcement added.
· Oil falls, June WTI leads losses on storage fears
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to fully offset the collapse in demand from the coronavirus pandemic.
U.S. oil futures led losses on fears that storage at Cushing, Oklahoma, could reach full capacity soon. U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017.
U.S. West Texas Intermediate June futures fell $1.49, or 8.8%, to $15.45 a barrel by 0452 GMT, while Brent crude was down 44 cents, or 2.1%, at $21.00 a barrel.
Oil futures marked their third straight week of losses last week — and have fallen for eight of the past nine — with Brent ending down 24% and WTI off around 7%.
- Meanwhile, oil prices fell in the morning of Asian trading hours. West Texas Intermediate for June delivery dropped 5.56% to $12.07 per barrel. International benchmark Brent crude futures also declined 2.65% to $19.46 per barrel.
The moves in the oil markets came after WTI for June delivery plunged more than 24% overnight, while Brent also saw sharp losses of more than 6%. Concerns over lackluster demand were exacerbated on Monday after the United States Oil Fund — popular with retail investors — said it would sell all of its contracts for June delivery beginning Monday, in favor of longer-term contracts.
Meanwhile, developments on the coronavirus front were also monitored. Globally, more than 3 million people have been infected while at least 208,131 lives have been taken, according to data compiled by John Hopkins University.
· South Korean officials caution against reports North Korean leader Kim ill
South Korean officials emphasise they have detected no unusual movements in North Korea and caution against reports that North Korean leader Kim Jong Un may be ill or is being isolated because of coronavirus concerns.
· Trump says he knows how North Korea's Kim is doing; 'I hope he's fine'
U.S. President Donald Trump said on Monday he knows how Kim Jong Un is doing and hopes he is fine, after days of speculation over the North Korean leader’s health.
“I can’t tell you exactly,” Trump said when asked about Kim’s condition at a White House news conference. “Yes, I do have a very good idea, but I can’t talk about it now. I just wish him well.”
“I hope he’s fine. I do know how he’s doing relatively speaking. We will see - you’ll probably be hearing in the not too distant future,” Trump said.
Reference: CNBC, Reuters
Thai
Eng