· CORONAVIRUS CRISIS:
Ø Total confirmed cases: More than 2,480,740
Ø Total deaths: At least 170,425
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 792,759 and deaths: 42,514
Ø Spain cases: At least 200,210 and deaths: 20,852
Ø Italy cases: At least 181,228 and deaths: 24,114
Ø Thailand cases: At least 2,792 and deaths: 47
- U.S. Senate sees possible Tuesday coronavirus vote, Pelosi said optimistic
The U.S. Congress inched toward a $450 billion deal to help small businesses and hospitals hurt by the coronavirus pandemic, with House Speaker Nancy Pelosi saying she expected an agreement on Monday as the Senate set a Tuesday session for a potential vote on it.
- Merkel open to bigger EU budget, bonds to finance post-crisis recovery
German Chancellor Angela Merkel signalled readiness on Monday to finance economic recovery in Europe from the coronavirus pandemic through a bigger European Union budget and the issuance of joint debt via the European Commission.
EU leaders are to discuss the heated topic of jointly issued debt at a videoconference on Thursday. The idea around which a compromise may emerge involves the European Commission borrowing on the market against the security of the long-term EU budget and leveraging the money to achieve a bigger effect.
- Coronavirus hits German services, job fears dent consumption: finance ministry
Measures to contain the coronavirus pandemic are hitting Germany’s services and the retail sector especially hard, the finance ministry said on Tuesday, adding that factory closures were also pushing down industrial production.
· Dollar firm as caution on economic re-start returns
The dollar found support on Monday and a rally in riskier currencies lost steam, as investors braced for more dire news on the fallout from the coronavirus and governments across the globe moved only cautiously toward an economic re-start.
The U.S. dollar index, which tracks the greenback against as basket of its peers, was last at 100.014 as it crossed the 100 mark.
Investors’ preference for the dollar as a safe harbor also pushed euro, pound and yen a little lower. The euro was about 0.2% softer at $1.0858 and the pound retreated to $1.2477. The dollar rose 0.2% to 107.77 Japanese yen.
The week ahead brings U.S. monthly employment figures, eurozone survey indicators and quarterly growth in world-trade bellwether South Korea. None are likely to be easy reading.
The week is also crucial to the COVID-19 recovery as governments around the world make tentative steps toward easing lockdowns.
China, which has suffered its first quarterly growth contraction since quarterly records began, is expected to cut its benchmark lending rate later on Monday.
The yuan was steady at 7.0711 per dollar in offshore trade
· Oil price crashes into negative territory for the first time in history amid pandemic
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically see lower oil prices translate into cheaper gasoline at the pump.
As billions of people around the globe stay home to slow the spread of the novel coronavirus, physical demand for crude has dried up, creating a global supply glut.
The May U.S. WTI contract fell $55.90, or 306%, to settle at a discount of $37.63 a barrel after touching an all-time low of -$40.32 a barrel. Brent crude oil prices, which have already rolled over to June-delivery contracts, fell $2.51, or 9%, to settle at $25.57 a barrel.
· June oil futures rebound 3%, but May contract is still trading at negative price
West Texas Intermediate crude futures for May delivery continued to trade in negative territory in overnight trading, after plunging below zero for the first time in history on Monday. The contract in question is set to expire on Tuesday, fueling Monday’s 100% wipeout.
The May contract traded at negative $14.04 per barrel, meaning producers would effectively pay traders to take the oil off their lands. As the contract approaches expiration trading volume is thin, so longer-term contracts can be more indicative of how the Street views the price of oil. The most active contract, for June delivery, traded 3% higher around $21 per barrel. The July and August contracts were also firmly above the $20 level.
· U.S. energy industry steps up lobbying for Fed's emergency aid: letters
The U.S. energy industry has asked the Federal Reserve to change the terms of a $600 billion lending facility so that oil and gas companies can use the funds to repay their ballooning debts, according to a letter seen by Reuters.
The Fed has been deluged with roughly 2,000 letters seeking changes to the rules of the program, under which the Fed will purchase 95% of eligible bank loans to small- and medium-sized businesses.
Reference: CNBC, Reuters
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