US markets started climbing today after nearly two weeks with a 4% plus move in either direction during every trading session. Tesla shuts down US production. The company sank heavily in after-hours trading following the announcement that it is suspending US car production due to the pandemic.
All asset classes sold as Sterling lowest since 1985 and oil reached double decade low. The global market sell off continues as investors shun everything except USD, moving into cash positions. In Europe, the ECB announced a €750bn emergency coronavirus package to buy government and company debt across the Eurozone, dubbed the “Pandemic Emergency Purchase Programme”. Oil bounced back 13% Thursday morning, although yesterday saw it fall to almost a barrel to hit its lowest price in almost two decades as stocks and bonds sold off in tandem.
Scammers pretending to sell hand sanitizer, face masks and medication have stolen $2 million in cryptocurrency from panicking consumers. The medical supply offers were published on trusted e-commerce sites such as Amazon, eBay, and social media marketplaces. Customers are then lured to messaging platforms with no third-party oversight. After the payment has been made, a fake shipping label is sent to deceive the site and the customer.
Retailers across the globe are shutting down stores to limit the spread of Covid-19. On 11 March the World Health Organization declared the coronavirus outbreak a pandemic and two days later US President Donald Trump declared national emergency. Stores saw in the past weeks big surges in shopping, as people stock up on household essentials and food while many others have closed or have reduced working hours.
Markets bounce after Dow posts second worst day of all time. In a reversal of fortune, having posted one of their worst days in history on Monday, US indices were halted by their 5% limit-up circuit breaker as the market bounced overnight. They have since come off these levels, but are still positive at time of writing.
The Australian Securities and Investment Commission (ASIC), has also taken measures to ensure the resiliency of the Australian equity market as part of the Government’s response to Covid-19 outbreak. During the last two weeks, the Australian equity market has seen record trading volumes. ASIC and other Council of Financial Regulators agencies, have kept a close eye on the financial markets to ensure they maintain order. Australian markets have remained strong over this volatile period, the actions taken are to prevent any disturbances and to maintain the standards. ASIC as also issued guidelines under the ASIC Market Integrity Rules to a number of large equity market participants with requirements of limiting the number of trades executed daily by up to 25% of the levels from Friday
