Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Nasdaq Futures Limit-Down, Crude Crashes After Trump Announces EU Travel Ban

Courtesy of ZeroHedge View original post here.

Shortly after President Trump began his address to the nation, enacting a full travel ban from European nations for the next 30 days, the markets started to get upset.

  • S&P 500, Nasdaq and Dow futures fall 4-4.5%

  • Both Brent and WTI futures down more than 6%

  • Nikkei 225 drops 4.5%, Australia’s benchmark slumped 5% to confirm bear market status

  • Main China stock indexes all fall at least 1%

  • Kospi, Hang Seng, Taiex slide 3% or more

  • Treasury 10-year yields decline 14 bps to 0.73%

  • AUD/USD falls 0.3%, EUR/USD jumps 0.4%

  • Malaysia, Korea, Philippine currencies all retreat 0.5%; Mexican peso tumbles more than 1%

Dow futures are down over 1000 points…

Japan’s Nikkei 225 is down over 350 points…

Nasdaq futures are limit down…

S&P is close to its 2,601 limit down…

And for the cash open tomorrow:

  • 7% limit down (RTH only) : 2546.50

  • 13% limit down (RTH only) : 2382.00

  • 20% limit down (RTH only) : 2190.00

10Y Treasury yields are down 15bps…

The Euro is strengthening against the dollar…

WTI Crude is collapsing, hitting a $30 handle

European Stoxx 50 futures are down 7.3%

It appears Trump did not offer enough detail and immediacy to appease the market’s need for funds to stop the collapse. Additionally, the uncertainty over the impact on European supply chains is also weighing on markets.

The market is now demanding 90bps of rate-cuts for next week’s FOMC…

Chris Martenson and John Rubino explain why the virus is the catalyst not the cause of the crash…

For years, Peak Prosperity has been raising a loud warning of the ‘Everything Bubble’ that the world’s central banks have blown in global asset prices.

Over that time, we’ve debated with hundreds of economic experts on what will be the trigger to “pop” this mania.

Well, now we’re finding out.

The economic damage being wrought worldwide by the coronavirus is the black swan the system never saw coming. Trade is being strangled, and the necessary productivity needed to support that massive increase in global debt that has been taken on over the past decade is just not there.

Bankruptcies are set to ripple across industries like wildfire. Mass layoffs will return with a vengeance. For certain industries — like travel, hospitality, and the shale oil drillers — this will be an extinction-level event for many players.

As ugly as the swift -20% drop in markets from from February’s highs has been, this is just the start of the reckoning, folks.

Additionally, As El-Erian notes, the NBA suspension is really bring the fear home…

News like this, as well as form @tomhanks (wishing him will) will fuel uncertainty, prompting people to disengage more from economic activities.






My main worry is materializing:






The ECONOMICS OF FEAR will turbocharge the supply/demand destruction due to #CoronaVirus SUDDEN STOPS. pic.twitter.com/0JJA0SB6uZ

— Mohamed A. El-Erian (@elerianm) March 12, 2020


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!