TODAY ON WALL STREET: Wall Street mixed after Dow's best performance in 87 years
At the moment, not many details have been released, but some reports indicate that it includes direct payments to individuals and families, small business loans, unemployment insurance benefits and loans for distressed companies.
In Europe, the pan-continental Stoxx Europe 600 was flat after new data showed that German business sentiment is lower than expected in March.
The massive response to the coronavirus epidemic continues, with visibility still low over the duration of the global economic freeze.
Most of the world's major economies are now on the warpath against the coronavirus, except for Brazil where Jair Bolsonaro speaks of "hysteria" and "little flu". Donald Trump has expressed the wish that activity would resume for Easter.
India has locked down its population and in the U.K., Prince Charles tested positive for the coronavirus. The Tokyo 2020 Olympics were also postponed until 2021.
Whatever the outcome, the deluge of liquidity will cause a deluge of public deficits, it's mathematical. Some economists are already pointing out that this will have to be addressed quickly once governments regain control of the health situation.
The latest indications on the spread of the virus show a strong development just about everywhere where vigorous measures have not been quickly adopted. Experts are still arguing about what to do, how to respond and what the real consequences will be. In Italy, mortality was high yesterday but the rise in contagions continues to slow down. No inflection yet, but hope. In the United States, the number of cases is skyrocketing and in the coming days, we should see a higher number of contaminations than in Italy and probably in China…
The German Ifo Business Confidence Index and the U.S. Durable Goods Orders are the two main events on the day's macroeconomic agenda.