Squawk Box Europe Express

Trump slams WHO…President Trump threatens to withhold funding and criticises the World Health Organisation for its response to the Coronavirus, saying the agency is too China-centric. France becomes the fourth country to record more than 10,000 deaths from the pandemic with Parisian authorities intensifying the lockdown by banning citizens from all daytime outdoor exercise. In the UK fatalities continue to accelerate but health officials believe there are signs that the virus spread is slowing. Prime Minister Boris Johnson’s condition is described as stable following a second night in intensive care. After an all-night virtual conference euro zone finance ministers fail to reach agreement on the exact rescue measures of a virus rescue package for the bloc. And in energy news, crude rallies on hopes of an Opec+ output cut deal but the U.S. insists it won’t participate.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson has been moved to intensive care in hospital, after his Coronavirus symptoms worsen. Foreign minister Dominic Raab has stepped in to deputise. The Dow Jones rallied by 1,600 points on Monday with the retail sector leading the way following reports that infection numbers in the most stricken U.S. states have begun to level off. There are reports that Opec+ could agree on an output cut if the U.S. also slashes production. Euro zone finance ministers meet to discuss the EU’s financial rescue strategy but there are concerns that disagreement over Coronabonds could once again scupper any progress.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK Prime Minister Boris Johnson has been hospitalised after showing persistent Coronavirus symptoms for the past ten days. Downing Street has said the move is a precautionary step. The rift between Saudi Arabia and Russia widens, delaying make-or-break talks on an oil output deal, with both sides blaming each other. President Trump has upped the ante on oil prices, threatening tariffs on crude imports in an attempt to safeguard U.S. producers from the sell-off. However, U.S. futures and Asian shares seem to shrug off the tension amid signs the pandemic is slowing. Virus cases in Italy, France and Spain decline but EU leaders call for a new marshall plan to mitigate the fallout from the Covid-19 outbreak. NBC News hears exclusively from Italian Prime Minister Giuseppe Conte on his country’s struggle against the disease.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Striking a deal…President Trump sparks the biggest crude oil rally on record, telling CNBC’s Joe Kernen that he has managed to negotiate a deal to get Saudi Arabia and Russia to make significant production cuts as producers demand an Opec+ meeting. U.S. weekly jobless claims reach a record 6.6m, worse than expected. In China, service sector jobs for March are slashed at their fastest rate ever as consumer activity rebounds from a record low despite remaining in contraction. European Commission president Ursula Von Der Leyen has launched a €100bn short-term work scheme to aid those countries hardest hit by the economic fallout of the pandemic, which has now reached one million cases of Covid-19.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hard times ahead…President Trump warns of a difficult few weeks to come as the U.S. death toll surges and up to 80 per cent of the country remains on lockdown. In energy news, oil bosses are set to meet with President Trump as Whiting Petroleum becomes the first oil major to file for bankruptcy. In the UK, British Airways will reportedly furlough up to 36,000 staff following talks with the airline union. Plus, Prime Minister Boris Johnson promises to boost Coronavirus testing after admitting only a fraction of frontline NHS staff have so far been checked.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

March market misery as the Dow closes the month in the red. It posted its worst first quarter on record. The energy sector was the big underperformer, plunging nearly 35 per cent in March, while US tech giants are among the few stocks to eke out gains. The markets should brace for more dismal data, as Cleveland Fed president Loretta Mester told CNBC. In Europe, major indices lost more than 20 per cent this month. Britain's major banks are now ditching their dividends after the U.K.'s financial regulator joins its European counterparts to call on lenders to preserve cash. This comes as the death toll in the U.K. marks its biggest daily rise, while President Trump warns the virus could claim as many as 240,000 U.S. lives.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Beating expectations…Chinese factories rebound in March according to official PMI data. In energy news, oil prices have rallied from 18-year lows after Russia and the U.S. agree to hold talks as Saudi Arabia boosts production. U.S. tech stocks lead a Wall Street surge on Monday with Microsoft seeing sharp increased demand for its cloud services. And in banking news, Credit Suisse has announced it may cut bonuses this year but will still maintain its dividend, going against decisions by other European lenders to halt payouts until October.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Longer lockdown? President Trump abandons his predictions that the U.S. will be open for business by Easter and extends restrictions until 30th April. German Finance Minister Olaf Scholz says the ESM bailout fund remains the correct instrument for shoring up EU economies in the wake of the Coronavirus pandemic. The UK is bracing for potentially tougher quarantine measures amid reports that the lockdown could stretch out until June. And in corporate news, Unicredit becomes the first Italian bank to suspend its dividend and share buyback scheme as the ECB advises lenders to halt payouts until October.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. overtakes China and Italy reporting the world’s highest number of Covid-19 cases. New York is the epicentre and there are warnings the health system there is fraying. The dollar heads toward its largest decline in a decade but the Dow posts its best three-day rally in more than 90 years, after the US Senate passes the $2tn stimulus package. Federal Reserve president Jerome Powell tells NBC that the U.S. is already likely to be in recession but insists that the central bank has enough ammunition to weather the Coronavirus pandemic, as its balance sheet grows to $5tn. The G20 nations pledge to inject that same figure into the global economy in a rare united response to mitigate the fallout from the crisis. And finally, we speak to the CEO of pharma giant Novartis, who tells the programme he is seeing unprecedented collaboration between the world's biggest healthcare names. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my

Stimulus Plans. The mammoth U.S. Coronavirus stimulus bill is passed as President Trump voices hope that large parts of the economy could be ready to reopen by Easter. The Dow posts a second day of gains for the first time since last month. Reports of a total lockdown this weekend in Tokyo causes the Nikkei to fall while Singapore’s GDP growth shrinks 2.2 per cent. In Europe, nine EU nations call for the creation of ‘Coronabonds’ to offset the economic damage caused by the outbreak. In the UK, the BoE and the Treasury look set to approve more measures to support the British economy.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Done deal…the White House and U.S. Senate finally agree on a massive $2tn stimulus package to mitigate the medical and economic fallout of the Coronavirus outbreak. The rescue agreement – the largest in U.S. history – drives Asian stocks sharply higher, after the Dow stages a massive rebound in its best day since 1933. India launches the world’s biggest lockdown with Prime Minister Narendra Modi ordering its 1.3bn-strong population to stay indoors for 3 weeks to stem the spread of the virus. In Tokyo, Prime Minister Shinzo Abe finally succumbs to pressure and postpones the Olympic Games until next year while in the UK, thousands of retired NHS staff will return to work and a new emergency hospital will be constructed in London’s ExCeL arena in the wake of the largest daily jump in Covid-19 cases.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Weeks, not months… President Trump promises to re-open the U.S. economy for business soon, however Congress blocks his stimulus package bill for a second time, weighing on Wall Street. Democratic and Republican senators once again disagreed over the contents of the legislation. But Asian stocks surge as the Fed promises to buy an unlimited number of government bonds. Oil prices also rally. Prime Minister Boris Johnson locks down Britain in order to stem the spread of Coronavirus, barring gatherings and all but the most essential trips out of home while Spain reels from the outbreak as the national death toll surpasses 2,000. In corporate news, German steel giant ThyssenKrupp decides to scrap its 2020 profit outlook while Spanish lender Santander adjusts its dividend policy for the year.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks stumble on a stimulus snag … U.S. futures drop, briefly hitting limit down, after major indices recorded their worst week since the 2008 financial crisis. Part of President Trump’s $2tn stimulus package doesn’t win approval in the Senate with Democrats criticising the bill for helping large corporates over average workers in the face of the Coronavirus outbreak. Oil prices near a 17-year low in a volatile session. In Germany, Chancellor Angela Merkel goes into quarantine and limits social gatherings to two people. Berlin is also set to approve a €500bn bailout fund, breaking its long-held ‘Black Zero’ debt policy. Italy has increased travel limitations to combat the spread of the virus after the death toll surged over the weekend. Prime Minister Giuseppe Conte has warned that the economic impact of the virus will be felt throughout the country. And in corporate news, Airbus has withdrawn its full-year guidance due to the economic volatility caused by the pandemic.See Privacy Policy at https://art1

Coronavirus counter-measures...Pressure on stocks ease slightly as central banks take more action. The U.S. Federal Reserve extended its swap lines to another nine central banks in a bid to mitigate the effects of the Coronavirus outbreak. President Trump also says that the government could take stakes in troubled corporates – something not seen since the automotive industry was bailed out. Italy is now the centre of the pandemic with deaths surpassing those of China for the first time. The BoE has cut rates to a historic low of 0.1 per cent to boost sterling up from 35-year lows. Prime Minister Johnson, however, has not ruled out further rescue measures to shore up British business.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Extraordinary times…ECB President Christine Lagarde launches a €750bn rescue package to counter the Coronavirus pandemic while the BOJ sets out a ¥1tn JGB purchase plan. The stimulus, however, fails to lift market sentiment with Asian stocks falling while U.S. futures fail to hold on to brief gains after the Dow falls through the 20,000-point mark. In an exclusive interview with CNBC, legendary hedge fund investor, Bill Ackman, issues a stark warning about the outbreak and urges the U.S. government to shut the country down. In energy news, oil falls 20 per cent, putting it on track for its worst week in history but WTI is back up after hitting its lowest level in 18 years. And in the UK, London braces for imminent lockdown as Prime Minister Boris Johnson closes schools and the national Coronavirus death toll tops 100.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A short-lived rebound … the major U.S. averages rally by more than 5 per cent on the back of stimulus hopes but U.S. futures fall and Asian stocks turn lower. President Trump’s administration promises a massive $1tn rescue package in light of the global Coronavirus crisis, including tax breaks and cash handouts. A CNBC source learns that U.S. Treasury Secretary Steven Mnuchin has warned senators that U.S. unemployment could hit 20 per cent if his fiscal proposals are not enacted. In the UK, Chancellor Rishi Sunak unveils a £350bn fiscal programme to shore up businesses affected by the outbreak and says he won’t hesitate to increase this figure should demand increase. Meanwhile in Brussels, the EU shuts its external borders with the drastic lockdown set to last for a month at least.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The worst day since Black Monday…the Dow suffers a 3,000-point sell-off in its third-biggest loss ever, and the most dismal day since 1987. The market’s volatility gauge - the VIX - swings to a record high as President Trump warns the U.S. economy could fall into recession. The U.S. also says the outbreak could drag into August. U.S. airlines have said they will require a $50bn bailout which could be the largest rescue package since the terrorist attacks of 9/11. In auto news, VW posts solid full-year data for 2019 but says that guidance for 2020 has now become impossible. Airbus temporarily suspends work at its French and Spanish assembly plants in order to contain Coronavirus. And in the UK, Prime Minister Boris Johnson ramps up restrictions and advises Britons against non-essential contact and travel.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Big bazooka…the U.S. Federal Reserve launches a round of emergency measures, cutting interest rates by 100 points to zero, initiating a $700Bn QE programme, which includes treasuries and mortgage-backed-securities purchases. It also injects additional dollars in a coordinated action with other central banks around the world. Chairman Jerome Powell says liquidity is the top priority in light of the volatility caused by the Coronavirus outbreak. The markets, however, are not convinced. U.S. futures plunge, hitting limit-down, as the Dow drops 1,000 points. Asian indices fare no better, despite additional measures by the Bank of Japan. Europe shuts down, with Spain quarantining its 46m citizens and France and Germany closing large parts of their economies and beefing up border security. Boris Johnson’s government is pressured to do more as President Trump’s travel ban is extended to the U.K. and Ireland as of tomorrow. And there is dismal data from China as industrial production and retail numbers coll

The worst session since Black Monday in 1987. The Dow sheds another 10% as the Fed's $1.5 tn cash injection fails to stem the declines. But US futures turn cautiously higher and Asian stocks come off session lows. In Europe, ECB President Christine Lagarde tells CNBC exclusively that fiscal policy should be the first front in the fight against the outbreak. Lagarde also rejects President Trump's branding of COVID-19 as a 'foreign virus'. France becomes the latest European country to shut schools, as President Emmanuel Macron pledges to do “whatever it costs” to prop up the economy against the virus outbreak. Airline shares across the world plunge deep into the red on the U.S.’s TransAtlantic travel ban, with European leaders pledging to support the region's hardest hit carriers.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A Transatlantic Travel Ban. President Trump bans travel between the U.S. and Europe and blames the Continent for 'seeding' virus hotspots in the States, sending US futures sharply lower. It’s the end of an 11 year bull run as the Dow pushes into bear market territory. This as the World Health Organization officially declares coronavirus a pandemic. Asian stocks follow suit, with the Nikkei falling more than 4 percent. Italy's lockdown tightens. The government closes all but essential services in the toughest restrictions since World War 2. And the pressure piles up on the ECB to act, with analysts predicting a mix of policy measures and rate moves to help the euro zone economy cope with the market shocks.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.