Asia

Asia Pacific stocks were broadly down with exception of The Shanghai composite trading higher by 0.5% as
china cut its one-year loan prime rate to 3.85% from 4.05%. Hong Kong’s Hang Seng index down 0.19%. Nikkei
225 fell 1.15%. Kospi 200 dropped 0.84%. In Australia, the S&P/ASX 200 was trading 2.45% lower.

China five-year loan prime rate was also reduced to 4.65% from 4.75%. The moves marked the second cut to
the loan prime rates for 2020.

Japan’s exports fell 11.7% in March from a year earlier reflecting a sharp drop in external demand due to the
pandemic.

On commodity front, US crude futures plunged 19.59% to $14.69 a barrel today, a level not seen since march
1999 on weak demands and storage concerns. Global oil consumption is estimated to have fallen by 30% amid
stay-at-home restrictions and business closures due to the coronavirus outbreak. Investors also worry that
storage facilities in the US, specially at Cushing, Oklahoma which is the main delivery point in the US for oil, will
run out of capacity

On pandemic front, Covid 19 cases are over 2.4 mio. 165,000 people died all over the world. Us has the highest
with over 31% of global share.

In a normal market, the spread between the spot price and the one month forward futures contract “may only
be around 40-50 cents per (barrel),” he said. “At the moment, it’s been as high as $8-10 (per barrel).”

Europe

European stocks opened largely flat and was lacking direction. Stoxx 600 was trading flat, DAX was up by
0.32%. FTSE down 0.09% and CAC up by 0.02%.

US

Stock is U.S ended higher on Friday close. Down Jones closed 2.99% higher and S&P index gained 2.68%.
Current U.S. futures are trading red with Down fell 0.71% and S&P down 0.44% implying opening decline in
index. Investors assessing the impact of the latest coronavirus outbreak news in the global economy along with
another sharp decline in crude prices

Tsy secretary also said the congress is working on another 349-billion-dollar rescue loan programs for second
round.

New York Gov. Andrew Cuomo said yesterday that United states is “past the high point” of new cases, noting
the infection rate has fallen along with coronavirus-related hospitalizations. New York is going to roll
out antibody testing this week.

US 10 year is trading flat @ 0.63% down by 1bps. The U.S. dollar index is trading higher at 99.96 against basket
of ccy. The yen traded at 107.73 per dollar

On the larger context, more than 22 million people have lost their jobs in a month, and the true extent of the
crash won't be realized until the second half of the year.
China's CSI 300 Health Care Index, a sub sector of broader CSI 300 Index fell as much as 17% on technical
glitch. That’s even as none of the 29 stocks in the industry group lost more than 2%, indicating that this was
most likely an ETF trade gone bananas and demonstrating to the world the unprecedented risk from relying
entirely on passive investing when all links to underlying securities - let alone fundamentals - are severed.

Germany sends China £130billion bill for 'coronavirus damages' – sparks fury in Beijing

GERMANY has rattled China after joining the UK, France and the US in a rare attack, after Berlin called out
Beijing's responsibility for the global pandemic and even issued a £130bn invoice.

Fed has purchased approximately $815bn in 10-year equivalents over the past month