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ECB's Lagarde Pours Cold Water On Trader Hopes For Imminent Central Bank Bailout
With the Dow Jones entering a correction just 6 trading days after it hit an all time high, the market which has no idea how to trade in a down tape, is freaking out and predictably has spawned a rumor that an emergency rate cut is imminent, a rumor which may have been sparked by Kocherlakota's recent Bloomberg oped as well as Janet Yellen's hints last night at Brookings for coordinated global central bank action, and which has helped stocks recoup half their intraday losses.
Unfortunately for the bailout-starved investors, ECB head Christine Lagarde poured cold water on expectations of an imminent coordinated central bank market rescue, when she downplayed the chances of the ECB providing an imminent response to the spread of the coronavirus, which has prompted economists to slash their eurozone growth forecasts.
The ECB president told the Financial Times the ECB was monitoring the outbreak “very carefully" but said it was not yet at the stage where it would have a lasting impact on inflation and, therefore, require a monetary policy response.
“It is a fast-developing phenomenon, which requires that we monitor very carefully,” said Ms Lagarde. “It is clearly not an area where a central bank has actually an opinion. It is really for the health service and health experts to give us their take . . . on the evolution and particularly importantly on containment.”
Lagarde said all of the bank’s base-case scenarios are “based at the moment on containment in reasonably short order”.
“I was very pleased to see that the numbers in China on deaths relative to contagion seem to have declined for the third or fourth day, which seems to indicate that there is a degree of improvement,” she added.
Lagarde’s amusing faith in Chinese numbers aside (as the former IMF head she knows better than anyone just how fake Beijing's "data" is) her comments indicate that not only is an emergency intervention by the ECB (and likely Fed) unlikely, but that the central bank is hoping to keep interest rates on hold when it meets to discuss monetary policy in two weeks according to the FT, despite calls from economists for it to cut rates and step up its bond purchases.
At the same time, she said the bank would have to determine whether coronavirus was set to cause a “long-lasting shock” that would impact supply and demand as well as inflation. “But we are certainly not at that point yet,” she added.
Needless to say, this stance by the head of the ECB, which has kept its deposit rate unchanged at minus 0.5% since a cut last September, could disappoint investors who are pricing in more rate cuts by the central bank in coming months. Earlier in the day, Europe's Stoxx Europe 600 tumbled 4%, as it entered a 10% correction it hit just over a week ago.
After ignoring the dire consequences of the coronavirus for weeks, economists finally started paying attention after the pandemic spread to other nations, rising fear that the impact of the virus will continue to disrupt global supply chains and compound the woes of European manufacturers, which have suffered two years of falling orders and production. They also worry the health crisis could weigh on weak growth in the eurozone, which last year fell to its lowest level in seven years.
Earlier in the day, Bank of America cut its 2020 global growth forecast to 2.8%. This would be the lowest reading since 2009 as the world careens into its first recession since the financial crisis.
https://www.zerohedge.com/economics/ecbs-lagarde-pours-cold-water-trader-hopes-imminent-central-bank-bailout
Abe asks all schools in Japan to temporarily close over coronavirus
Prime Minister Shinzo Abe said Thursday the government will request all elementary, junior high and high schools in Japan to close from Monday until the end of a spring break through early April amid concern over the spread of the new coronavirus. In a meeting of a government task force to fight the virus, Abe cited "children's health and safety" as the top priority and said the measure, which also includes schools for special needs education across Japan, is intended to better cope with a risk of infection to be generated by students and teachers spending long hours together.
Abe also asked schools to take the best possible steps to prevent infection, such as minimizing the number of participants, if they are to hold entrance exams and graduation ceremonies in the coming weeks.
Japan's school year ends in March and a new academic year typically starts in early April.
Abe announced the measure as opposition parties have stepped up criticism of his administration for not responding quickly enough, with the number of confirmed COVID-19 patients continuing to rise in Japan and the end of the outbreak of the China-originated, pneumonia-causing virus not yet in sight.
The number of confirmed infections in Japan topped 900 on Thursday, including over 700 from the Diamond Princess, a virus-hit cruise ship docked in Yokohama near Tokyo.
Given that schoolchildren are expected to stay home in the coming weeks, Abe requested that government agencies and companies allow workers to take days off so they can spend more time with their families.
Nursery schools will be excluded from the nationwide closure request, according to the Ministry of Health, Labor and Welfare.
https://mainichi.jp/english/articles/20200227/p2g/00m/0na/101000c
SAM230 USAF 737 west from Baku I believe. Switched on at current altitude over eastern Azerbaijan
Cap#2 is it's track from 022520
Kuwait to Qatar to UAE-then dropped off
022320 it had a flight from Riyadh SA to Kuwait
bullshit. Another "see How I did it" after the fact.
If you are going to do that then announce it when you do it..not 4 fucking days after.
do wut you want.. your ball, your call. don't lump me in with that faggot either, just adding related story.
kek
newsfag, niggin'
you're just figuring this out now?…
DropBox, Inc. co-founder sold: $5.33m-Feb 25
Dropbox Inc., is an online company that provides online file storage and sharing services. The Company provides a Dropbox collaboration platform, which enables users to create, access, organize, share, collaborate and secure the content. Its Dropbox paper allow users to co-author content, tag others, assign tasks with due dates, embed and comment on files, tables, checklists and code snippets in real-time. Its Dropbox Smart Sync enables users to access their content on their computers without taking up storage space on their local hard drives. Its Dropbox Showcase enables users to present their work to clients and business partners through a Webpage.
Condaleeza Rice and Meg Whitman on the BoD.
https://www.marketscreener.com/DROPBOX-INC-45013534/company/
https://www.finviz.com/insidertrading.ashx?oc=1734434&tc=7
they hedge the output to "protect" it. PEMEX does it just like all the rest. Unless this is an intentional accounting fuck-up to get the Mexican gov't to bail them out.
fuck off newsfag. go to your thread and jerk-off there.