2020 on markets

Feb 3: After an extended lunar NY holiday, China's stock indices have worst open in more than 10 years, due to fears over spreading coronavirus. Selling in face of central bank's intervention https://www.ft.com/content/14867176-461e-11ea-aeb3-955839e06441
Feb 28: Global stock index loses nearly $6tn in worst-ever week after Italy's move to quarantine towns brings home the virus threat to Europe and US. US government bond prices hit record highs https://www.ft.com/content/a8fc2e2c-5a46-11ea-a528-dd0f971febbc
Mar 3: Investors take badly the first emergency rate cut by the US central bank since the global financial crisis. 10-year US Treasury yield falls below 1% for first time as investors rush to buy 'safe' assets https://www.ft.com/content/eed05754-5d00-11ea-b0ab-339c2307bcd4
Mar 9: If that wasn't enough, Saudi Arabia starts an oil-price war. Covid was starting to wreck demand, and after failing to agree a deal with other producers, Riyadh goes on the offensive. Crude prices crash https://www.ft.com/content/59dcba56-61a2-11ea-b3f3-fe4680ea68b5
Mar 9: UK government bond yields up to seven years in maturity go below zero, as investors bet on interest rate cuts and "pay up for safety" amid turmoil in stocks, oil. Effectively, investors willing to pay UK government to borrow https://www.ft.com/content/ff7ec3ac-61e6-11ea-b3f3-fe4680ea68b5
Mar 12: ECB's attempt to calm eurozone sovereign bond market fails. Lagarde says "we are not here to close spreads", and Italy/Germany 10-year spread (key measure of EZ risk) promptly opens to more than 2.6 percentage points as investors freak out https://www.ft.com/content/11ab8f84-6452-11ea-b3f3-fe4680ea68b5
Mar 12: Despite Fed's promise to pour money into short-term funding markets to ease stress there, selling intensifies in stocks. President Trump's travel ban jolts US.

Europe stocks have single worst-day performance, Wall St has worst day since 1987 https://www.ft.com/content/454b7bb2-6405-11ea-a6cd-df28cc3c6a68
Mar 15: US central bank cuts interest rate by percentage point to near-zero, pledges to buy more bonds, among other market-calming measures announced before trading week begins
https://www.ft.com/content/a9a28bc0-66fb-11ea-a3c9-1fe6fedcca75
Mar 18: Indiscriminate selling starts as investors, not reassured by governments' rescue efforts, cash out. Sterling hits its weakest since the 1980s. Government bonds, considered a haven in turbulent markets, also dumped https://www.ft.com/content/e836f372-693e-11ea-800d-da70cff6e4d3
Mar 19: "There's nowhere to hide now," says one investor as sell-off gets ever more serious. Prices of supposedly safe government bonds falling in tandem with equities, as investors dash for cash https://www.ft.com/content/d78ce2a4-6932-11ea-800d-da70cff6e4d3
Mar 20: Veteran investors call markets "broken". Bond volatility spikes as investors pull money from bond funds, forcing managers to sell and feeding the doom loop
https://www.ft.com/content/97186440-6aa0-11ea-800d-da70cff6e4d3
Mar 23: In response, the US central bank goes big. Promises unlimited purchases of Treasuries and makes historic pledge to buy corporate bonds, going further than it did in last crisis.

This would mark the low for US stocks, down more than 30% YTD https://www.ft.com/content/b71f0c32-6cfb-11ea-89df-41bea055720b
Mar 24: US stocks have best day since the financial crisis, up 9%, as lawmakers near agreement on $2tn stimulus deal to counter the economic effects of the virus. FTSE 100 up almost as much https://www.ft.com/content/2472172a-6d74-11ea-9bca-bf503995cd6f
Apr 1: In a sign that Fed's intervention has underpinned a sliding bond market, virus-hit cruise ship operator Carnival, ups debt sale to $4bn after strong demand. Still, cash-strapped company has to pay a double-digit coupon https://www.ft.com/content/c3890c4e-d8a7-41ae-abea-b8bb714d803b
Apr 17: Ford pays almost 10% to raise new debt. High, but not as high as it had feared, thanks to strong demand from a Fed-backed market.

Company had recently lost investment-grade credit rating in the crisis, making it the most prominent 'fallen angel' https://www.ft.com/content/f07731ae-9c57-4fe8-a9aa-ba1907b74e66
Apr 30: US stocks finish up their best month since 1987, rebounding strongly at the same time as economies weaken. Central banks' vast asset-buying and interest rate cuts combining with big government spending packages to "keep the lights on" https://www.ft.com/content/88e57ec9-42d4-455d-a045-293a6a54837d
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