https://twitter.com/NorthmanTrader/status/1239509936020873218
With SPY trading down around 10% we are sitting near last weeks overnight lows around this level… let’s see what happens after futures open and then immediately freeze. https://t.co/yCrV7LlePl
— The Long View (@HayekAndKeynes) March 16, 2020
The plumbing behind world’s financial markets is creaking. Loudly
LONDON (Reuters) – The coronavirus panic is jolting stock markets, with steep drops in major indexes grabbing the public’s attention. But behind the scenes, there is less understood and potentially more worrying evidence that stress is building to dangerous levels in crucial arteries of the financial system.
Circuit-breakers this am:
* 2521.25 (down 7%)
* 2358.59 (down 13%)
* 2168.82 (down 20%)@CNBC
— Carl Quintanilla (@carlquintanilla) March 16, 2020
Europe's Banks have collapsed 50% in less than a month to record lows. This sector has been obliterated, nobody will be able to recapitalize… and this is only the end of the beginning. pic.twitter.com/9Lezar5DXR
— Rich Kleinbauer (@RMKOutFront) March 16, 2020
The second derivative matters: Latest Coronavirus numbers show great differences between countries. In Italy and Spain the number of new infections is not yet decreasing. (via DB) pic.twitter.com/IUo40foNCL
— Holger Zschaepitz (@Schuldensuehner) March 16, 2020
Fastest move from an all-time high to bear market in history @FT @SPGlobal @Refinitiv @_PeterWells pic.twitter.com/t6AGzZjfRG
— Liz Ann Sonders (@LizAnnSonders) March 16, 2020
March Empire Manufacturing Index fell by record 34.4 points to -21.5 vs. 4.9 est.; lowest since 2009; new orders fell to -9.3 vs. 22.1 prior; employment -1.5 vs. 6.6 prior; hours worked -10.6 vs. -1; 6m general conditions 1.2 vs. 22.9 prior
— Liz Ann Sonders (@LizAnnSonders) March 16, 2020