Global share markets tumbled on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20 percent after Saudi Arabia slashed its official selling price.Investors drove 30-year US bond yields beneath 1 percent as they wagered the Federal Reserve would be forced to cut interest rates by at least 75 basis points at its March 18 meeting, despite only just having delivered an emergency easing.The safe-haven yen surged across the board as emerging market currencies with exposure to oil, including the Russian rouble and Mexican peso, tumbled. Read also: Disappearing act: Market braces for volatile March after $2.4b vanishes in a weekThere were also worries that US oil producers that had issued a lot of debt would be made uneconomic by the price drop.Energy stocks took a beating and E-Mini futures for the S&P 500 dived 4.89 percent to be limit down. EUROSTOXXX 50 futures fell 5.7 percent and FTSE futures 6.9 percent.Japan’s Nikkei fell 5.7 percent and Australia’s commodity-heavy market 5.9 percent.MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.7 percent in its worst day since late 2015, while Shanghai blue chips dropped 2.2 percent.Not helping the mood was news North Korea had fired three projectiles off its eastern coast on Monday.“The scale of the collapse shows that any hopes of a temporary respite were in vain,” said Sean Callow, a senior FX strategist at Westpac. “The notion that overweight equities is the only real option in a world of super-low rates now seems to be from ‘The Time Before’.Read also: Coronavirus crash wipes $5 trillion off world stocks“US officials have barely moved beyond platitudes about ‘strong fundamentals’ so there is surely plenty more room for markets to price in major damage to the economy.”The number of people infected with the coronavirus topped 107,000 across the world as the outbreak reached more countries and caused more economic carnage.Italy’s markets are sure to come under fire after the government ordered a lockdown of large parts of the north of the country, including the financial capital Milan.“After a week when the stockpiling of bonds, credit protection and toilet paper became a thing, let’s hope we start to see some more clarity on the reaction,” said Martin Whetton, head of bond & rates strategy at CBA.“Dollar bloc central banks cut policy rates by 125 basis points, not as a way to stop a viral pandemic, but to stem a fear pandemic,” he added, while noting many had little scope to ease further.Bond bubbleA seismic shift saw markets fully price in an easing of 75 basis points from the Fed on March 18, while a cut to near zero was now seen as likely by April.The European Central Bank meets on Thursday and will be under intense pressure to act, but rates there are already deeply negative.“The onus is falling, perhaps inevitably on the actions of governments to abandon budget surpluses and reinvigorate the demand side of the economy,” said Whetton.Urgent action was clearly needed with data suggesting the global economy toppled into recession this quarter. Figures out from China over the weekend showed exports fell 17.2 percent in January-February, from a year earlier.Read also: Asian factories slammed as China’s PMI drops to record lowAnalysts at BofA Global Research estimated the latest sell-off had seen $9 trillion in global equity value vaporized in nine days, while the average 10-year yield in the developed world hit 16 basis points, the lowest in 120 years.“The clearest outcome of the exogenous COVID-19 shock is a collapse in bond yields, which once panic fades can induce huge rotation to ‘growth stocks’ and ‘bond proxies’ in equities,” they wrote in a client note.Yields on 10-year US Treasuries plunged to a once-unthinkable 0.48 percent, having halved in just three sessions.Yields on the 30-year long bond dived 35 basis points on Friday alone, the largest daily drop since the 1987 crash, and slid under 1 percent on Monday to reach 0.96 percent.The fall in yields and Fed rate expectations has pulled the rug out from under the dollar, sending it crashing to the largest weekly loss in four years.Read also: Bank Indonesia announces 5 measures to support rupiah amid market routThe dollar extended its slide in Asia to as far as 101.60 yen, depths not seen since late 2016. It was last down 3.1 percent at 101.97 in wild trade. The euro likewise shot to the highest in over 13 months at $1.1492.Gold jumped 1.6 percent to clear $1,700 per ounce and reach a fresh seven-year peak. Topics : Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that sent prices down by about two thirds.Brent crude futures slid US$11.14 to $34.13 a barrel in chaotic trade, while US crude shed $10.58 to $30.70.“Today’s price action puts at risk the fiscal health of the vast majority of sovereign producers and budget cuts and increased debt loads are now looming in the event of a prolonged period of low prices,” warned Helima Croft, head of global commodity strategy at RBC Capital Markets.“For the most politically and economically fragile producer states, the reckoning could be severe.”
Diego Maradona has apologised to FIFA and its referees for saying that England’s last 16 win over Colombia in the World Cup was a robbery and that referee Mark Geiger was not up to the task.Maradona said sorry after being rebuked by soccer’s governing body following comments he made after England’s hard-fought penalty shootout win in Tuesday’s game.“Overcome by emotion in cheering for Colombia the other day I said a couple of things and I admit, some of them were unacceptable,” Maradona wrote on his Instagram account. “My apologies to FIFA and its president (Gianni Infantino); although I sometimes disagree with some refereeing decisions I have the utmost respect for the work – which isn’t easy – that the referees do.”England won the match on penalties following 120 minutes marred by squabbling, protests to the referee, play-acting and feigning injury.FIFA said it was “doing everything within its power to ensure principles of fair play, integrity and respect are at the forefront of this World Cup and how the organisation is now run.”In that context, FIFA said it was “extremely sorry to read such declarations from a player who has written the history of our game.”Maradona had said England’s win was a “monumental robbery” and that Geiger “shouldn’t be given a match of this magnitude.”He added: “Geiger, an American, what a coincidence.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram
You get the picture: For Cousins to take a snap under center, he has to place his hands against Bradbury’s sweaty butt.”That’s probably one thing we didn’t get a measurement on in the pre-draft process,” Cousins said with a smile. “But It’s not really just the posterior. It’s really just the whole thing. I look at his shins and its just pouring, like my window after a rainstorm.”And apparently the veteran QB has brought it up to Bradbury.So what did the rookie say?”I don’t know, I apologized?” Bradbury said half-quizzically at Wednesday’s line of questioning.”I’m just going to try to keep doing my job coming out here to work,” he continued. “If we need to take alternate methods to prevent, I mean cease the sweating, I don’t know, but it’ll be fine.”That apparently is also what Bradbury has told Cousins, particularly in the context of being able to grip a moist football. Packers’ Jimmy Graham says he’s going to ‘shut a lot of people up’ this season “He promises that it’s not a problem in games, and it remains to be seen because his shorts today were soaked,” Cousins told the media Wednesday. “But apparently when they keep those domes air-conditioned and you get a break on the bench and you sit with the cooling fans, I’m hoping that really helps.”A first big test comes when the Vikings open their preseason against the Saints in the Superdome.”So that’s a big thing I’m going to take away from Friday night, is how tough was it to grip the ball after he snaps it to me. Uh, if it’s tough we might be in pistol and shotgun (formations) all year,” Cousins joked … probably. Kirk Cousins has a new metric for the Vikings’ draft evaluation process. Beyond height, weight, strength and speed, even hand size and arm length, he might suggest the scouts look at sweat — as in “How much does that guy …?” The topic came up (again) Wednesday at the Vikings camp when Cousins was asked about how he was doing with a new center, first-round draft pick Garrett Bradbury.”I’m going to go back again and talk about how much he sweats,” Cousins told reporters ( via the Star Tribune ). Related News Nick Bosa injury update: 49ers rookie has ankle sprain, will sit preseason
Part of Busch’s struggles might be related to practice limitations amid the pandemic, though that’s something all drivers are dealing with.The 35-year-old still hasn’t won a race this year; at this mark in the campaign in 2019 he had four victories under his belt.”It’s on your mind that we don’t have that win and haven’t really been in contention to get that win a whole lot this year,” Busch said. Busch, never afraid to vent, sounded off about his frustrations this week and acknowledged his bewilderment at his inconsistency.”There’s just no speed in our race cars for some reason,” Busch told reporters. “I don’t know what’s going on. It seemed like, even when we were mired in 10th (at Bristol on Wednesday), I was driving 110 percent just to maintain where the hell I was — not going forward.”MORE: Chase Elliott dominates All-Star Race Kyle Busch is enduring his worst NASCAR Cup Series season in years, carrying his worst average finish and lowest rank since 2014 while dealing with an uncharacteristic lack of oomph behind his No. 18 vehicle.Busch has been unable to put back-to-back positive performances together of late. He followed a sixth-place finish at Homestead with a 32nd place finish at Talladega, a fifth-place finish at Pocono with a 38th place finish at the same track and a sixth-place finish at Indianapolis with a 21st place finish at Kentucky last weekend.