Global rout

Today’s news headlines:

• ‘Global stock sell-off eases after worst Wall Street rout since 1987’. Overnight, US stock futures pointed higher following the largest one-day fall on Wall Street since 1987. US stocks fell almost 10% after President Trump extended a travel ban to all Europeans attempting to travel to the US in an effort to stop the spread of Covid-19. European markets also fell despite the promise of an extensive support package by the European Central Bank. The ECB did, however, fail to deliver an interest rate cut. (Financial Times)
• ‘Norges Bank slashes key rate to 1% in effort to fight crisis’. Norway’s central bank delivered an emergency half-percentage interest rate cut to its main interest rate a week ahead of its next scheduled meeting. Governor Oystein Olsen said that the move would not prevent the spread but could mitigate the downside risks on output and employment. The bank said that they are monitoring virus developments closely and are prepared to make further cuts. (Bloomberg)

Today's events, rates, and data 

French President Emmanuel Macron called the virus the epidemic of the century as the death toll approached 5,000. New York City declared a state of emergency bringing the financial capital of the US to a standstill. Sports including the MLB, PGA Tour, and NBA were all suspended while Disney shut its theme parks in Florida, California and Paris.

Today's events

Preliminary University of Michigan Consumer Sentiment data is due out later today. The consensus is for a fall from 101.0 to 95.0.

Interbank rates:

GBP/USD: $1.2575
GBP/EUR: €1.1245
EUR/USD: $1.1180