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Open the taps

‘Oil crashes 31% in worst loss since 1991 after price war erupts’. Oil prices crashed overnight as Saudi Arabia responded to the OPEC+ fiasco by pledging to increase oil output. Brent futures fell 31% in a matter of seconds on the Asia open, the most since the first US war with Iraq in 1991. (Bloomberg)

‘Germany boosts investment to protect economy from virus hit’. Angela Merkel’s government has indicated that it will invest an additional €12.4bn between 2021 and 2024 to help protect businesses and workers affected by the fallout from the virus. The most evident sign that the virus was hitting the German economy came on Friday when Lufthansa cut capacity as much as 50%. (Bloomberg)

Today's rates and data 

  • Overnight, risk assets fell, and safe-havens were higher. US, UK, and European equity futures plunged on coronavirus fears. Gold topped $1,700, the Japanese Yen gained 3.0%, and the US 10-year Treasury yield fell below 0.5% for the first time ever.
  • Italy placed around a quarter of its population in quarantine by locking down travel in Lombardy and neighbouring provinces. Deaths from the coronavirus in the country increased rapidly to 366.

Today's data

German Industrial Production SA m/m: 3.0% vs expected 1.7%

Eurozone Sentix Investor Confidence expected to come in at -11 versus last month's 5.2 at 9:30AM

Exchange rates:

GBP/USD: $1.3194

GBP/EUR: €1.1499

EUR/USD: $1.1475