AP Images / Richard Drew
Here’s what you need to know before the markets open.
1. ‘The situation is about to get worse’: Stocks slide as surging US unemployment and coronavirus cases stifle stimulus hopes. “If recovery is not as swift as hoped for, equity markets will suffer another hit.”
2. Billionaire investor Bill Ackman denies sounding the coronavirus alarm to tank markets and help his hedges. “Our hedge had already paid off.”
3. Toyota seeks $9.2 billion credit line from Sumitomo Mitsui, MUFG Bank. The Japanese auto giant wants cash to help cover higher fundraising costs due to the coronavirus pandemic, Reuters reported, citing Kyodo News.
4. Brazil headed for ‘whatever it takes’ QE as coronavirus crash looms. “We’re going to do it. There’s no other way,” one economist said.
5. Tesla will slash on-site staff at Nevada factory by 75% due to virus. The electric-car maker told country officials about the cuts at the facility, which makes electric motors and battery packs for the Model 3.
6. Olympics delay deals setback to Samsung’s plans to win over Japan market. The South Korean tech titan planned to promote its new S20 smartphone and 5G capabilities during the competition.
7. Billionaire Jeff Bezos says he spoke directly to WHO and hinted Amazon might deliver COVID-19 test kits globally. Bezos said the e-commerce titan is already providing IT support and AI to help with epidemic-mapping tools.
8. Stocks are broadly down. In Europe, Germany’s DAX fell 3%, Britain’s FTSE 100 fell 4.8%, and the Euro Stoxx 50 fell 3.6%. In Asia, China’s Shanghai Composite rose 0.3%, Japan’s Nikkei rose 3.9%, and Hong Kong’s Hang Seng rose 0.6%. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell between 2% and 2.4%.
9. There’s a slew of Asian earnings out. Foxconn and Bank of China are two highlights.
10. Key data is due. US consumption figures will be closely watched.