ECB Announces Emergency Measures! HowWill the Swiss National Bank Move? "Key Points and Event Schedule for March 19"

Yesterday the circuit breaker was triggered for the fourth time this year in U.S. stocks.

The Dow fell below 20,000 dollars, erasing all the gains since President Trump took office.

A -5% drop, -$1,000 decline, and circuit breakers becoming commonplace are starting to feel normal.

European stocks continued to fall, and the ECB convened an emergency meeting, announcing an emergency additional stimulus of 750 billion euros around 8:00 a.m. Japan time on the 19th.

In after-hours trading, German DAX rose, and the euro followed higher.

◎ Today’s Highlights

1) Stock price declines

Although central banks are announcing easing policies, stock prices show no sign of stopping their decline.

In the United States, which announced large-scale support measures, the Dow fell below the key level of 20,000 dollars and closed for the day.

After ECB announced 750 billion euros of additional easing, German DAX surged in after-hours trading.

Easing policy generally tends to weaken the euro, but it has led to euro buying as stock prices rose.

As the effects of monetary policy, fiscal policy, and the resolution of the coronavirus become apparent and stock prices rebound, the foreign exchange and bond markets are expected to rebound as well.

Focus on stock prices worldwide, especially U.S. stocks.

2) Swiss National Bank

While central banks around the world announce emergency monetary policies, the Swiss National Bank remains silent.

Among major countries, the SNB is the only one that has not yet announced a monetary policy.

Today, the SNB’s policy rate and statement will be announced.

Watch to see whether there will be policy changes and how they are viewed going forward in the announced policy and statement.

◎ Today’s Event Schedule

Thursday, March 19

09:30 AUDAustralian Employment Change and Unemployment Rate

12:30 AUDRBA Emergency Meeting and Policy Rate Announcement

14:00 AUDRBA Governor’s Press Conference

17:30 CHFSwiss National Bank (SNB) Policy Rate and Statement

20:00 TRYTurkish Policy Rate Announcement

21:30 USD Philadelphia Fed Manufacturing Index

21:30 CAD Canada Existing Home Prices

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