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How multi-strategy funds are faring as coronavirus slashes returns

Just one of the world’s biggest multi-strategy funds available to retail investors is in the black for the year after coronavirus panic saw markets fall across the board, data from Morningstar showed. Multi-strategy funds vary in remit, but generally have a much wider range of assets to choose from when investing, something that in theory is meant to allow them to weather a downturn. Markets have been roiled in recent weeks as fears grew that efforts to contain the coronavirus, including telling people to stay at home, could precipitate a ...

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European shares fall as investors take stock of spreading virus

European stocks fell on Friday, halting their biggest ever three-day rally in a sign investors were focusing once more on the spread of the coronavirus pandemic despite hopes for further stimulus measures to combat its economic impact. The pan-European STOXX 600 index was down almost 2% in early deals. The benchmark index has recovered almost 17% since hitting its lowest since 2013 on March 16, but remains more than 26% below last month’s all-time high in a rout that has erased more than $3 trillion from the value of European ...

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Investors look to 2008 for guidance on when to jump back in

Investment banks are dusting off models from the 2008 financial crisis to gauge the right time to buy back into stock markets that have plunged 30% from their February record highs because of the coronavirus crisis. That inflection point is not easy to model when the virus is still spreading rapidly across Europe and the United States. But the U.S. government’s $2 trillion in fiscal stimulus, coming on top of unprecedented measures from the U.S. Federal Reserve and other central banks on Tuesday triggered one of the sharpest global equity ...

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Global Stocks Slide Ahead of U.S. Jobless Claims Data

Stocks slipped Thursday as investors await fresh data on U.S. unemployment claims for cues on the economic disruption caused by the coronavirus pandemic, which has forced a shutdown of wide swaths of the country. Futures tied to the S&P 500 fell 1.5%, signaling an end to two days of gains in U.S. stocks. The pan-continental Stoxx Europe 600 declined 1.7%. The outbreak continues to spread in the U.S., where more than 60,000 people have been infected, leaving lawmakers struggling with the economic consequences of the pandemic. The country now trails ...

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World stocks slip as U.S. jobs angst outweighs record stimulus

World share markets fell on Thursday as nerves over jobs data likely to lay bare the economic carnage from the coronavirus pandemic outweighed a $2 trillion (1.69 trillion pounds) U.S. stimulus package. The U.S. Senate on Wednesday backed the massive bill aimed at helping jobless workers and industries reeling from the virus, with the package heading for the House of Representatives for vote on Friday. Yet already questions flew over whether the bill would do enough to soften the disease’s economic hammer blow, with investors bracing for jobs data forecast ...

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Companies rush to debt market as Fed eases funding logjam

A string of investment-grade companies rushed into an improved debt market to raise much-needed cash on Tuesday, as the U.S. Federal Reserve’s unprecedented stimulus package helped ease a funding logjam that had locked up global markets. The economic devastation caused by the coronavirus pandemic had crippled global markets and frozen funding worldwide. But the Fed’s announcement eased some of the stress, and now Sanofi, Nestle, Diageo, Bank of America, Coca Cola European Partners and France’s BPCE have all issued bonds. There were other indications that tension were easing. Prices on ...

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ECB intends to be major buyer in commercial player market – Villeroy

The European Central Bank intends to be major buyer of commercial paper when it enters that market this week, ECB policymaker Francois Villeroy de Galhau said in an interview with French website Wansquare. The ECB’s latest package of crisis measures opens the way for it to buy debt of less than six months for the first time down to debt as short as one month. “We are determined to be an operational, fair and significant actor on the commercial paper market starting this week in order to bring confidence back,” ...

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Boundless Fed QE fuels 2% equity bounce, calms dollar

Global equities rebounded almost 2% on Tuesday, off near four-year lows, and the dollar slipped as investors pinned hopes on unprecedented stimulus steps by the U.S Federal Reserve and other policymakers to ease strains in financial markets. While the measures such as the Fed’s offer of unlimited bond-buying won’t immediately mitigate the economic devastation inflicted by the coronavirus outbreak, they will launch more dollars into world markets, allowing companies, funds and banks to access cash to pay creditors, supplier and end-investors. The prospect had not cheered Wall Street for very ...

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Rout resumes as more nations self-isolate against virus

Financial markets around the world took another hammering on Monday as a rising tide of national coronavirus lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession. European stocks dived 4.5% as they reopened [.EU] and commodity markets also saw more heavy selling as the global death toll from the virus passed 14,000. Investors tried to take cover in ultra-safe government bonds and in the Japanese yen in currency markets but with so much uncertainty about when any semblance of normality might ...

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World’s top debt funds lose billions in coronavirus rout

Coronavirus has hit the world’s biggest debt funds, which have lost billions of dollars in value, Morningstar data shows, while one smaller fund shed half its value in a little over two weeks. Markets have lost trillions of dollars in value over that time at a record-breaking pace, laying bare structural weaknesses after a decade of central bank easy money and fuelling fears of mass fund redemptions. After the collapse of Lehman Brothers during the financial crisis in 2008, spreads on European investment grade debt took 45 days to double. ...

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Markets gain as central banks, governments pour in cash

Stock markets rebounded from some of their recent huge losses on Friday, pulling further away from three-year lows as central banks and governments pledged masses of cash to reduce the economic impact of the coronavirus pandemic. Shares soared at the start of trading in Europe, with the pan-European STOXX 600 index jumping nearly 5%. The index was up 3% as of midday in London. [.EU] Britain’s FTSE rose 2%, Germany’s DAX gained nearly 5%, and France’s CAC 40 gained 5.5%. Spanish stocks were up 3.3% and Italian stocks gained 2.7%. ...

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Markets lifted as central banks, governments pour in cash

Stock markets rebounded from some of their recent huge losses on Friday, pulling further away from three-year lows as central banks and governments pledged masses of cash to reduce the economic impact of the coronavirus pandemic. Shares soared at the start of trading in Europe, with the pan-European STOXX 600 index jumping nearly 5%. [.EU] Britain’s FTSE rose 4%, Germany’s DAX gained 6%, and France’s CAC 40 gained 5.86%. Spanish stocks were up 3.8% and Italian stocks gained 3%. MSCI’s All-Country World Index , which tracks stocks across 49 countries, ...

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ECB moves prop up European shares

European shares edged up from near-seven year lows on Thursday as another dramatic round of monetary stimulus injected a ray of hope for markets battered by worries over the impact of the coronavirus shutdown. Seeking to stem the past month’s rout on markets and cap borrowing costs for Italy and other under-pressure governments, the European Central Bank will now pump more than 1 trillion euros of new funds into the financial system this year. While there were still widespread signs of nerves, that was enough to prod the pan-European STOXX ...

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Even a trillion dollar promise can’t lift global stocks

Donald Trump wants a one trillion dollar stimulus package. Governments around the world are ramping up spending plans. None of it seems to reassure markets though, or not for long. Though U.S. stocks ended Tuesday (March 17) with big gains, the optimism didn’t last into Wednesday (March 18). Stocks around Asia closed lower. Australia’s ASX index shed over six percent, giving up the previous day’s gains. Hong Kong’s Hang Seng sank to more than three-year lows. Europe’s top indexes all then lost four percent or more from the open. After ...

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Stocks, oil sliding again in ‘irrevocably changed’ markets

Global stocks stumbled back into the red on Wednesday with Wall Street futures pointing to more losses ahead as fears over the coronavirus fallout eclipsed large-scale support measures rolled out by policymakers around the globe. Some traditional safe-haven assets such as gold were also under pressure as battered investors looked to unwind their damaged positions. Oil prices fell for a third session with U.S. crude futures tumbling to a 17-year low. “Another remarkable day in what is clearly fin-de-regime,” Rabobank’s global strategist Michael Every wrote in a note. “Things have ...

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