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Important Message For Customers:

The Ontario Government has legislated that all non-essential businesses MUST BE closed BY 12:01 am on March 25. The health and safety of our employees, clients and our community is our top priority. To do our part in slowing the spread of COVID-19 we will temporarily close our administrative offices until further notice.

Furthermore, our carrier, UPS, has notified us that all shipments will not be insured and will not require a client’s signature upon delivery until further notice. Given the nature of our business, we are not willing to take that risk with your investments. As a result, we are temporarily suspending all shipments within Canada until UPS lifts these protocols.

Use e-mail for more expedient service.

Please be assured that your orders will be shipped to you as soon as we can. These are valuable investments you are making, and we want to make sure we send them in a safe, secured and insured manner. Should you have any questions or concerns, please reach out to us at 1-888-861-0775 or email us at sales@sprottmoney.com

Thanks for your patience and understanding in this difficult time.

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Global stocks drop as investors shun risk on coronavirus fears

Global stocks drop as investors shun risk on coronavirus fears
By Thomson Reuters 20 days ago 201 Views No comments

By Hideyuki Sano

TOKYO, March 18 (Reuters) - U.S. stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout of the outbreak.

Most traditional safe-haven assets were also under pressure as battered investors looked to unwind their damaged positions, leading to wide discrepancies between various markets.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3%, led by a 4.9% fall in Australia while Japan's Nikkei gained 1.6%.

U.S. stock futures fell 3% in Asia, a day after the S&P 500 rose 6% and Dow Jones rose 5.2% or 1,049 points.

"A rise of 1,000 points in Dow is something you see only during a financial crisis. It is not a good sign," said Tomoaki Shishido, senior fixed income strategist at Nomura Securities.

"A rise of 100 points would much better for the economy."

Wild swings in markets imply the capacity of various players, from speculators to brokerages, to absorb risks has been tormented, analysts say.

The increase in the S&P 500 futures the previous day, still down more than 10% so far this week, came as policymakers cobbled together packages to counter the impact of the virus.

The Trump administration on Tuesday unveiled a $1 trillion stimulus package that could deliver $1,000 checks to Americans within two weeks to buttress an economy hit by coronavirus while many other governments look to fiscal stimulus.

"That would be bigger than a $787 billion package the Obama administration came up with after the Lehman crisis, so in terms of size it is quite big," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

"Yet stock markets will likely remain capped by worries about the spreading coronavirus," he said.

Britain unveiled a 330 billion pounds ($400 billion) rescue package for businesses threatened with collapse while France is to pump 45 billion euros ($50 billion) of crisis measures into its economy to help companies and workers.

Still, forecasters at banks are projecting a steep economic contraction in at least the second quarter as governments take draconian measures to combat the virus, shutting restaurants, closing schools and calling on people to stay home.

The U.S. Federal Reserve stepped in again on Tuesday to ease funding stress among corporates by reopening its Commercial Paper Funding Facility to underwrite short-term corporate loans.

"While markets react to positive news on stimulus, that doesn't last long. I think there are a lot of banks and investors whose balance sheet was badly hit and they still have lots of positions to sell," said Shin-ichiro Kadota, senior currency and rates strategist at Barclays.

BOND AND CURRENCIES

The damage to markets was apparent in bond markets as well.

U.S. Treasuries extended their losses, driving the benchmark 10-year yield to 1.009%. It hit a two-week high of 1.105% in the previous day, rising more than 30 basis points.

"The staggering thing is, bonds have fallen even as the Fed has been buying 40 billion dollars of bonds every day. That far outpaces the Fed's previous episodes of quantitative easing and shows just how much selling pressure there is now," said Nomura's Shishido.

Some market players said talk of big stimulus is raising concerns about the long-term outlook of U.S. fiscal health, putting pressure on long-term U.S. government bonds.

The spread between 30-year and five-year yields rose to almost 1%, the highest since September 2017.

The U.S. 30-year bonds yield jumped 38 basis points on Tuesday to 1.648%.

In the currency market, a shortage of dollar cash supported the U.S. currency.

The Australian dollar bounced back to $0.6008 after having hit a 17-year low of low of $0.5958 the previous day.

The kiwi recovered to $0.5955 after hitting a 11-year trough of $0.5919.

The dollar held firm against most currencies but dipped 0.25% against the safe-haven yen to 107.28 yen.

The euro was steady at $1.1004.

U.S. benchmark oil futures sank to near their 2016 trough of around $26 per barrel on prospects of slow demand and a Saudi-instigated price war. (Editing by Jane Wardell and Himani Sarkar)


About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

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