Gains on China’s CSI 300 Index hit 3% and futures on the S&P 500 futures climbed about 1% as risk assets rebounded from last week’s sell-off.
Investors are pricing increased support from monetary authorities from Washington to Sydney as the global death toll from the coronavirus surpassed 3,000. The number of U.S. cases climbed over the weekend, including the first positive test for a person in New York State, while cases in Italy and South Korea jumped. Fatalities came in the U.S., Thailand and Australia
"The Fed’s hand has been forced unless they want to pick now to break this cycle and live with the consequences, ” said Jim Bianco, founder of Bianco Research LLC, who said the market was repricing a cut as soon as Monday."If the Fed does not deliver on the market’s forward guidance, it risks opening the trapdoor on the stock market and unleashing a historic stock market collapse.