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A very strange Asia-Pac session, with the....>

STOCKS: A very strange Asia-Pac session, with the initial lead being provided by
the worst session on Wall St. since 1987 (% losses). There has been an article
passed around which notes "A Canadian company has claimed it's found the cure
for the deadly coronavirus. Medicago, a biopharmaceutical company in Quebec City
funded by the Pentagon, said that it has produced a COVID-19 vaccine just 20
days after receiving the coronavirus' genetic sequence, using a unique
technology that they soon hope to submit for FDA approval. The company's CEO,
Bruce Clark, said his company could produce as many as 10 million doses a month.
If regulatory hurdles can be cleared, Mr Clark said on Thursday, the vaccine
could become available as soon as November." I'm not sure that drives moves of
the magnitude that we have seen, or even how credible it is. Thin markets &
de-leveraging into the weekend also touted. It is probably a mix of the above,
with the potential for asset allocation flows also mixed in. Some of the moves
are that large that they are hard to justify. Aussie stocks drove the bounce,
reversing early losses of ~8.0%. U.S. equity index futures also surged.
- Nikkei 225 -3.2%, Hang Seng -1.6%, CSI 300 -1.9%, ASX 200 +4.4%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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