Equities spiral lower as JPY fully............>

FOREX: Equities spiral lower as JPY fully recouples with risk-off

- Global equities resumed their downtrend with great gusto Friday, pressuring

prices further into correction territory. At this rate, the main indices will

enter a bear market early next week. The continued uptick in cases outside of

China is largely responsible, with markets now clearly taking the view that

central bank easing and government stimulus will be ineffective in tackling the

broad economic effects of a Coronavirus epidemic.

- JPY looks now to have fully recoupled with risk sentiment, and sits at the top

of the G10 pile, with high beta FX again suffering. AUD hit a new multi-decade

low against the greenback and NZD increasingly looks vulnerable. EUR continues

to firm as markets jump on the carry trade unwind theme at the expense of EMFX.

- Prelim German inflation numbers for February, US trade balance and personal

income/spending numbers are due. MNI Chicago PMI is expected to remain weak but

slightly bounce at 1445GMT/0945ET. Canadian GDP and Uni. of Michigan sentiment

also cross. Speeches are due from BoE's Haldane, Fed's Bullard and BoE's

Cunliffe.