Markets Sunday live updates: Awaiting stock futures open, scary China economic data

While the worsening coronavirus continued to rattle the financial markets around the world, expectations are rising on Wall Street that global central banks will come to the rescue by potentially easing their monetary policies. Former Fed Governor Kevin Warsh said last week he sees coordinated action soon in response to the coronavirus spread, and said he recommended the Fed act as quickly as Sunday before the markets reopen. Fed Chairman Jerome Powell said on Friday the central bank is monitoring the coronavirus and pledged action if necessary. However, investors are still waiting for the Fed to pull the trigger and make further announcement. The market is already pricing in a 100% chance of at least one rate cut at the Fed’s March policy meeting. Expectations are that other central banks like Bank of Japan and the ECB will act soon with some sort of relief.— Li

Ed Hyman, a widely followed economist on Wall Street, said the coronavirus outbreak could end up causing a recession in the U.S. and slashed his U.S. GDP forecast to zero growth in the second and third quarters of this year. “More cases are showing up in the U.S. and seem likely to be just the start,” Hyman said in his note titled, “U.S. Virus ‘Recession'” on Sunday. “Scope, severity, and duration are uncertain. How much it changes behavior in the U.S. is uncertain.” Hyman has been ranked the top economist in Institutional Investor’s annual poll for more than three decades. His call is one of the most pessimistic on Wall Street as many only see a temporary slowdown.— Li

China’s official Purchasing Managers’ Index (PMI), a gauge for its manufacturing sector, plunged to a record low of just 35.7 in February from 50.0 in January, the National Bureau of Statistics said on Saturday. Any reading below 50 signals a contraction. The somber reading provides the first official snapshot of the state of the Chinese economy since the outbreak of the coronavirus epidemic which has killed almost 3,000 people in mainland China and infected about 80,000.— Li

More than 85,000 coronavirus cases have been confirmed worldwide along with at least 2,943 deaths related to the virus. The U.S. confirmed its first virus-related death. The state of Rhode Island reported the first coronavirus case in the east coast of the U.S. Coronavirus cases in Italy surged this weekend to more than 1,100 cases while Iran has confirmed more than 900 cases. A surge in coronavirus cases outside of China sent global stock markets tumbling as investors fretted over a possible economic slowdown. —Imbert

All eyes are on how U.S. stock futures will be trading in a couple of hours following a historic pullback. More than $3 trillion was erased from American stocks in the span of five days last week as the deadly coronavirus stoked fears of a recession, driving investors out of risk assets rapidly. The S&P 500, which tumbled more than 11% last week, also suffered its fastest correction in history. — Li

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