Markets find support as initial panic subsides. Most countries have plans of actions, central banks have committed to easing and virus testing is ramping up. Expectations that number of cases will continue to rise baked in.
Potential for further declines in equities exist and bond spreads remain high, especially if second wave of contagion occurs in countries that have achieved containment. Otherwise, this will likely come in later stages when virus is contained and economic impact begins to be unraveled in earnest. However, if virus is contained in shorter period than anticipated or earnings impact not as great, there is a potential for a fast rebound.
Flight to safety has reached a cash is king stage as Dollar demand continues to spike. Recession fears are being stoked by the stock, bond and precious metal sell off. Leads to stress in credit markets and fears of bank runs.
AUD and GBP seem to have hit demand zones late in the week against the dollar but Yen and Euro continue to move in trend.
Precious metals and Agricultural futures up as well, but energy still down on oil price war.