(20 March 2020)DAILY MARKET BRIEF 1:Volatility eases as central banks and governments deploy more stimulus.

<p>The S&amp;P500 advanced 0.47%, the Dow added 0.95%, as Nasdaq surged 2.30% in New York, as the Trump administration proposed more fiscal help including tax rebates up to $1200 per person, but more importantly, emphasized that more help is on the way.</p>
<p>WTI recorded a historical one-day rally of 24% on Thursday. The barrel of black gold recovered to $28 and stabilized above the $25 in the overnight trading session.</p>
<p>A deluge of direct fiscal aid finally had a positive effect on the market mood, along with the massive monetary interventions including significant interest rate cuts, huge cash injections and the announcement of substantial asset and CP purchases.</p>
<p>It has been weeks since we haven’t seen a 1%-2% trading range in US equities. A short decline in volatility doesn’t necessarily mean that the panic is over, but it is an encouraging sign that we may have approached a bottom. Yet we need to see a further decline in volatility and price stabilization before crying victory.</p>