Trump Puts Travel Ban on EU; Market Awaits ECB Decision

DAILY BRIEF— U.S. President Donald Trump said he’ll restrict travel from Europe for 30 days in an attempt to stem the spread of coronavirus. The World Health Organization declared the coronavirus outbreak is now a pandemic amid the ongoing surge in cases outside of the origin point in China and urged governments around the world to do more to contain the spread. Against that backdrop, the European Central Bank takes its place at the center stage in the global monetary policy response to the virus. ECB President Christine Lagarde said the bank is considering all tools at its disposal. There is a price war going on in oil which continues to hit crude prices, in combination with Trump’s travel restrictions, and which appears to have escalated further with both Russia and Saudi Arabia flooding the market with supply.