GLOBAL MARKETS-Asian stocks set to sink after historic U.S. oil rout

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* U.S. crude front-month drops to record low -$37.63 a
barrel
* Dow -2.44%, S&P 500 -1.79%, Nasdaq -1.03%

By Katanga Johnson
WASHINGTON, April 20 (Reuters) - Asia shares were poised to
track a Wall Street tumble on Tuesday after U.S. crude futures
turned negative for the first time in history, crushed by a
spectacular collapse in oil demand as the coronavirus pandemic
derails the global economy.
Global equity markets slid and bond prices rose as traders
dumped the expiring crude futures for May, leading the contract
to plunge 306% to lows never before seen.
"This is clear evidence of demand destruction," said Michael
McCarthy, chief strategist at broker CMC Markets in Sydney.
"It's not just relevant to energy markets, this very clear
evidence of economic damage is very likely to dampen sentiment.
May futures settled at minus $37.63 a barrel. Over the
course of the day prices declined $55.90 a barrel and sank as
low as $40.32.
The June contract for West Texas Intermediate CLc2 , the
U.S. benchmark, settled at a much higher $20.43 a barrel.
North Sea Brent LCOc1 , the international benchmark, was at
$25.95, down 7.59% on the day.
In equities markets, Japan's Nikkei futures NKc1 were up
0.52% at 23:19 GMT while Australian S&P/ASX 200 futures YAPcm1
were down 0.99% at 20:59 GMT.
The Nikkei 225 index .N225 closed up 3.15% at 19,897.26​​​
on Monday. The futures contract is down 2.02% from that close​.
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
1.15%, following broad declines in Asia and slight gains in
Europe driven by the healthcare sector.
On Wall Street, the Dow Jones Industrial Average .DJI fell
592.05 points, or 2.44%,to 23,650.44. The S&P 500 .SPX lost
51.4 points, or 1.79%, to 2,823.16. The Nasdaq Composite
.IXIC dropped 89.41 points, or 1.03%, to 8,560.73.
Even with Monday's decline, the S&P 500 .SPX has rallied
26.1% from its March low, thanks in part to the extreme easing
by the Federal Reserve and a $2.3 trillion stimulus package
passed by Congress. Yet analysts are likely underestimating the impact of the
global economic lockdown on corporate earnings, some argue.
The United States has by far the world's largest number of
confirmed coronavirus cases, with more than 750,000 infections
and over 40,500 deaths, according to a Reuters tally.
The debate over when to lift restrictions to curb the
pandemic intensified in the United States, with protesters
describing mandatory lockdowns as "tyranny" and health workers
and officials portraying them as a matter of life and death.
In Washington, lawmakers were squabbling over a possible
$450 billion-plus deal to provide more aid to small businesses
and hospitals hurt by the crisis. Senate Republican leader Mitch
McConnell said a vote could take place on Tuesday.
U.S. President Donald Trump described the historic crude
price drop as short-term and stemming from a "financial
squeeze," adding the administration would consider stopping oil
shipments from Saudi Arabia to lift the market. The dollar edged higher as tumbling crude prices pressured
oil-linked currencies.
Bond markets suggested investors expect tough economic times
ahead. Benchmark 10-year notes US10YT=RR last rose 12/32 in
price to yield 0.6179%, from 0.656% late on Friday, compared
with 1.91% at the start of the year.
Selling pressure on Italian government bonds has returned in
the past week, undoing some of the benefits of the European
Central Bank's massive bond-buying scheme, after euro zone
politicians failed to agree to common debt issuance as a means
of addressing the crisis.
Meanwhile, Italian Prime Minister Guiseppe Conte on Monday
repeated calls for the EU to issue common euro zone bonds to
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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Global bonds dashboard (DO NOT USE UNTIL UPDATE FOUND) http://tmsnrt.rs/2fPTds0
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
U.S. crude oil's historic crash below zero IMAGE https://reut.rs/2KmJk3e
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