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Good morning. The U.K. went into lockdown, Wuhan could soon reopen, a different U.S. rescue package has been proposed and equity futures are pointing higher. Here’s what’s moving markets.

U.K. Locks Down

The U.K. finally imposed tighter restrictions on its residents, catching up with many European nations. Prime Minister Boris Johnson announced a ban on all unnecessary movement of people for at least three weeks, giving police the power to break up gatherings and fine individuals who defy the new laws. The experience of Italy, whose new deaths from the coronavirus declined for a second day, shows measures to limit the movement of people must be taken early and strictly enforced. That message is also resonating in countries including Cyprus and the Netherlands, though Sweden is still clinging to a laissez-faire approach.

Hope From Wuhan

Europeans stuck indoors may take some optimism from the latest news from China’s Hubei province, which says it will allow transportation to resume for the city of Wuhan on April 8, effectively lifting a mass quarantine over the city where the coronavirus first emerged last December. The planned easing of restrictions comes as Hubei reported that new infections dropped to zero on March 19. That’s a dramatic plunge from the height of an epidemic that’s infected more than 80,000 Chinese and killed over 3,200.

Pelosi’s Plan

House Speaker Nancy Pelosi unveiled a $2.5 trillion virus economic stimulus plan in a bid to shape negotiations on a Senate measure that stalled on Monday. Its measures would force lenders to grant a temporary reprieve from mortgage and car payments and credit card bills. Efforts in Washington also included the Federal Reserve announcing a massive second wave of support for businesses Monday. Measures continue to be weighed up in Europe too, with German officials ready to help Italy get through the pandemic and  support an emergency loan from the euro area’s bailout fund.

Futures Climb

European and U.S. equity futures climbed with Asia stocks on Tuesday after global equities hit their lowest level since 2016. The gains follow the U.S. Dow Jones index erasing its gains since Trump’s election win on an intraday basis Monday. It might also be worth noting that the world’s second-most populous nation, India, saw its stocks plummet by a record yesterday as the country was locked down. Elsewhere, the dollar snapped a 10-day rally this morning and Treasuries dipped as appetite for riskier assets revived. And in commodities, some gold investors are betting it’s going to be like 2008 again.

Coming Up…

Purchasing managers index numbers for March are expected to plunge, with surveys due from France, Germany, the euro area and the U.K. A summit of G-7 foreign ministers will take place via a teleconference, and interest rate decisions are due from Hungary and Nigeria. 

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours. 

• Moderna says vaccine could be available to select few in fall.
• Working from home = longer hours.
• Ackman makes $2.5b `recovery bet.’
• Is loss of smell a Covid-19 symptom?
• The distilleries and breweries making hand sanitizer.
• Big Macs are systematically important in Russia.
• What you missed during that Netflix binge.

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