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S&P 500 2398.34 2409.39 -0.
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FTSEurofirst 300 1151.37 1132.57 1.
Euro Stoxx 50 2531.22 2454.08 3.
FTSE 100 5190.78 5151.61 0.
FTSE All-Share 2837.05 2788.37 1.
CAC 40 4048.80 3855.49 5.
Xetra Dax 8928.95 8610.43 3.
Nikkei 16552.83 16726.55 -1.
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MSCI World $ 1694.45 1682.25 0.
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MSCI ACWI $ 403.95 402.73 0.CURRENCIES
Mar 20 prev
$ per € 1.069 1.
$ per £ 1.174 1.
£ per € 0.910 0.
¥ per $ 111.340 110.
¥ per £ 130.753 128.
SFr per € 1.054 1.
€ per $ 0.936 0.Mar 20 prev
£ per $ 0.852 0.
€ per £ 1.099 1.
¥ per € 119.012 117.
£ index 74.368 74.
SFr per £ 1.158 1.COMMODITIESMar 20 prev %chg
Oil WTI $ 24.95 25.91 -3.
Oil Brent $ 28.49 28.47 0.
Gold $ 1474.25 1498.20 -1.INTEREST RATES
price yield chg
US Gov 10 yr 0.94 -0.
UK Gov 10 yr 0.56 -0.
Ger Gov 10 yr 101.79 -0.32 -0.
Jpn Gov 10 yr 0.09 0.
US Gov 30 yr 120.17 1.54 -0.
Ger Gov 2 yr 105.26 -0.69 0.price prev chg
Fed Funds Eff 1.58 1.55 0.
US 3m Bills 0.04 0.02 0.
Euro Libor 3m -0.38 -0.39 0.
UK 3m 0.58 0.53 0.
Prices are latest for edition Data provided by MorningstarPATRICK MCGEE— SAN FRANCISCO
KIRAN STACEY— WASHINGTONApolice department in California plans
to use Chinese-made drones equipped
with loudspeakers and cameras to
enforce a coronavirus lockdown, just
weeks after the US warned that such
devices were a threat to security.
Chula Vista police bought two $11,
drones made by the Chinese company
DJI, doubling the size of its small fleet,
and plans to rig them up with speakers
and night vision cameras.
“We have not traditionally mounted
speakers to our drones, but... if we
need to cover a large area to get an
announcement out, or if there were a
crowd somewhere that we needed to
disperse — we could do it without get-
ting police officers involved,” said Vern
Sallee, one of the city’s police captains.“The outbreak has changed my view
of expanding the programme as rapidly
as I can,” he added.
As authorities around the world try to
enforce draconian lockdown measures
on cities fighting the virus outbreak and
looking to limit human contact, drones
are beginning to play a vital enforce-
ment role.
In Nice yesterday a drone armed with
a loudspeaker flew along the French
seafront ordering people below to stay
at home and keep their distance from
each other if they were in the streets on
essential business.
Spencer Gore, chief executive of
Impossible Aerospace, a California-
based maker of high-performance
drones used by first responders, said he
was “working like crazy” to help a vari-
ety of other US law enforcement agen-
cies set up drone programmes. Part ofhis pitch is that his company uses “Made
in the USA” hardware.
“What we saw in China, and what
we’re probably going to see around the
world, is using drones with cameras and
loudspeakers to fly around to see if
people are gathering where they
shouldn't be, and telling them to go
home,” Mr Gore said. “It seems a little
Orwellian but this could save lives.”
Brendan Schulman, vice-president of
policy and legal affairs at DJI, said in
light of the national emergency, the
Federal Aviation Administration
“should readily grant waivers on
restrictions that might impede benefi-
cial operations”.
The FAA, which did not respond to a
request for comment, is still working on
how to ensure drones can be safe auton-
omously or beyond the line of sight of
pilots.California police to use Chinese drones
for crowd dispersal during lockdown
© THE FINANCIAL TIMES LTD 2020
No: 40,354★
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Milan, Madrid, New York, Chicago, San
Francisco, Orlando, Tokyo, Hong Kong, Singapore,
Seoul, Dubai, Doha
AnalysisiPAGE 3London slow to respond to
advice on virus outbreakSATURDAY 21 MARCH/SUNDAY 22 MARCH 2020Europe edition
SubscribeIn print and online
http://www.ft.com/subscribetoday
email: [email protected]
Tel: +44 20 7775 6000
Fax: +44 20 7873 3428
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Croatia Kn31 Oman OR2.
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‘Temporary measures have
a nasty habit of
outlasting emergencies’
Yuval Harari
‘I underreact to all health scares
but this time it is harder each
day to sustain’
Lucy Kellaway
THE AGE OF THE PANDEMIC LIFE & ARTS
BIG READ
The time for
helicopter
money?
Literature for
the lockdown
FT writers’
picks
LIFE & ARTS
Food & Drink
Special issue
LIFE &ARTS
Jo Ellison ‘Self-isolating?
How not to annoy
your family’
LIFE &ARTS
How not to annoy
your family’
LIFE &ARTS
KATIE MARTIN AND
TOMMY STUBBINGTON— LONDON
It took the combined might of every
large central bank and government on
earth but by the end of this week a sem-
blance of calm had returned to global
markets after they came close to break-
ing under the weight of the coronavirus
crisis.
Hectic trading dominated the week,
despite the US Federal Reserve slashing
interest rates to zero in an emergency
move before markets opened on Sun-
day. Sterling slumped to its weakest
point since the 1980s, the rally in US
stocks since the inauguration of Donald
Trump disappeared, the dollar soared
and bond markets showed signs of
buckling.
On Thursday, the new Bank of Eng-
land governor Andrew Bailey said mar-
kets that were “bordering on disor-
derly”. But by yesterday, the Fed’s
repeated efforts to fix the markets’
financial plumbing with short-term
lending support, and measures to boost
the flow of dollars around the world,
began to have an effect. The BoE also cut
rates to a historic low and the European
Central Bank unleashed a new €750bn
bond-buying programme to damp the
impact of the coronavirus pandemic.
European stocks carved out their sec-
ond consecutive day of gains, while theFTSE 100 climbed 0.7 per cent — not
spectacular but a relief after losing over
one-quarter of its value since the middle
of February. In the US, the S&P 500
index of blue-chip stocks was down a lit-
tle more than 1 per cent in afternoon
trading — far calmer than the 12 per cent
drop on Monday, when the index suf-
fered its biggest fall since the Black
Monday crash of1987.
Investors are struggling to under-
stand how much further asset markets
need to fall in order to adapt to what is
now widely expected to be a global
recession of historic proportions. Econ-
omists at Deutsche Bank said yesterday
that the pandemic could result in thelargest UK recession in 100 years, with
an economic decline of 6 per cent.
For investors, the most alarming part
of the week was on Wednesday, when
bond markets misfired. Instead of rally-
ing, these benchmark assets fell heavily.
This anomaly is a sign that fund man-
agers have lost money at a rapid pace
and are facing such heavy demands for
redemptions among investors that they
are being forced to sell the most easily-
tradeable assets in their portfolio.
Alan Ruskin, a strategist at Deutsche
Bank, said that “some consistency” had
returned to markets after “an utterly
chaotic few days”. Few are brave enough
to see this as the start of a recovery.Drastic interventions bring
markets back from the brink
3 Central bank efforts take hold 3 Coronavirus-led recession feared 3 Hectic week of trade
3 Reports
Pages 2-
3 Editorial
Comment
Page 6
3 Opinion
Page 7
3 Corporate
fallout
Pages 8-
3 Markets
Pages 11 & 12
3 Long View
& LexPage 18Inside
MARCH 21 2020 Section:FrontBack Time: 20/3/2020 - 19: 09 User: karen.crawcour Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1 , 1