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Illustration: Eniola Odetunde/Axios

In its latest repricing of the economy, the market sees the now-expected global recession caused by the coronavirus outbreak morphing into an economic depression unlike any the world has seen in generations.

The big picture: Bankers and traders are looking to sell everything that isn't nailed down to boost cash positions and hunker down for the worst.

What they're saying: JPMorgan wrote down its expectations for global GDP to -1.1% in 2020, expecting the world's economic growth will reverse for the full year, including a second quarter contraction of -14% in the U.S. and -22% in the eurozone.

  • Deutsche Bank economists foresee a "severe global recession occurring in the first half of 2020 ... quarterly declines in GDP growth we anticipate substantially exceed anything previously recorded going back to at least World War II."
  • Both banks noted their forecasts are based on governments putting in place massive, yet-to-be-passed fiscal stimulus programs and fairly swift containment of the outbreak.
  • "It is easy to imagine a still worse outcome," DB analysts, led by head of economics research Peter Hooper and seven chief economists, wrote.

The most dire warning came from Pershing Square Capital Management CEO Bill Ackman, who went on CNBC to beg President Trump to shut down the U.S. economy for 30 days and put the country in a nationwide lockdown.

  • "Until a vaccine is manufactured, distributed and injected we will go through a Depression-era period in the country," Ackman said. "America will end as we know it unless we take this option."

What's happening: Even traditional safe havens were not seen as safe enough during Wednesday's selling.

  • Gold dropped by 3% and U.S. and German government debt, viewed as the safest bonds on earth, were sold despite a 5% decline on the S&P 500 and a rout that saw WTI crude oil prices fall 14% and crash below $22 a barrel.

The last word: "What people are doing is looking at things that they can sell to raise cash, and that’s part of the crisis market situation," Jim Caron, head of fixed income global macro strategies for Morgan Stanley Investment Management, told CNBC. "When these things happen, people sell what they can sell, not what they want to sell."

Go deeper: The coronavirus economic pain in the U.S. has begun

Go deeper

Miriam Kramer, author of Space
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China makes history with successful Mars landing

A model of the Tianwen-1 Mars rover is displayed during an exhibition at the National Museum of China in Beijing. Photo: Wang Zhao/AFP via Getty Images

A Chinese lander carrying a rover successfully touched down on Mars for the first time, state media reports.

Why it matters: This is the first time China has landed a spacecraft on another planet, and it launches the nation into an elite club of only a few space agencies to successfully make it to the Martian surface.

9 hours ago - World

UN: 10,000 Palestinians displaced in Gaza as Israel-Hamas fighting escalates

A Palestinian woman walks after she collects her belongings inside her damaged house following an Israeli air in the northern Gaza Strip. Photo: Ahmed Zakot/SOPA Images/LightRocket via Getty Images)

The United Nations warned Friday that ongoing fighting between Israel and Hamas "has the potential to unleash an uncontainable security and humanitarian crisis," in not only the occupied Palestinian territories and Israel, but "the region as a whole."

The big picture: More than 125 Palestinians, including 31 children have been killed in Gaza since fighting began Monday, per the Palestinian Ministry of Health. Eight people, including two children, have been killed in Israel, Reuters reported, citing Israeli authorities.