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Here's what you need to know before the markets open. 1. The Bank of England cut rates by 0.5% in an emergency coronavirus response, mirroring the Fed. The central bank said the cut would "support business and consumer confidence at a difficult time" as well as boost the cash flows of businesses and households and improve access to credit. 2. Christine Lagarde reportedly warned coronavirus could cause the worst economic disaster since the financial crisis. The European Central Bank president told European leaders that they risk "the collapse of part of your economies" if they don't take urgent action, Bloomberg reported. 3. 'Drop in an ocean': Bank of England's emergency rate cut lifts European stocks, but coronavirus fears rattle global markets. Asian stocks, US futures, Treasury yields, and oil prices all fell. 4. 'Shock and awe strategy': Here's what analysts are saying about the Bank of England's emergency rate cut. "The Bank of England fired its big bazooka today with a 50-basis-point cut to rates, but it's really an appetizer for the main course later." 5. 'Prophesies of doom are having their day in the sun': Here's what 5 experts are saying about markets' recent financial crisis-level plunge. "The market's best days often come in close concert with the market's worst days and you have to be in it to win it." 6. Saudi Aramco has been asked to boost oil output capacity. Saudi officials directed the oil behemoth to ramp up production from 12 million barrels per day to 13 million. 7. Adidas sees $1 billion coronavirus hit to China sales, Puma warns on profit. "The virus hit looks worse than feared," Jefferies analyst James Grzinic wrote in a note. 8. European stocks are up. In Europe, Germany's DAX rose 0.4%, Britain's FTSE 100 rose 0.2%, and the Euro Stoxx 50 rose 0.6%. In Asia, China's Shanghai Composite fell 0.9%, South Korea's KOSPI fell 2.8%, and Hong Kong's Hang Seng fell 0.6%. US stocks are set to open lower. Futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fell between 2.6% and 2.8%. 9. There's a raft of European earnings. Prudential, Adidas, and Axel Springer are some of the highlights. 10. Some key data is coming out. US inflation data and the UK annual budget will be closely watched. | 