 Global stock market could be considered in crash mode as worries over China's coronavirus continues to intensify. Confirmed infections in China jumped to 2835, according to latest information from state media. Death toll continues to stand at 81. WHO Director-General Tedros Adhanom Ghebreyesus is heading to Beijing to offer help as there is no sign of a slowdown in the outbreak. The coronavirus is also spreading quickly other countries, including US, Canada, Taiwan, Australia, Franc, Thailand and many others. Stocks are in deep selloff with DOW future, currently down more than -430 pts. In Europe, FTSE is down -2.13%. DAX is down -2.26%. CAC is down -2.25%. German 10-year yield is down -0.040 at -0.373. Earlier in Asia, Nikkei dropped -2.03%. 10-year JGB yield dropped -0.0283 to -0.048. China, Hong Kong and Singapore were on holidays. In the currency markets, commodity currencies are the worst performing as led by Australian Dollar. Yen and Swiss Franc are the strongest on risk aversion naturally. Dollar is following as the third strongest for now. technically, USD/CAD's break of 1.3171 temporary top indicates resumption of rebound from 1.2951. We're favoring the case that medium term consolidation from 1.3664 has completed at 1.2951. USD/CAD should take on 1.3327 resistance to confirm. EUR/AUD is pressing 1.6294 resistance and break will resume the rise from 1.5962 and reaffirm medium term bullishness too. |
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