 Risk aversion continues to be the main theme in the markets today, on the back of global coronavirus pandemic and plunge in oil price. US trading is halted for 15 minutes after DOW tanks more than -1800 pts at open while S&P 500 drops -7%.. The selloff triggered a key market circuit breaker which halts trading for 15minutes. In the currency markets, commodity currencies remain the weakest ones, led by Canadian. Yen, Euro and Swiss are the strongest. Dollar remains mixed as it reversed much of earlier gains against commodity currencies. Europe is currently the major focal point in the global coronavirus outbreak. Italy's number hit 7375 with 366 deaths. Cases in France (1209), Germany (1151) and Spain (1036) breaks 1000 level. Swiss (374), the Netherlands (321), UK (280), Sweden (248) Belgium (239) Norway 183) and Austria (112) are up and coming. French President Emmanuel Macron took initiatives today and called on EU partners to take urgent actions to coordinate sanitary measures, research efforts and economic response. He's going to hold a call with EU leaders on Tuesday. Situation in South Korea (7478) eased a bit but remains devastating in Iran (7161). The US, with 566 cases and 22 deaths, is also closely watched. In Europe, currently, FTSE is down -7.78%. DAX is down -7.57%. CAC is down -7.80%. German 10-year yield is down -0.192 at -0.904. Earlier in Asia, Nikkei dropped -5.07%. Hong Kong HSI dropped -4.23%. China Shanghai SSE dropped -3.01%. Singapore Strait Times dropped -6.03%. Japan 10-year JGB yield rose 0.0024 to -0.143. |
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