 Global Wuhan coronavirus pandemic overshadowed all developments last week. Total confirmed cases broke 100k level (103,813 at the time of writing), with 3,522 deaths. Situation in China eased with daily new cases continued to drop. But there is no sign of slowing in South Korea (7,041 cases, 48 deaths) and Iran (5,823 cases, 145 deaths). Europe is very worrying with 4,636 cases and 197 deaths in Italy. Germany (717 cases), France (653, Spain (454) and Swiss (268 are catching up, while UK, Sweden, Norway, the Netherlands have all reported more than 100 cases. Global stocks had a volatile week of consolidations. But eventually, Nikkei, FTSE, DAX and CAC broke to new lows. US indices were saved by the late rebound, partly also thanks to Fed's -50bps panic rate cut. Dollar ended as the second weakest as 10-year and 30-year yield tumbled to new record lows on expectation of more Fed easing this month. But Canadian Dollar was even worse as WTI crude oil broke through key support at 42. Swiss Franc and Yen were the strongest on risk aversion and falling yields. Euro and Sterling were mixed with focus turns to this week's ECB meeting, while BoE might follow Fed to deliver an inter-meeting cut. |
No comments:
Post a Comment