Corona Virus headlines:
- Coronavirus update:- 7,811 confirmed cases worldwide- 12,167 suspected cases- 170 fatalities- 1,370 in serious/critical condition- 124 treated and released- All regions of China reporting cases- 17 countries reporting cases –Mizuho
- US admin: appoints task force to coordinate response to the virus-Reuters
- China virus cases exceed 6000, more than SARS -FT
- Coronavirus to hit Australian GDP- Economists estimate the minimum cost to the Australian economy of the deadly global coronavirus outbreak could be up to 0.2 of a percentage point of GDP in the first quarter of this year. -AFR.com
- US will keep tariffs on China even if coronavirus starts hurting growth, Trump advisor Peter Navarro says-CNBC
- Coronavirus could spur 10% fall in global equities, says SocGen- Such a drop would represent trillions wiped off worldwide stocks
- World health organization emergency Council meets today at 1:30 it may Declare an International Emergency
- Stocks in Taiwan, open for first day in week due to Lunar holiday closed down 5.75%, South Korean Kospi closed down 1.71% Hong Kong closed down 2.6%,NKY -1.72%, off shore Yuan moved above $7 for first time this year
Facebook Ugly earning stock -7% as I type,MSFT And Tesla very Strong Latter +7% MSFT +2% yesterday Spoos could withstand the Corona virus worries due to better earnings, today they are struggling to accomplish this feat I believe due to FB.
Bonds bid everything is bullish for bonds yesterdays Fed statement regarding inflation,Coronoa virus, Short positions being squeezed 3m 10 year yield inverted 10 year yields headed towards the September lows 30 year yields trading 2.01% ..
Today’s GDP is likely to miss Expectations due to slowdown in consumer spending, less Boeing orders. Many U.S. Companies are shutting down business in China until they get the all clear from Chinese officials Such as Google, Starbuck, McDonald’s and Yum brands. We now all airlines are canceling flights to and from China so thus Demand destruction for jet fuel and Thus oil which is down 2% for CL. Copper headed for longest daily losing streak ever, if it closed lower on the day for 11th consecutive day.