Morning 2-6

China News:
Peak is in? Corona Virus Cases increased by 5 and deaths were unchanged (per BBG) at 12:00 Midnight


-@XHNews: Good news! The registration for clinical trials on the antiviral drug Remdesivir has been approved, and the first batch of pneumonia patients infected by the novel coronavirus are expected to start taking the drug Thursday


China Announced they will “lower levies on $75B of U.S. Goods, starting next week” China announces cuts in $75b of US tariff from Feb 14; cuts soybean tariffs to 27.5% vs 30%, cuts pork/beef tariffs to 30% vs 35%; other tariff remain in place, this is a move to try and fulfill phase one promise of Agriculture buys and was part of the phase 1 trade deal, This is isn’t something new. Oh Well Doesn’t matter much as Spoos rallied on news. Hong Kong Said they will unveil measure to help both Consumers and Business deal with the Interruption in business by adjusting payment schedules for taxes, Loan repayments and Fees (ITV marketsh


San Francisco Fed president Daly positive comments from yesterday afternoon:
Fed Daly [NV]: no material impact exp on US econ from virus; China to see a couple of quarters of slower growth due to coronavirus; labour mkt has more room to run; econ in good position; mon policy currently in a really good place; reduction in trade uncertainty and possibility of a hard Brexit has helped US outlook; her business contacts are optimistic about 2020(ITC markets)

MARKETS:

Stocks Higher Bonds higher heavy Volume in treasury Complex over night after the realization that Tariffs cuts Where not something new, Dollar steady Gold up a touch Oil heavy as OPEC junior ministers meet to discuss production cuts, With oil trading lower on day it seems A bit of disappointment in the expected outcome. Bitcoin futures >10K . yesterdays Fed Brainard said Central bank looking into feasibility of Digital Currency, ArcelorMittal world largest steel company jumped the most since 2016(BBg) after company said “More optimistic about outlook for steel demand” Dax .6%,Italys Mib +.8%


Calendar:
• 8:15 Fed Kaplan Speaks
• 9:00 WHO press briefing
• 9:00 William Barr Speaks about China
• 11:00 Trump Speaks

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