Morning 2-21

Virus News
Worries about the Spread outside of China continues to be the Theme today
• South Korea Reported 48 new cases bringing total to 204(BBG)
• Japan canceling large Events in an attempt to stop the Spread (BBG)


PMI Data out of Europe was Surprisingly upbeat but positive sentiment post Release was short lived.
-GER Feb Prelim Manf PMI: 47.8 vs 44.8 cons
-GER Feb Prelim Serv PMI: 53.3 vs 53.8 cons
-EZ Feb Prelim Manf PMI: 49.1 vs 47.5 cons
-EZ Feb Prelim Serv PMI: 52.8 vs 52.1 cons

Japan’s PMI’s not so good, BOJ chief already talking new Stimulus measures Japans Economy in a bit of trouble
• Japanese Feb Mfg. PMI (prelim): 47.6 vs 58.8 prior
• Japanese Feb Services PMI (prelim): 46.7 vs 51.0 prior
• China Car sales -92% first half of February

Markets:
30-year yields trading 1.92% All time low yields 1.90% Crazy isn’t it? Gold higher again today +3.5% so far this week the “negative correlation between real rates and Gold stays Strong “(Reuters) 61% chance for a June rate cut up from 52% 1 week ago. Market is almost Forcing the fed to think of rate cuts. H/T sentimentrader Tech’s momentum is extreme. NASDAQ 100’s 20 day moving average has gone up 88 days in a row, THE MOST EXTREME IN HISTORY

Economic Calendar quiet today 8:45 markit economcics PMI worth a look but imnpact if any short lived

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