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It’s been a back and forth affair as far as assessing coronavirus fallout goes. Into Tuesday, investors are back to being apprehensive about the outlook as headlines prove to be less favourable. Tech giant Apple has come out with guidance that it doesn't expect to meet its revenue target for Q1, while HSBC has announced massive restructuring charges. read report
China remains committed to stimulus efforts to offset fallout from the coronavirus and has come out with its latest gesture, cutting the 1-year medium-term lending rate by 10 basis points. This has helped to keep risk sentiment elevated, though at the same time, we've yet to see any burst of fresh demand for stocks. US closed for holiday. read report
Just a quick heads up that trading conditions may already thin out later today in the US session, with many traders already heading for the exit doors for the Presidents’ Day long holiday weekend. The coronavirus has been the central theme in markets and will continue to be into the weekend. read report
It’s been quite the turnaround since markets closed in the US on Wednesday. Into the Wednesday close, stocks were doing their thing, pushing to fresh record highs. But the news in early Asia of more deaths associated with the coronavirus and a big jump in reported cases, was enough to bring the risk on rally to a halt. read report
US equities continue to run higher into record territory and risk assets have been well supported overall. Though there is still concern around coronavirus fallout, it seems investors are feeling better about reports that the outbreak is peaking. Looking ahead, we get more testimony from the Fed Chair. read report
Into Tuesday, there has been some more relief around fallout from the coronavirus, with the number of new cases reported dropping to its lowest level since February 1st. Investors have been loving the news, with US equities once extending the record run. read report
All of the worry associated with the coronavirus and yet, risk assets have been supported in Monday trade thus far. There are a number of factors that seem to be contributing to this. Looking at the Monday calendar, we get some Eurozone confidence data and a batch of Fed speak. read report
This week’s record run in US equities has been rather impressive when considering ongoing stress associated with the coronavirus and calls for a major downgrade of China GDP forecasts. But it seems investors continue to focus on the positives. US jobs report ahead. read report
Another big push for risk markets, with US equities rocketing to another record high. This time, the run up has come from the combination of a less stressful outlook for the coronavirus, a strong batch of data out of the US, and China’s latest announcement that it would be rolling back tariffs it imposed on US goods back in September, by around 50%. read report
Tuesday’s rocket move in the US equity market was a big story, though things have cooled down into Wednesday as the market reflects on the latest price action. There has also been reason for investors to be a little more apprehensive today, with China PMI reads coming in soft and the PBOC draining liquidity to the tune of $4.3 billion. read report
