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Market panic has intensified into Thursday, with US equities extending the slide on coronavirus fallout. The US FDA has said the world is on the cusp of a pandemic, while President Trump has warned it may get fairly substantially worse. The market is pricing in 70 basis points of Fed rate cuts in 2020 as a consequence. read report
Investors will be contending with this latest fallout in US equities and massive downturn in global sentiment. Dips have been bought at every turn over the past decade, but there is a growing worry that this may no longer be the case, with so little left in the tank as far as central bank accommodation efforts and government stimulus tools go. read report
Risk markets are trying to find stability after Monday’s dramatic fallout and it will be interesting to see how US equity futures respond into this minor recovery. The pattern over the past several years is for dips to be bought at every turn for fresh record highs, and so, if the rally stalls out, it could be warning of something bigger going on. read report
We come into Monday with risk markets under intense pressure as weekend headlines around the coronavirus highlight a surge in coronavirus cases outside of China, namely in South Korea and Italy. There have also been reports of an alarming rise in the death toll in Iran. read report
The US Dollar is up across the board against its peers over the past week, benefiting from the combination of a better looking outlook in the US and flight to safety bids associated with risk off flow around the coronavirus. Only GOLD has bested the Buck over this time horizon. read report
There weren’t any major surprises from the Fed Minutes as we had expected and the market didn’t spend much time dwelling on the central bank event risk. Instead, most of the attention in markets was on the ongoing commitment from China to provide stimulus to offset fallout from the coronavirus. read report
An ongoing commitment to provide stimulus in response to coronavirus fallout has been helping to keep stocks propped up at every turn. Investors continue to neglect the implications of this never ending global money printing exercise and until they do, it seems this is a trend that will persist. Fed Minutes due later today. read report
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
