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It keeps getting worse as the S&P 500 closes in on the low of 2020
Mon, Feb 24, 2020 6:09 PM
Risk aversion continues to spike This market has finally woken up to the risks from coronavirus in a big way. The S&P 500 is at the lows of the day, down 119 points to 3219. The January 31 low was 3214 and is a key support level at the moment.
US CDC say 14 confirmed COVID-19 cases in the US
Mon, Feb 24, 2020 5:23 PM
39 cases have been repatriated to the US The US CDC says there are 14 confirmed COVID-19 cases in the US. They say that 39 cases have been repatriated to the US (wonder why it is not 39 or something higher than 14).
Italy reports 229 virus cases, 6 deaths
Mon, Feb 24, 2020 5:14 PM
All new Italy cases are in already affected areas Italy's reporting that there are now 229 virus cases and 6 deaths from the coronavirus. They add that all new Italian cases are in affected areas.
Goldman cuts 1Q GDP to 1.2% on coronavirus
Mon, Feb 24, 2020 5:04 PM
CNBC reports CNBC is reporting that Goldman Sachs sees 1st quarter GDP cut to 1.2% on coronavirus concerns. See the full story HERE ForexLive
A decisive break below 1.0750 to open door to targeting 1.04-1.05 zone - MUFG
Mon, Feb 24, 2020 4:36 PM
What's next for EUR/USD MUFG Research discusses EUR/USD outlook and flags a scope for further weakness in the near-term. " A further modest improvement in business confidence in the euro-zone PMI surveys for February has brought some temporary relief. The negative impact from COVID-19 on business confidence appears limited so far. However, we remain unconvinced that the
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Mon, Feb 24, 2020 4:32 PM
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February Dallas Fed manufacturing index +1.2 vs 0.0 expected
Mon, Feb 24, 2020 3:30 PM
Feb 2020 manufacturing survey from the Dallas Fed ForexLive
WHO's Tedros says coronavirus has pandemic potential but it's not a pandemic yet
Mon, Feb 24, 2020 3:11 PM
Comments at the latest briefing ForexLive
Bloodbath at the open for US stocks
Mon, Feb 24, 2020 2:33 PM
It's uglier in Europe The S&P 500 fell below the 50-day moving average for the first time since October. The Italian MIB is down nearly 6% as it wipes out the gains for the year.
Stock futures crumble, S&P 500 slated to wipe out 2020 gains
Mon, Feb 24, 2020 2:21 PM
It's ugly out there S&P 500 futures are down almost 3%, or 100 points. A drop of that much will almost wipe out the 107-point gain year-to-date. It would take a 123-point decline to below 3214 to take out the 2020 intraday low. That low was placed on January 31 when the first round of coronavirus fears
Sixth person dies in Italy coronavirus outbreak. Why that's worrisome
Mon, Feb 24, 2020 1:52 PM
Two lines of thinking here There are two possibilities here: 1) The less-bad case Something about Italian and Italian genetics makes it more lethal there. In Italy, there are now 6 deaths and 219 cases, which is 2.7%. In Iran there are 12 deaths and 61 cases (19.6%). Both those ratios are higher than in China and it's
Canada December wholesale trade sales +0.9% vs +0.4% expected
Mon, Feb 24, 2020 1:30 PM
Canada December wholesale trade sales This was the first rise after two declines and in Q4 sales were down 1.5% to end a streak of 14 consecutive quarterly increases. The main drag was the automotive sector.
January Chicago Fed national activity index -0.25 vs -0.16 expected
Mon, Feb 24, 2020 1:30 PM
Monthly national index from the Chicago Fed ForexLive
Buffett: It makes no sense to lend money to the US government at 1.4%
Mon, Feb 24, 2020 1:25 PM
Buffett on bonds The US 10-year is down 7.5 basis points to 1.395% today as yields tumble to multi-year lows. "It makes no sense to lend money to the government at 1.4% when it's official government policy to have 2% inflation," he told CNBC.
Audio recap: Investors head for the exit doors
Mon, Feb 24, 2020 1:14 PM
What's moving markets today We come into Monday with global equities under intense pressure as weekend headlines around the coronavirus highlight a surge in cases outside of China, namely in South Korea and Italy. On the currency side, most of the price action has resulted in US dollar demand. The yen has been outpacing the dollar though the gains
Low-tier data and high-tier fears coming up in North American trading
Mon, Feb 24, 2020 1:03 PM
Watch for comments from the WTO The economic calendar won't be a factor in trading today. The items on the agenda are low level, starting with Canadian wholesale sales and the Chicago Fed's national activity index.
ForexLive European FX news wrap: Gold soars, oil dumped on flight to safety
Mon, Feb 24, 2020 12:45 PM
Forex news from the European morning session - 24 February 2020 Headlines: Markets: - JPY leads, GBP and CAD lag on the day - European equities sharply lower; E-minis down 2.3%
China's NHC and WHO share some findings on the new coronavirus outbreak in China
Mon, Feb 24, 2020 12:17 PM
A team of 25 experts were called in to discuss on the matter - The virus is believed to have not significantly mutated - 104 strains from different places were studied and 99.9% were similar in origin Meanwhile, WHO's Bruce Aylward says that the 80% decline in cases in mainland China is real and that there is a
Italian equities down by nearly 5%, set for worst day since June 2016
Mon, Feb 24, 2020 10:54 AM
Italy FTSE MIB is down by over 4.7% on the day This comes after the number of coronavirus cases in Italy soared over the weekend, rising to 219 cases (as of latest update today) - the largest outside of Asia - giving rise to fear about a contagion in Europe.
The market is now pricing in two Fed rate cuts this year
Mon, Feb 24, 2020 10:02 AM
Some big moves in the rates market today ForexLive Fed funds futures are pricing in two full rate cuts by the end of the year, with the first one priced in for the June meeting as of today.
Mnuchin: No material impact from virus on US-China trade deal for now
Mon, Feb 24, 2020 9:43 AM
US Treasury secretary, Steven Mnuchin, remarks in an interview with Reuters The headline sounds a bit harsher than intended as he also cautions against jumping to conclusions about the impact on the global economy from the "human tragedy" that is the coronavirus outbreak.
Ifo economist: Development of coronavirus epidemic not yet fully reflected in our survey
Mon, Feb 24, 2020 9:23 AM
Comments by Ifo economist, Klaus Wohlrabe - 1% less economic growth in China would shave just 0.1% off German growth - If virus becomes a pandemic, would be particularly hit due to reliance on exports ForexLive
Germany February Ifo business climate index 96.1 vs 95.3 expected
Mon, Feb 24, 2020 9:00 AM
Latest data released by Ifo - 24 February 2020 - 95.9 - Expectations 93.4 vs 92.1 expected - Prior 92.9 - Current assessment 98.9 vs 98.6 expected - Prior 99.1 ForexLive
SNB total sight deposits w.e. 21 February CHF 592.3 bn vs CHF 590.1 bn prior
Mon, Feb 24, 2020 9:00 AM
Latest data released by the SNB - 24 February 2020 - Domestic sight deposits CHF 500.6 bn vs CHF 504.2 bn prior ForexLive Prior week's release can be found . Domestic deposits eased but overall sight deposits show a noticeable increase in the past week, hinting at the possibility that the SNB may be stepping in with EUR/CHF
China issues warning against travel to the US
Mon, Feb 24, 2020 8:43 AM
The Chinese tourism ministry announces the decision I don't even know how to interpret this but I'm guessing US citizens will feel more relieved by the announcement and perhaps for global markets, it means a lesser likelihood of an epidemic situation in the US? Hmm.