All leading global equity markets are in correction territory this morning after another dismal day on Wall Street and EU markets and any lack of buying efforts despite the deep 10% plus pullback this week. The panic spread onto the US markets yesterday following news that California is monitoring 8,400 people for the corona virus and more than 20 European countries have seen the virus spread within their borders. FX markets saw investors lean into the JPY, CHF and USD while fleeing the AUD and GPB. The JPY traded higher versus FX majors yesterday and its “safe heaven” status validated despite the fears of a global slowdown and Japan corona spread. Metals traded lower overnight despite the steep selloff in Asian markets as investors prefer the JPY and fixed markets over metals near term. Gold is at $1,636 and down 0.34% this morning while Silver is trading at $17.27 and down 0.54%. Oil prices took another blow yesterday, down 2.68% to 13-month lows and trading at $45.81 this morning.
CAD GDP and US Personal Spending at 1:30 pm and Chicago PMI at 2:45 pm are the important news on the agenda Friday, (all times GMT).
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The DJ is on pace for the biggest weekly drop ever, down 3,500 points this week.The EURSXX50 futures are in correction teritorry this morning after another steep selloff yesterday
Oil prices took a steep 14% dive this week to 13-month lows as investors fear the OPEC+ proposed production cuts won’t offset the demand slowdown. OPEC+ members meet next week in Vienna.
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