Global markets traded lower for the 5th day in a row yesterday and futures are again lower this morning after news the corona virus spread into the US and other countries across the globe. Despite the improved situation in China, EU, US and other global markets fear the quick outspread and panic will temper more economies and bring markets and leading sectors down amid the negative sentiment. Travel and leisure stocks as well as energy and basic materials are the primary victims of this event so far however the expectations are that production cuts are around the corner worldwide and that recession fears will likely bloom near term. FX markets reacted to the corona spread in the US with the 5th day in the red for the dollar index, down bellow the 99 level this morning, and lower 1% over the past week. Fixed markets gained with Gold and Silver, however, the FX safe heavens, the CHF and JPY are not functioning their role during this crisis. Oil prices are now in bear markets territory and at 2020 lows after another leg down yesterday, trading as low as $48.1 per barrel, at 13-month lows and down 11% over the past 5 sessions. OPEC+ meeting next week in Vienna is now all about stopping the hemorrhage in demand and prices as US now takes first place as OIL producer/consumer worldwide.

US Prelim GDP and Durable Goods Orders at 1:30 pm and Pending Home Sales at 3:00 pm are the important news on the agenda Thursday, (all times GMT).


Global Markets 24 hours wrap-up
1 YEAR8.81%-3.16%6.35%6.44%1.82%11.05%
Swing report

Fixed markets rally following the setback in EU equity markets as investors fear more areas across Europe are now exposed to the virus.

US indexes are looking at the worst selloff in 15 months on fears the outbreak will spread across US Communities.

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