Global equity markets are lower across the board this morning following a revenue warning issued by tech giant Apple, stating lower Chinese demand for its products and a downgrade by Moody’s on China, stating lower growth and significant slow in Asia over the corona virus outspread. FX markets show strength in the dollar this morning as well as in Gold and Silver, both trading higher over the weekend. Gold is at $1,590 per ounce this morning, at 8-year highs and Silver at $17.88 per ounce. The corona virus spread seems in check over the weekend yet some markets have yet to fully price in the near term economic impact of the epidemic, starting with the travel and airline industries, as well as Chinese lower production levels and export challenges. Oil traded lower this morning on global demand worries, despite expectations from OPEC+ lowering production levels and demand outlook near term. Oil is trading nearly 2% lower this morning at $51.66 per barrel.
EU German ZEW Economic Sentiment at 11:00 am is the important news on the agenda Monday, (All times GMT).
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Nasdaq futures are sharply lower this morning after AAPL issued an earnings warning following weak IPhone 11 China sales and demand.
Investors are moving into “safe heavens” this morning folllowing the weakness in global equities, Nasdaq, S&P and most leading markets are lower this morning.
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