Global markets futures are diving more than 5% in the US and 6.5% in Europe following the decision of US President Trump to halt travel for a 30-day period in an attempt to fight the corona virus spread. That’s another blow to the already shaken airline and travel industry that will face an uncertain near term as travel is reduced pretty much to near halt. Travel and leisure companies as well as global giant Boeing took a big hit in share price yesterday as investors flock out of the battered sector. The JPY is the winning bet in the FX markets over the past 48 hours, trading this morning at 103.5, up 1.5% versus the dollar while the dollar index is at 95.5, flat over the past 24 hours. Gold and Silver failed to perform as “safe heavens” for investors over the past 48 hours, trading marginally lower and closing $1,636 per ounce and $16.68 per ounce respectively. The meltdown in global equity markets and the staggering pileup in Oil inventories triggered another selloff in Oil yesterday, exacerbated by the EU travel ban. Oil is trading at 31.4 per barrel this morning, down 4.5% as investors expect more downside and the OPEC+ production agreement outlook looking glim.
US PPI at 1:30 pm and The ECB Press Conference and Rate Decision at 1:45 pm are the important news on the agenda Thursday, (all times GMT).
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The Nasdaq is the only leading index not to enter bear markets territory, however even the leading technology stocks feel the wrath of investors this morning.
The JPY is the only functioning “SAFE HEAVEN” for investors trading sharply higher versus the Euro and dollar this morning.
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