Global Markets:
- Asian Stock Markets : Nikkei down 1.68%, Shanghai Composite down 1.83%, Hang Seng down 4.46%, ASX down 6.43%
- Commodities : Gold at $1504.40 (-1.40%), Silver at $12.46 (-0.30%), Brent Oil at $28.41 (-1.11%), WTI Oil at $26.80 (-1.94%)
- Rates : US 10-year yield at 1.067, UK 10-year yield at 0.577, Germany 10-year yield at -0.339y
News & Data:
- (AUD) Prelim Retail Sales m/m 0.40% vs -0.30% previous
- (USD) Retail Sales m/m -0.50% vs 0.20% expected
- (USD) Core Retail Sales m/m -0.40% vs 0.10% expected
- (CAD) Manufacturing Sales m/m -0.20% vs -0.60% expected
- (EUR) German ZEW Economic Sentiment -49.5 vs -29.7 expected
- (GBP) Average Earnings Index 3m/y 3.10% vs 3.00% expected
- S&P 500 Futures reach limit-down band of 2,393.5
- BOJ incurs 2-3 tril. Yen unrealized loss from ETF holdings
Markets Update:
Global stock futures and Asian shares tumbled in choppy trade on Wednesday, as worries about the coronavirus pandemic eclipsed hopes broad policy support would combat the economic fallout from the outbreak. Most traditional safe-haven assets were also under pressure as battered investors looked to unwind their damaged positions, leading to wide discrepancies between various markets.
Australia stocks led losses among the region’s major markets, with the S&P/ASX 200 dropping 6.4% as majority of the sectors fell. In Japan, the Nikkei 225 shed earlier gains as it dropped 1.68%. Meanwhile, shares in mainland Chinese shed earlier gains to close lower, The Shenzhen component slipped 1.8% while the Shenzhen composite declined 1.6% to around 1,678.25.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.333 after rising from levels around 98 yesterday. U.S. Treasuries hardly recovered from their big losses on Tuesday, when the 10-year yield hit to a two-week high of 1.105%. It last stood at 0.999%.U.S. oil futures sank to near their 2016 trough of around $26 per barrel on demand worries and a Saudi-instigated price war.
Upcoming Events:
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- 12:30 PM GMT – (USD) Building Permits
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