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25.02 - coronavirus prompted Wall Street to drop the most in 2 years



Today we are once again thinking about the influence of coronavirus. The only difference is that today it is not theoretical. Today we have all the reasons in the world to worry about the repercussions of the disease as its effect is becoming more and more influencing even outside of Chine and South Korea – two countries that were the most affected by the outbreak.


The effects of the virus are felt all across the world as Wall Street plunges the most in 2 years. The reasons? Well surely it is due to the fact that there are more and more coronavirus affected people in the world. Yesterday a real outbreak was documented in Italy, where the death and infected toll is growing.


All of this prompted investors to sell the assets that were deemed more risky. As we have already stated, one of the biggest victims of this unforeseen development was Wall Street. Traders and investors were very quick in selling assets that thy though would be the falling. As a result we can see growth in gold and USD and the falls in stocks and indices.


Oil is growing too with Iran being affected by the virus as well. Supply fears are going to start growing if the situation develops in this regard further. That is why we might want to fix our attention on oil and oil-dependent currencies such as CAD and RUB.


Right now there is absolutely no way of saying whether the situation will start improving soon or if the virus will keep on spreading. We only know one thing – recovering from it is not going to be easy. And I am not talking about the people affected by it.


Here are the main numbers for the day:


Topix decreased 3.1 percent.

Kospi added 1 percent.

Shanghai Composite declined 1.6 percent.

Hang Seng from Hong Kong was flat

S&P 500 futures recovered 0.8 percent.

Euro grew 0.35 percent - $1.0858.

Pound was flat - $1.2936.

Yen advanced 0.7 percent – 110.83 per dollar.

Canadian dollar lost 0.2 percent - $1.3289.

Tesla decreased 7.5 percent - $833.79.

Apple dropped 4.75 percent - $289.18.

Facebook lost 4.05 percent – $200.72.

Amazon dropped 4.1 percent – $2009.29 per share.

Google declined 4.3 percent - $1419.86.

WTI grew 0.7 percent - $51.65 per barrel.

Brent increased by 0.7 percent - $56.52 per barrel.

Gold lost 0.3 percent - $1654.31 per ounce.

Silver dropped 0.2 percent - $18.57 per ounce.

Platinum jumped 0.5 percent – $964.91.

Palladium advanced 0.8 percent - $2658.7 per ounce.