27.02 - will coronavirus turn into pandemic?
As we go further and further, the situation doesn’t improve. Trading world is getting more and more upset about the virus and it becomes increasingly difficult to trade. Every day we are hoping that the coronavirus is going to start losing its position, but it just doesn’t happen. And the scary thing is that every day the virus is finding new victims. For example, today not only Asian markets are continuing to slide, but there are actually new victims of the virus.
For example oil. Price for both of the major crudes has decreased for the fifth day in a row to their lowest since January 2019. And surely, there is no other reason for the oil to lose price other than international virus concerns. But, investors are hoping that it is just a display of a lower demand for the crude. Well, let’s hope o, because recovering from the virus is going to be even more difficult that just finding new demand.
Just like yesterday traders are still fleeing to safe havens. After all, there are already fears that the coronavirus is turning into a pandemic. This means that those traders who want to earn even during times like these have to flee for safe havens and to do it fat. As a result we can see – USD is growing. Trades prefer US treasuries to anything else today.
Precious metals are also surging. American stocks market is trying to recover, but it is going to take much more effort than what we are seeing right now. Are you ready to make you peace with the problems in production and delivery from such giants as Apple and Tesla? Well, not a lot of people have trust in these companies. As a result, American stock market is plummeting.
Here are the main changes for today:
Topix decreased 2.6 percent.
Kospi dropped 1.1 percent.
Shanghai Composite recovered 0.6 percent.
Hang Seng from Hong Kong dropped 0.75 percent.
S&P 500 futures dropped 1.4 percent.
Euro added 0.4 percent - $1.0909.
Pound decreased 0.4 percent - $1.2932.
Yen advanced 0.3 percent – 110.09 per dollar.
Canadian dollar lost 0.45 percent - $1.3338.
Tesla decreased 2.6 percent - $778.8.
Apple added 1.6 percent - $292.65.
Facebook grew 0.2 percent – $197.2.
Amazon recovered 0.35 percent – $1979.99 per share.
Google advanced 0.3 percent - $1390.47.
WTI decreased 1.3 percent - $47.99 per barrel.
Brent shed 1.3 percent - $52.68 per barrel.
Gold advanced 0.6 percent - $1650.36 per ounce.
Silver added 0.9 percent - $18.06 per ounce.
Platinum jumped 1.6 percent – $923.45.
Palladium advanced 2 percent - $2845.79 per ounce.