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Dow Futures dives as Trump official says coronavirus is more deadly than flu

 


  • Global stock markets fell with crude oil when the markets opened on Sunday.
  • Dow Futures lost 800 points before rebounding to around 600 loss points.
  • The Dow Jones faces another crazy week as the coronavirus appears to be spreading rapidly outside of China, and Trump officials change their tone after the first American death.

Dow Futures opened 800 points. Two days of headlines about coronaviruses are shaking up an already nervous stock market.

It's hardly surprising after the United States reported his first death in Washington State, and cases in Italy exploded again. Adding to the woes, Washington State is investigating a breakthrough in the hundreds of people.

Dow Futures collapses as more bad coronavirus news hammers at risk assets

The three the main American stock index futures fell more than 3% at the opening of trade. The Nasdaq, S&P 500 and Dow Jones all canceled out most of their late gains on Friday afternoon.

Futures contracts on Dow have opened significantly lower as the coronavirus continues to spread worldwide. | Source: Yahoo finance

Oil plunged to a 90-day low below $ 44. The price of gold, meanwhile, rose slightly when trade opened.

It was a weekend full of negative headlines for the Dow Jones, the global spread of the coronavirus outside of China has continued to accelerate.

The most important of these may have been the huge 50% peak in Italian cases. The UK has announced 13 more cases, and Prime Minister Bris Johnson has said it probably spread a little more. In addition, Scotland and the Czech Republic have announced their first cases.

Dow fights as Trump official recognizes coronavirus threat

After the first U.S. death from the disease, one of Donald Trumps' task forces, Dr. Anthony Fauci, confirmed to Fox News that coronavirus is clearly more deadly than common flu. He also expressed concern about the spread of the community in the United States.

These comments do not mix with the pro-market tone that Donald Trump initially took on. If Fauci is not reprimanded, it could demonstrate a change as the administration takes things more seriously.

Fauci made the comments when reports first broke out in Rhode Island and two others in Washington, where the first American death was killed.

Airlines stocks could also have a tough week. The CEO of United Airlines (NASDAQ: UAL) said over the weekend that his company probably cancel more flights due to demand for travel craters.

Chinese PMI discusses US recession

China released truly scary PMIs on Saturday. Theyd has demonstrated an incredible collapse of its manufacturing, non-manufacturing and composite PMIs.

Many expected a read in the mid-1940s, but they fell as low as 29.

Try to restore perspectives, The economists of Nordea FX provided the following macro-take:

If the authorities manage to contain the situation, the risk appetite will eventually return with a vengeance in a few weeks. But for now the situation remains too fluid to make this call. It could even be that the negative economic effects of the containment efforts could cause a new recession, which could no doubt lead to a much greater drop in risk appetite than what we have already seen. The Chinese PMI this weekend has definitely left a bitter or even recessive taste in our mouths.

Chinese PMI suggests that the global economy is plunging into recession. | Source: Nordea FX

It's not just Nordea who cares about the word R. Ed Hyman, president of Evercore ISI and one of Wall Streets' most respected economists, agrees . he reduced its GDP forecast for the United States to zero for the second and third quarters.

This is not great news for a shaky Dow Jones.

China's bad loans are a major concern for global stock markets

On top of everything, the Dow Futures were perhaps the most frightened by Bloombergs Reports China's High Leverage Economy Paves Way for Bad Debt. Given the serious downstream consequences of these actions, it is difficult to believe in China's economic rebound.

Despite optimism around the Chinese economy, data from refineries show that it continues to struggle. | Source: Twitter

With large amounts of economic stimulus expected from most G10 central banks, the potential for huge volatility increases. Hopefully the coronavirus cases stabilize. Otherwise, prepare for a wild ride.

Disclaimer: This article represents the opinion of the authors and should not be considered as investment or trading advice from CCN.com.

This article was edited by Aaron Weaver.



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