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FOREX-Euro rebounds as U.S. stocks drop, growth concerns remain

The euro bounced against the greenback on Friday as U.S. stocks declined from record highs, though concerns about growth in the eurozone are expected to keep weighing on the single currency. Anxiety about the impact of the coronavirus on the European economy this week helped send the euro to its lowest levels against the dollar in 2-1/2 years. A report on Friday that Fiat Chrysler plans to close a plant in Serbia due to a lack of parts added to fears that ties to China leave Europe’s economy vulnerable. “We ...

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MARKETS SNAPSHOT FOR 14/02/20

NASDAQ-Adv: 1425 Dec: 1765 NYSE-Adv: 1904 Dec: 1721 (Source: Nasdaq)

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Markets Hover Near Records Despite Growing Coronavirus Outbreak

The coronavirus outbreak has closed factories, curbed spending and disrupted supply chains in the world’s second-largest economy. But U.S. stocks have held close to records. The market’s resilience has surprised many money managers, especially given how quickly the epidemic has spread and how difficult they say it has been to assess the accuracy of information coming out of China. “We’re surprised at how sanguine the market is,” said Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Group Inc.’s private wealth-management group, adding that “realistically, the data are very, very uncertain.” ...

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European shares steady as GDP numbers loom

European shares traded sideways on Friday as investors awaited fourth-quarter GDP data from across the euro zone, and another jump in coronavirus cases followed World Health Organization (WHO) assurances that the trajectory of the outbreak had not changed. Among big movers was British drugmaker AstraZeneca, which sank more than 5% and was on track for its worst day since mid-2017 after it fell short on quarterly earnings and warned the coronavirus was liable to hurt sales for months. Royal Bank of Scotland Group PLC also dropped to the bottom of ...

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Euro sinks against dollar as U.S. assets look more attractive

The euro dropped to more than two-year lows against the dollar on Thursday as concerns about a sharp rise in the number of new cases in the coronavirus outbreak in China led investors to seek out U.S. assets. The United States is better placed to weather the economic impact of the virus than the eurozone. The coronavirus death toll in China’s Hubei province increased by a record 242 on Thursday to 1,310, with a sharp rise in confirmed cases after the adoption of new methodology for diagnosis, health officials said. ...

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MARKETS SNAPSHOT FOR 13/02/20

NASDAQ-Adv: 1597 Dec: 1614 NYSE-Adv: 1802 Dec: 1864 (Source: Nasdaq)

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Global Stocks Drop as China Sees Jump in Virus Cases

Global stocks fell following a jump in the number of new coronavirus cases in the Chinese province at the epicenter of the outbreak. Futures tied to the Dow Jones Industrial Average dropped 0.7% a day after all three major U.S. indexes closed at a record. The Stoxx Europe 600 retreated 0.9%, and the Shanghai Composite Index closed down 0.7%. A nearly 10-fold increase in newly confirmed infections in Hubei raised the prospect of a longer period of economic disruption in China than investors previously anticipated, weighing on stock markets that ...

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Surge in Euro Borrowing Could Store Up Trouble for Later

The euro is cheaper than many think it ought to be. One explanation: A surge in euro-based borrowing abroad is weighing the currency down. This could make the euro prone to wild swings in the future. A variety of actors are borrowing euros and exchanging them for other currencies, taking advantage of the region’s superlow, even negative interest rates. Some of this demand comes from hedge funds putting on so-called carry trades, in which they borrow in euros and swap them into higher-yielding currencies such as the Brazilian real or ...

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Coronavirus outbreak won’t shake China’s economic fundamentals

President Xi Jinping’s comments on the Chinese economy have boosted confidence that the world’s second-largest economy will come through the novel coronavirus epidemic with great resilience, potential and leeway. Xi said the fundamentals of China’s long-term economic development remain unchanged and the epidemic’s impact on the economy is short-lived, during an inspection tour of the epidemic prevention and control work in Beijing on Monday. He made the comments as China’s economy comes under pressure from factories suspending production and reduced consumer spending amid the country’s quarantine measures in the battle ...

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Jump in coronavirus cases yanks rally into reverse

A sharp rise in the number of coronavirus deaths and infections unnerved world markets on Thursday, as traders halted the rally in stocks and retreated to the safety of government bonds and gold. China’s Hubei province, where the virus is believed to have originated, reported 242 new deaths, double the previous day’s toll and the fastest rise since the pathogen was identified in December. It also confirmed 14,840 new cases, though it was amplified significantly by a switch to using quicker computerised tomography (CT) scans – which reveal lung infections ...

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Yen gains, yuan and Aussie down as virus cases and deaths rise

The yen rose from a three-week low against the dollar on Thursday as investors sought safe havens after China’s Hubei province, the epicentre of a coronavirus outbreak, reported a sharp jump in the number of new cases. The Chinese yuan slipped against the dollar as the latest update on the spread of the virus provided a grim reminder to investors of the threat to the global economy, that has shaken markets in recent weeks. Using a new method of diagnosis, Hubei on Thursday reported 14,840 fresh cases of the virus ...

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Barren streets but bustling stock markets in virus-stricken China

Shops, restaurants and cinemas may be deserted in many parts of virus-plagued China, but online trading forums, internet roadshows and analyst calls are teeming with investors who have driven up stock trading volumes to nine-month highs. Strategists are busy meeting anxious investors online to dispense tips on how to trade the coronavirus, while fund managers aggressively pitch products via live video streaming, with face-to-face conferences banned and many offices still closed. The virus has been a blow to China’s already-slowing economy, prompting Beijing to boost financial support to avoid a ...

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MARKETS SNAPSHOT FOR 12/02/20

NASDAQ-Adv: 2000 Dec: 1201 NYSE-Adv: 2319 Dec: 1375 (Source: Nasdaq)

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Deglobalisation – The Impact For Stock Markets

People invest in stock markets because they have historically gone up. The long-term return from the stock market is a little over 5%, higher than that of bonds or cash. To what extent has globalisation played a role in this? And therefore, does its reversal suggest tougher times ahead for investors? The KOF Globalisation Index shows globalisation gradually gathering pace through the 1970s and 1980s, only to see huge gains in the 1990s and through the early part of the 21st century. The 1990s were certainly a buoyant time for ...

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Dollar gains as coronavirus fears recede

The greenback rose to its highest against the euro in more two-years on Wednesday, as investors ploughed more money into the U.S. stock market on growing optimism the economic impact of the coronavirus will be contained. China reported its lowest number of new coronavirus cases in two weeks, bolstering a forecast by Beijing’s senior medical adviser for the outbreak in the country to end by April. Still, fears of further international spread remained. “The market is reasonably confident that China will be able to get control of the virus, although ...

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