Coronavirus still a real threat

Analisi Giornaliera - 13/02/2020

Yen getting stronger as a safe haven

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The popular Japanese yen increased from a 21-day low versus the greenback today. Hubei is the center of a coronavirus outbreak which recorded an increase in the number of new infections that sparked a demand for safe-haven assets. The Chinese yuan fell versus the greenback while the newest update on the outbreak of the virus produced a harsh warning to investors that the epidemic continues to be a powerful threat to the global economic outlook.

Dow still strong goes up 200 points


On Wednesday Stocks surged to an all-time high while investors recover from fears about how coronavirus could affect the global economy and corporate earnings. The Nasdaq Composite increased 0.8% to close the session at 9,725.95. The Dow Jones Industrial Average rose more than 270 points reaching 29,551.40. The S&P 500 gained 0.6% reaching 3,379.44.

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Gold’s safe-haven nature creates demand


On Thursday Gold increased while the number of new coronavirus infections in China dampened the optimism that the disease was decreasing and forced investors to run for cover towards the safe-haven assets. US gold futures advanced 0.2% to $1,574.89 while Spot gold went higher 0.4% to $1,571.71 per ounce. An economist at National Australia Bank named John Sharma said: “The unfortunate increase in the number of cases in the Hubei province, which is ground zero... has affected risk-on sentiment”.

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Oil went up as the virus presses production


Oil advanced today upon expectations that primary producers are expected to establish more extensive output reductions to balance the drop in demand generated by the coronavirus outbreak in China.

China is considered to be the world’s second-largest crude buyer. US West Texas Intermediate (WTI) climbed 29 cents, to $51.45 a barrel. Brent crude surged 17 cents, to $55.95 per barrel.

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