Wall Street Slumps As Virus Concerns Intensify

MarketPulse | Feb 24, 2020 03:39AM ET

US indices have started the week negatively after the number of CoVid-19 cases outside of China increases. The G-20 meeting at the weekend warned of risks to global growth due to supply chain disruptions. It’s a Japan holiday today, so liquidity and volumes may be affected.

US30USD Daily Chart

The US30 index has fallen the most this month so far today as the impact of CoVid-19 intensifies.

The index has traded below the 55-day moving average at 28,809 for the first time since February 4. The 100-day moving average is at 28,141.
There are no major data releases scheduled for today. The Chicago Fed national activity index is seen falling to -0.92 in January from -0.35 while the Dallas Fed manufacturing index is expected to improve to 11.8 this month from -0.2 in January.
DE30EUR Daily Chart

TheGermany30 index has echoed the weak start by US indices and has fallen the most since January 31
The index has fallen to the lowest in almost three weeks and touched the 55-day moving average at 13,382 for the first time since February 5. The 100-day average is at 13,141
Germany’s IFO surveys for February are due today and the expectations index is seen improving to 93.3 from 92.9 last month.
XAU/USD Monthly Chart

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Gold has spiked to the highest level in seven years in early trading this morning as CoVid-19 fears boost safe-haven asset demand.
Today marks the fifth daily gain in a row and the precious metal is on track for the biggest monthly gain since August last year.
South Korea has raised is alarm level to red, the highest possible, as the number of virus cases spiked ten-fold in five days. The global total is now 78,991 with 2,469 deaths reported.
Original Post

Written By: MarketPulse

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