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Market rout continues

Emily Nicol
Chris Scicluna
  • As concerns over the spread of the COVID-19 coronavirus continued to mount, global equities nosedived and major sovereign bonds again rallied hard. And given the likely significant impact to global growth, expectations for coordinated monetary policy action are starting to rise.

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Asian sentiment stabilises as Japan plays catch up

Emily Nicol
Chris Scicluna

While Japanese markets had to play catch up after yesterday's national holiday, sentiment in most Asian markets stabilised today despite a plunge in Korean consumer confidence. With the day ahead light on new top-tier economic data, the coronavirus newsflow will clearly dictate how markets evolve in European and US time.

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Risk evaporates on Italian virus spread

Emily Nicol
Chris Scicluna
  • At the start of the week, risk appetite was in short supply as investors responded to the weekend’s accelerated spread of the COVID-19 coronavirus in South Korea and Italy. Over coming days, ECB policymakers will likely repeat calls for euro area governments to prepare a coordinated fiscal policy response to guard against downside risks.

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Dire Japanese PMIs depict downside risks

Emily Nicol
Chris Scicluna
  • A marked deterioration in the Japanese PMIs illustrated the widespread downside risks to the economic outlook as supply and demand in the region continues to be impacted by the coronavirus. 

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Aussie jobless rate rises

Emily Nicol
Chris Scicluna

Chinese stocks rebounded as the number of new coronavirus cases in Hubei fell sharply and the PBoC confirmed a 10bp cut in the benchmark 1Y loan prime rate. But other Asian equity indices were mixed while the yen slid again and the dollar continued to appreciate. A rise in the Aussie unemployment rate provided a reminder why an RBA rate cut remains possible this year. 

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