Corona Virus Update
Chinese officials reported 2478 new coronavirus cases and 108 new deaths as of Feb. 10th compared to 3062 new cases and 97 additional deaths for Feb. 9th, to bring the total amount of cases to 42638 and death toll to 1016 even as the rate of additional confirmed cases slowed from the prior day. The authorities said the overall jobs situation was stable amid coronavirus outbreak while adding that about 160million people in China will return to cities to resume work by February 18th.
Asian markets today opened on a higher note with the Hang Seng (+1.4%) and Shanghai Comp (+0.6%) and the ASX 200 up (+0.6%) following yesterday’s reassurances by Chinese President Xi. Japanese markets remained shut for National Day holiday.
UK Chancellor Javid has announced that Ministers are working on a white paper which will outline a vision for the financial services sector after the Brexit transition period, to be published in the Spring.
US President Trump said it is time to negotiate “very seriously” with the EU on trade.
Gold was subdued due to the lack of safe-haven demand and as the DXY lingered around YTD highs, while copper was also buoyed by the risk sentiment and alongside the early strength in Chinese commodity prices.
Algeria Energy Minister said OPEC and Non-OPEC states remain in discussions over the JTC’s recommendation to extend the output cut, according to state media.
US President Trump proposed USD 4.8trln budget which suggests a reduction in social-safety-net programmes and foreign aid, whilst it is said to raise outlays for defence and veterans.