The US equities continued to rally as the Dow Jones Industrial Average, S&P 500 and the Nasdaq heating record highs on Wednesday. According to Gaurav Kashyap, a market strategist at Equiti Global Markets, coronavirus will have an impact on manufacturing and industrial production and this should catch up with equity markets in the weeks ahead.
WHO said the number of newly confirmed coronavirus cases declined steadily for the past week but added that it must be interpreted with extreme caution and that the outbreak could still go in any direction. China’s Hubei province reported 14840 new coronavirus cases under revised standards and 242 additional deaths as of February 12th.
Other Major Highlights
– UK PM Johnson today reshuffled his cabinet which saw five senior ministers fired, you can read more here.
– Bank of Canada Governor Poloz said the Canadian economy is in a pretty good place and suggested that lowering rates could increase risks from higher debt levels.
– RBA Governor Lowe said the outlook in Australia is improving but added that coronavirus is having an uncertain impact and noted that Chinese policy stimulus will be good for Australia.
– President Trump urged the senate not vote for the Iran war powers resolution and suggested that the US is doing very well with Iran and this is not the time to show weakness, while he added that Iran would have a field day if his hands were tied which sends a very bad signal.
– Tesla shares fell in pre-market as the automaker announced plans to offer $2 Billion in common stock with its CEO Elon Musk said to buy $10 Million of stock in the offering.
In other news, Equiti Capital announced that it has partnered with technology provider Gold-i to offer its multi-asset liquidity to Gold-i’s global client base. The company says this will unlock significant new business opportunities for Equiti Capital as they continue to extend their business-to-business offering.