Kapadia Mihir Sun Global Investments

Stocks Down as Fears Mount Coronavirus Will Hit US

“Global stocks are set to decline as Asia and Europe catch up with the sharp declines in the US seen yesterday as the Dow Jones slipped 880 points (-3.2%)…..

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By Mihir Kapadia, the CEO of Sun Global Investments

All major market indices are now in negative territory for 2020 as a whole.

Global stocks tumbled for a fourth day after the CDC said that the spread of novel coronavirus (COVID-19) in the U.S. has become a question of “when” rather than “if.” With health and economic concerns mounting, the latest downtick in the S&P 500 has brought the 4-day decline to more than -7.6%.

In terms of the S&P 500 sectors, all the sectors were sharply lower with the Energy and Material sectors down 4.3% and even the defensive Utilities were down over 2.0%.

Oil prices fell further reflecting serious global growth concerns as WTI crude yesterday fell below $50 and is now at USD 49.76, a 52-week low. US Treasuries and other safe haven assets remain in high demand with benchmark yields across the curve making new multi-year lows, with the 10 year yield down to 1.35%.

In overnight trading in Asia, all indices are lower led by Thailand which was down 3.3%. European Indices are between 0.6% and 1.0% lower. US Stock Index Futures are  currently trading 0.4%  higher but that is a small gain compared with yesterday’s gain.”

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