10.02 - what will Chinese economy show us?
Last week was very tough on us. We were waiting for coronavirus situation in China to resolve and go away, but it seems that this particular issue is here to stay as more and more people contract the disease in different parts of the world. With this, the more we are staying in this particular situation, the worse it gets, obviously. And of course, I am talking about the performance of the international markets which is not getting any more stable.
So, what are we getting this week? Well, the situation in China is still dire, but people there are starting to return to the offices and factories, which is a god sign for such companies as Apple and Tesla, the shares of which lost price because of the situation surrounding production In China. Soon we are going to see some of the economic data from China which will allow us to assess the real damage done by the virus pause.
USD was a real star last week, when the currency managed to withstand the pressure put on it but impeachment trial. But it seems that this week starts of with USD on a low note, which is quite explainable – traders would want to see the entre situation in the world before deciding whether they need to run for safe havens or not. Because of this we can see EUR and GP gain points against the greenback even though last week they were only losing their price.
Oil prices are in the middle of our attention this week with Chinese demand numbers still being on the low note. But, we hope that both of the major crudes will find themselves uplifted soon because OPEC+ countries are expected to cut the supply numbers which will only stimulate the pricing of oil.
Here are the numbers for today:
Topix dropped 0.0.7 percent.
Kospi decreased 0.5 percent.
Shanghai Composite added 0.5 percent.
Hang Seng from Hong Kong lost 0.6 percent
S&P 500 dropped 0.1 percent.
Euro added 0.1 percent - $1.095.
Pound recovered 0.3 percent - $1.2926.
Yen nudged 0.05 lower – 109.72 per dollar.
Canadian dollar was a bit stronger - $1.3293.
Tesla lost 0.1 percent - $748.07.
Apple dropped 1.6 percent - $320.03.
Facebook grew 0.7 percent – $212.33.
Amazon advanced 1.4 percent – $2079.28 per share.
Google increased 0.2 percent - $1479.11.
WTI lost 0.7 percent - $50.06 per barrel.
Brent declined 0.5 percent - $54.18 per barrel.
Gold increased 0.2 percent - $1573.94 per ounce.
Silver surged 0.65 percent - $17.8 per ounce.
Platinum nudged 0.5 percent higher– $971.6.
Palladium advanced 1.3 percent - $2345.06 per ounce.