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26.03 - markets slip

12.02.2020

 

So, what do we have today? Well, I would love to tell you that what we have if a full-on recovery, but it wouldn’t be true. While some of the instruments are growing, most of what was recovering yesterday is slipping and there is little we can do about it. For the moment it seems that nothing is going to facilitate the recovery that was bringing us joy yesterday.

 

Asian markets are losing points even though it was reported that China is recovering from the coronavirus. But now that workers are coming back to their jobs it seems that a lot of them are in for a very unpleasant surprise. Chinese factories have opened their doors, a lot of workers discovered that they were out of their jobs. And something tells us that it is only th beginning of massive joblessness wave that is going to cover the second strongest economy in the world pretty soon.

 

But China is not alone here. Even though quarantine doesn’t mean that the employers had to fire their workers, it seems that these employers didn’t get the memo. USA is seeing a historic surge in joblessness in the market even though Trump was boasting that its level has decreased during the time of his presidency. Now we see – two of the strongest and biggest economies of the world are going to be severely hit by the virus crisis and fallout.

 

USD keeps on sliding lower as euro and pound recover from the lowest points they have hit. God is falling as well. Oil is losing price. Stock market is almost entirely red. We have back to the usual decline of the market.

 

Here are the major numbers for the day:

 

Topix slid 1.8 percent.

Kospi lost 1.1 percent.

Shanghai Composite decreased 0.6 percent.

Hang Seng from Hong Kong dropped 0.85 percent.

S&P 500 futures are lighter by 1.8 percent.

Euro added 0.9 percent - $1.0915.

Pound recovered 0.55 percent - $1.1892.

Yen grew 0.8 percent – 110.48 per dollar.

Canadian dollar added 0.7 percent - $1.4262.

Tesla added 6.8 percent - $539.25.

Apple lost 0.55 percent- $245.52.

Facebook dropped 3 percent – $156.21.

Amazon shed 2.8 percent – $1885.84 per share.

Google lost 2.5 percent- $1101.62.

WTI is lighter by 2.85 percent - $23.55 per barrel.

Brent dropped 3.45 percent - $26.57.

Gold dropped 0.8 percent - $1605.72 per ounce.

Silver declined 1.3 percent - $14.31 per ounce.

Platinum lost 2.45 percent – $721.09.

Palladium dropped 2.8 percent - $2265.5 per ounce.