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Market Overview
With No Major Indicators Coming Out, The Market is Keeping an Eye on News
Yesterday, the concern about the coronavirus continued to be very present. The increase in the number of cases, especially in Europe and Italy, as well as the concern about a possible pandemic, is causing anxiety in the financial markets.
As a consequence of this, it was possible to observe a decline in the main world stock markets. In particular, the Stoxx 600 fell by 1.76%, while the S&P 500 depreciated by 3.03% and the technological Nasdaq dropped by 2.77%.
The debt interest rates of the main eurozone countries, on the other hand, were mixed. While yields on German debt fell, Italian interest rates rose. Taking this into consideration investors favored more secure assets.
The European currency ended up appreciating by 0.14%, making it the third consecutive day of appreciation. At the origin of this gain in value is the sell off of Dollar-denominated assets which cause the Euro to appreciate when compared to the American currency.
Crude oil also had a day of sharp decline, as fears concerning the coronavirus is seen to lower demand, thus contributing to the reduction of the price per barrel. Yesterday crude oil ended up depreciating by 1.57% to $50.62 per barrel.
With regards to gold, the metal usually tends to rise on days of greater risk aversion. However, this did not happen yesterday. The previous days were marked by a great appreciation but yesterday it was possible to see a correction.
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