Following the strong market reaction Monday morning to coronavirus significantly spreading beyond Asian shores over the weekend, we’ll be throwing up whatever relevant data points we come across for discussion. Feel free to let us know what you’d like to know about in the comments.
Cases of COVID-19 have grown 27-fold over the past week in semiconductor hub South Korea, and a few moments ago, Italy confirmed its fourth coronavirus death after parts of Northern state Lombardy went into lockdown over the weekend. As referenced before, here’s a good breakdown from Jefferies:
European stocks are taking a beating: at pixel time the DAX is down 3.61 per cent, the CAC 3.74 per cent, the FTSE 100 3.29 per cent and the Italian MIB 4.45 per cent. Banks and travel stocks seem to be the biggest losers.
Here’s a chart which many haven’t picked up on though, Singapore Air Cargo — which measures air freight carried in millions of kilos through the trade centre — contracted over January to levels not seen since the great financial crisis.
Via Mirabaud’s Neil Campling:
Note: this is just for January, February’s data is likely not going to be any better.
Some better news from the island city though, there were no new cases of Coronavirus on Sunday, suggesting that Singapore is beginning to get a handle on the disease. The same cannot be said, unfortunately, for Italy or South Korea. And nobody anywhere is yet clear on the situation in Iran.
