Morning Market Wrap

Donald Trump announced a ban on travel from Europe for 30 days. The decision triggered a massive plunge on stock markets. US futures dropped 4% and trade at the lowest level since January 2019. DAX futures plunged below 10,000 pts

Moods in Asia are poor as well. Nikkei closed 4.4% while S&P/ASX 200 dropped 7.36%. HSCEI is trading 3.6% lower. Oil is taking the hit as well with WTI pulling back to $31.60

World Health Organization declared the coronavirus outbreak a pandemic. Number of confirmed cases topped 126 thousand while the death toll increased to 4,634. Italy decided to shut all commercial activities with exception of groceries and pharmacies after cases in the country surged to over 12,000.

Australia announced fiscal stimulus plan worth A$17.6 billion aimed at boosting the economy amid coronavirus outbreak

JPY and CHF are top gainer among majors as risk-off flows dominate. AUD, NZD and NOK are the weakest. ZAR and MXN weaken against USD

Industrial metals decline along with agricultural commodities. Weakness can also be spotted on the precious metals market

CME announced it will close its trading floor in Chicago at the end of Friday’s session citing coronavirus risks

2 US and 1 UK soldier died in the missile attack on a military base in Iraq yesterday

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