The National Health Commission of China reported 7,711 confirmed cases of the coronavirus, including 170 casualties. According to CNBC, Sevens Report founder Tom Essaye said that global markets are “becoming more concerned” about future earnings and economic growth…Click here to read the full article.
“The spread of the Wuhan virus isn’t accelerating, but markets becoming more concerned about future earnings and economic growth as companies implement work stoppages…” said Tom Essaye, the founder of The Sevens Report.
What’s in Today’s Report:
Futures are down more than 1% as the continued spread of the Wuhan coronavirus over the weekend further raised fears of a global economic slowdown.
Total cases of the Wuhan virus continued to rise over the weekend (nearly 3000 confirmed cases globally) and the number of U.S. cases rose to five.
Economically, German IFO Business Expectations missed estimates at 92.9 vs. (E) 95.0.
This is going to be a very busy week, but the calendar is a bit sparse today as we get just one economic report, New Home Sales (E: 728k), and one notable earnings report after the close: WHR ($4.30). So, any updates on the spread of the Wuhan virus will continue to drive markets today, although that will change later in the week as we get more earnings and the Fed decision on Wednesday.
Tom Essaye, founder of Sevens Report Research, said investors should be prepared for more Wuhan headlines to move markets in coming weeks.
“From a market standpoint, since this disease is closely related to SARS, I think the market…” Essaye said. Click here to read the full article.
