Greetings,
China: The Wuhan coronavirus continues to spread, with quarantines appearing to be much less effective than some had hoped (see story).
While China’s markets are closed, stock futures are down over 5% today.
And the offshore renminbi dropped sharply as well.
Eurozone: At the Eurozone level, manufacturing activity appears to be stabilizing as the index of new orders (second chart) approaches 50.
United Kingdom: The PMI report surprised to the upside. The surprise sent the market-based probability of a rate cut this week lower.
Emerging Markets: EM stock futures are down sharply on Wuhan virus fears.
Credit: Credit Suisse expects leveraged loan default rates to surpass high yield bonds.
Food for Thought: US sources of federal tax revenue:
Edited by Daniel Moskovits
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