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
To receive the Daily Shot Premium, you need to be a subscriber to The Wall Street Journal. The Daily Shot readers qualify for a special membership offer of $1 for 2 months and can join simply by clicking here.
If you are already a WSJ member, you can sign up for The Daily Shot at our Email Center by clicking here.
The Daily Shot Premium is also available online at DailyShotWSJ.com
If you have any issues at all, please contact a Customer Service representative by calling 1-800-JOURNAL (1-800-568-7625) or sending an email to support@wsj.com.
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
Subscribe to the Daily Shot Brief