NEW YORK, Feb 1 — Global equity markets posted their biggest weekly and monthly loss since August yesterday as growing concerns about the economic impact of the coronavirus outbreak in China sapped risk appetite and lifted the safe-haven Japanese yen and Swiss franc. Gold posted its best month in...
Traders work at the New York Stock Exchange January 31, 2020. — Reuters pic
Citigroup revised its full-year forecast for China’s GDP growth to 5.5 per cent in 2020 from 5.8 per cent. The bank also cut first-quarter growth expectations to 4.8 per cent from 6 per cent in the fourth quarter of 2019.“Until you get some sort of clarity that the spread has subsided and is slowing or there’s a foolproof antidote to it, I think the market will struggle,” said Lou Brien, market strategist at DRW Trading in Chicago.
“The Chicago PMI was very weak,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. Early gains in Europe quickly soured as headlines of more cases and deaths, travel bans and factory shutdowns due to the virus were compounded by disappointingly weak economic data.
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