Market Recap – G20 communiqué

The coronavirus epidemic is getting severe in Japan and South Korea. Problems with coronavirus test in the US may impede full disclosure of outbreak there. Current flu season in the US is serious. Whether it relates to the coronavirus is worth vigilance. Having recorded the third death from the virus, Italy imposed strict rules to stop the spread and contain it within the Northern Italian towns, where a growing cluster of cases is reported. On the other hand, in the city of Wuhan, the epicenter of the outbreak, authorities are slightly relaxing their quarantine measures, allowing non-permanent residents that show no symptoms to leave the city.

The G20 summit held in Riyadh, Saudi Arabia, produced a 7 page communique. A small compromise sentence on the implications of climate change was included. The communique was not aggressive enough and persuasive enough to persuade market participants to put an end to the risk-off mode that prevails.

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The Democratic primaries in Nevada had a clear winner. Bernie Sanders won 46% of the votes and is currently leading the race with 29.3% chances of being nominated.

Ayatollah Khamenei’s loyals were the clear winners of the Iranian elections. The Iranian economic policy may pivot away from Europe entirely, and could potentially only rely on China and Russia for investement and technology transfers.

Trump is visiting India.

Macro releases:  Today’s economic calendar includes the German Ifo Busisness climate that is expected to decrease and the Canadian wholesale

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