China is proving that it has the capacity to execute on time. The death toll of the new coronavirus has reached to 425 in China, 1 in Hong Kong and 1 in Philippines. The rise is not exponential and the outbreak seems to be contained. OPEC and Russia’s joint technical committee is having an emergency meeting today to address the sudden Chinese jet fuel demand decrease (70% decrease in China over a period of 3 weeks. An additional 500K barrels per day production cut, on top of the current 1.8M barrels per day, is a probable scenario.
Boris Johnson and Michel Barnier, the EU negotiator, set course for the hardest possible Brexit deal. Mr. Barnier said that the EU should be prepared to face an abyss at the end of the year.
The results from the Iowa Democratic Party Primaries have not yet been published.
Trump is addressing the nation today. He would prefer that his impeachment trial ended before that moment, even while his acquittal is more than certain. He is expected to lay out a vision of optimism with the extravagant way he speaks. Wage growth, immigration policy, a strong tone regarding Iran, and a reference to the recently ratified USMCA deal is expected.
Following the Australian Central Bank (RBA) monetary policy meeting, market participants sent the Aussie higher (AUDUSD)
Macro releases: Yesterday’s manufacturing PMI numbers were slightly better than expected. The UK, the US and the Canadian readings were back above the 50 threshold. The European number has increased to 47.9. Today’s economic calendar includes inflation and unemployment readings from New Zealand.
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