DAX: Not quite but still nearly overbought as EU leaders meet this afternoon..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

People’s Bank of China cuts yet again Abundant liquidity to fight coronavirus

As widely expected this morning China’s central bank cut its 1-year loan rate by 10 basis points to 4.05 per cent and the 5-year rate by 5 basis points. This is the key rate for lending to the very highest quality borrowers. Later today data for January’s new loans and M2 money supply will be released.

Fears as to the potential international spread of the coronavirus have escalated considerably in South Korea this week, with the pathogen thought to be more contagious than originally estimated. This follows 23 new Covid-19 cases in Daegu, and another 90 showing flu-like symptoms in the nation’s fourth largest city, which were traced to attendance at a church service. Mayor Kwon Young-jin has asked his 2.5 million residents to stay indoors so shopping centres and cinemas are empty, as are the streets which looked like a ‘disaster movie’. The tally of confirmed virus cases in the country now stands at 82.

Financial Markets and Political Commentary

 

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