27Jan2020 Midday Update: Travel, Tech Stocks Lead Wall Street Lower As China Virus Fears Mount, DOW Down 375 Points – Near Session Lows, WTI Up Fractionally At 52.64

Here is the current market situation from CNN Money

North and South American markets are sharply lower today with shares in Brazil off the most. The Bovespa is down 2.80% while Mexico’s IPC is off 2.12% and U.S.’s S&P 500 is lower by 1.36%.

Capgemini passes first hurdle in Altran bid despite Elliott resistance

French consulting and IT services provider Capgemini succeeded in securing more than half of the capital of smaller rival Altran Technologies, the French market regulator AMF said on Monday, marking a win against U.S. activist fund Elliott.

India renews push to sell Air India, puts entire stake on the block

India said on Monday it plans to sell its entire interest in Air India Ltd, making a renewed push to sell the flag carrier after it drew no bids in an effort to auction a majority stake almost two years ago.

Travel, tech stocks lead Wall St. lower as China virus fears mount

U.S. stocks fell more than 1% on Monday as investors worried about the economic fallout of the fast-spreading coronavirus outbreak in China that has prompted the country to extend the Lunar New Year holidays and businesses to close some operations.

J&J chief testifies he did not read all documents related to asbestos in talc

Johnson & Johnson Chief Executive Alex Gorsky told a jury Monday that he did not read all the internal company documents related to potential asbestos contamination in Johnson’s Baby Powder.

Stocks slide to two-week low on China virus fears, safe havens gain

Stocks markets tumbled worldwide on Monday and investors worried about the possible economic impact of the coronavirus drove up the price of safe-haven assets such as the Japanese yen and government debt.

Oil falls 3% to three-month low as China virus threatens demand

Crude prices dropped 3% to three-month lows on Monday as the death toll from China’s coronavirus grew and more businesses were forced to shut down, fuelling expectations of slowing oil demand.

J&J CEO to testify at trial for first time on Baby Powder risks

Johnson & Johnson Chief Executive Officer Alex Gorsky was set to be called as a witness on Monday in what would be his first appearance in a jury trial over allegations that the company’s Baby Powder causes cancer.

GM to invest $2.2 billion at Detroit factory to make electric trucks, SUVs

General Motors Co will invest $2.2 billion in its Detroit-Hamtramck assembly plant to build electric trucks and sport utility vehicles, a move that would create 2,200 jobs, the No.1 U.S. automaker said on Monday.

Trump’s ‘massive’ U.S.-UK trade deal faces big hurdles

Britain is the United States’ closest ally but their long friendship may be sorely tested as the two countries try to forge a new trade agreement after Britain’s exit from the European Union.

‘This Looks Like A Tactic To Sell Books’: GOP Senators Pan 11th Hour Bolton Leak While Romney And Collins Play Ball

‘This Looks Like A Tactic To Sell Books’: GOP Senators Pan 11th Hour Bolton Leak While Romney And Collins Play Ball

Republican Senator Susan Collins of Maine supported comments made by Sen. Mitt Romney (R-UT) over whether former National Security Adviser John Bolton should testify in President Trump’s impeachment trial, after a manuscript of his upcoming book was leaked to the New York Times which claims that President Trump explicitly linked a hold on Ukraine aid to an investigation of the Bidens.

CDC Says 110 Suspected Coronavirus Cases Identified In US; Public Health Risk Remains “Low”

CDC Says 110 Suspected Coronavirus Cases Identified In US; Public Health Risk Remains “Low”

Update (1150ET): Dr. Nancy Messonnier, the Director of the Center for the National Center for Immunization and Respiratory Diseases (NCIRD), spoke on behalf of the CDC. During the press conference, she said that the US had identified 110 people who are under observation and being tested for the virus. While 5 cases have already been identified in the US, another 32 have definitively tested negative.

Though a vaccine remains elusive, the Messonnier said the CDC had developed a diagnostic test that can quickly confirm cases of the virus. So far, CDC researchers have seen no signs of “mutation” in the virus. If the virus does mutate, as Chinese scientists suggested it might, that could create problems for those trying to develop the exam. On Friday, a “blueprint” for the test was uploaded and shared with the world. All governments can now follow this blueprint to develop their own tests..

Right now, the CDC is focused on providing tests to “priority” states (presumably, Cali, Washington, Arizona and Illinois, the states where cases have been confirmed). But soon they will expand the program to supply governments in need.

The CDC has also uploaded the entire genome of the virus from the first two cases. From what the CDC can tell so far, the virus doesn’t appear to be “mutating”, as some Chinese officials had suggested.

Messonnier stressed that this is a “rapidly changing situation” both here and abroad, adding that the virus has spread to 16 countries from China.

“Our thoughts are with the people on the front lines of this emerging health threat i …

2Y Auction Tails As Yield Tumbles To 29 Month Low, 2s10s Flattening Accelerates

2Y Auction Tails As Yield Tumbles To 29 Month Low, 2s10s Flattening Accelerates

After today’s sharp drop in yields across the curve, and certainly on the short end, where the 2Y yield dropped from Friday’s 1.50 close to as low as 1.4264%…

Two Nasty Traits Of This Coronavirus, Typically Not Seen Together

Two Nasty Traits Of This Coronavirus, Typically Not Seen Together

Authored by Mike Shedlock via MishTalk,

Dr. Dena Grayson, who has years of training developing Ebola treatments, shares her concerns about this coronavirus.

Does Sitharaman have one last tax trick up her sleeve?

Does Sitharaman have one last tax trick up her sleeve?There is one thing Sitharaman’s upcoming Budget should focus on, bringing back optimism.

India steps up vigil against coronavirus

India steps up vigil against coronavirusOver 250 to 300 Indian students are reportedly stuck in Wuhan triggering concerns over their well-being.

Jeff Bezos friended the wrong foreign leaders

Jeff Bezos friended the wrong foreign leadersLast week, Bezos’s iPhone was hacked via a WhatsApp message sent directly from Crown Prince MBS.

Project Syndicate: With global trade barely growing, there’s no cushion for the world economy

Downside risks are especially worrisome, because 2.9% growth for the world economy underscores the lack of a comfortable cushion in the event of a shock.

IPO Report: IPO market braces for first billion-dollar deals of 2020 “and Casper seems to be getting the message

The initial public offering market is expected to crank into gear in the next two weeks, with at least two billion-dollar deals on the slate, including a well-known consumer name that may be viewed as a safe bet in a nervous market.

NewsWatch: The stock market’s biggest problem this week isn’t the coronavirus or Mideast tensions, strategist warns

Longtime stock-market bull and National Securities strategist Art Hogan shared his bearish stance in a CNBC interview ahead of what looks to be a busy week of trading. He says the S&P 500 could see a pullback of as much as 5%.