03Feb2020 Pre-Market Commentary: Wall Street Futures Point To A Higher Opening, DOW Up 142 Points, WTI Crude Down To Last June’s Low 51 Handle, Historic Bloodbath In China 3,257 Stocks Hit Limit Down

Here is the current market situation from CNN Money

European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.42% while France’s CAC 40 is up 0.38% and Germany’s DAX is up 0.22%.

Huawei, Chinese chip makers keep factories humming despite virus outbreak

Some technology firms in China have maintained operations to manufacture parts and products despite government calls in various cities and provinces for companies to halt work to help stop the spread of a new coronavirus.

Credit Suisse proposes crisis manager Meddings for board seat

Credit Suisse proposed on Monday Richard Meddings, a British banker with long experience of crisis management, for election to its board in its first non-executive nomination since the Swiss bank was rocked by a spying scandal.

Brexit trade deal clash: UK and EU begin sparring over rules

The European Union and Britain clashed over a post-Brexit trade deal on Monday with Prime Minister Boris Johnson insisting he need not sign up to the bloc’s rules and Brussels warning of tariffs and quotas unless he did.

Merkel prepared for EU treaty changes as Brexit requires bloc to be more competitive

German Chancellor Angela Merkel said on Monday she would be prepared to back changes to the European Union’s Lisbon Treaty, the bloc’s legal cornerstone if need be, adding that the EU27 must become more competitive now that Britain has left.

Factbox: UK’s Johnson wants “suite of agreements” to cover post-Brexit EU ties

Britain set out the type of deal it wants to agree with the European Union on Monday, defining post-Brexit relations between the world’s fifth largest economy and its biggest trading partner.

UK businesses need to prepare whatever the outcome of EU trade talks – PM’s spokesman

Businesses will have to take the same steps to prepare for the end of the Brexit transition period whether Britain strikes the Canada-style trade deal it is seeking, or a less comprehensive deal, Prime Minister Boris Johnson’s spokesman said on Monday.

UK’s Johnson calls for predictable UK-EU deal in financial services

A trade agreement between Britain and the European Union should provide a predictable, transparent and business-friendly environment for financial services firms and regulators, UK Prime Minister Boris Johnson said on Monday.

Julius Baer to cut 300 jobs after 2019 profit drop

Julius Baer will cut 300 jobs this year, its chief executive said on Monday, as the Swiss wealth manager looks to boost profitability after a double-digit percentage earnings fall during 2019.

Stock futures point to rebound as China seeks to curb virus impact

U.S. stock index futures climbed on Monday, following steep declines in the previous session, as China took steps to relieve pressure on its economy from the impact of the coronavirus epidemic.

India To Probe Wuhan Institute Of Virology

India To Probe Wuhan Institute Of Virology

It appears that around the time we suggested someone reach out to the Wuhan Institute of Virology to get some answers about the origin of the deadly Coronavirus epidemic (which Twitter decided was sufficient to get us barred from the platform), India was doing just that.

ACcording to The Hindu and GreatGameIndia, after Indian scientists were forced to withdraw their study concluding Coronavirus was injected with HIV AIDS virus amidst massive online criticism from Social Media experts, now Indian authorities have launched an investigation against China’s Wuhan Institute of Virology.

Futures Rebound Despite Historic Bloodbath In China Where 3,257 Stocks Hit Limit Down

Futures Rebound Despite Historic Bloodbath In China Where 3,257 Stocks Hit Limit Down

While Beijing’s emergency intervention in Chinese markets which included a short sale ban, a dramatic liquidity injection and a cut in reverse repo rates, failed to prevent a rout, it certainly helped stabilize stocks in Europe and US equity futures, which have staged a modest rebound after plunging on Friday in their worst drop since August.

“I Can’t Let My Mom Die At Home” – Desperate Patients Swarm Wuhan Hospital As Hong Kong Closes Border

“I Can’t Let My Mom Die At Home” – Desperate Patients Swarm Wuhan Hospital As Hong Kong Closes Border

Late last night, we reported that the death toll from the coronavirus outbreak had surpassed 360 as more suspected cases popped up in New York. Though no deaths have been reported overnight, Chinese officials warned yesterday that many more cases and deaths would be confirmed on Sunday/Monday.

In the meantime, Chinese markets finally faced their inevitable reckoning. Despite the best efforts of the PBOC and the government, the Chinese market bloodbath was about as bad as expected.

But over in the US, investors ignored the latest news out of China and have seemingly bought into the WHO’s optimistic message and China’s accusations about an ‘alarmist’ Washington.

This is surprising, since anybody who has been paying close attention to the situation in China should know that this is far from the truth.

China Accuses US Of ‘Inciting Panic’ Over Coronavirus Outbreak

China Accuses US Of ‘Inciting Panic’ Over Coronavirus Outbreak

Over the weekend, Chinese Foreign Minister Wang Yi and the ministry’s spokesperson Hua Chunying expressed outrage that some countries halted trade and flights to and from the country because of the novel coronavirus outbreak.

Now Hua is back out bashing the US on Monday for allegedly intentionally spreading fear following the outbreak, reported Reuters.

She said the US was the first country to withdraw embassy staff from the Wuhan region, and first to impose a travel ban on Chinese travelers (though we’re not certain that’s true).

She also accused the US of failing to follow through with promised assistance.

“The U.S. government hasn’t provided any substantial assistance to us, but it was the first to evacuate personnel from its consulate in Wuhan, the first to suggest partial withdrawal of its embassy staff, and the first to impose a travel ban on Chinese travelers,” Chinese foreign ministry spokeswoman Hua Chunying told reporters on Monday.

#ChinaVirus ” Ministry of Foreign Affairs Hua Chunyin …

FM’s plans for a ‘New India’ may do nothing to get it out of slump

FM’s plans for a ‘New India’ may do nothing to get it out of slumpEconomists & industry leaders said the budget proposals were insufficient to give India an immediate boost.

Budget won’t let FM sleep all through FY21

Budget won’t let FM sleep all through FY21A deeper look at the Budget arithmetic suggests the FM is going to have many sleepless nights.

Why your job shouldn’t define your identity

Why your job shouldn’t define your identityPsychology says your identity is the way you define your uniqueness through your past, present and future.

Why investors will need noise-cancelling headphones during the Brexit trade talks

Don’t listen to the fierce rhetoric: negotiations haven’t even started and everyone is posturing. Expect more of this in the next few months, but keep focused on substance.

Bond Report: Treasury yields climb to take cue from U.S. stock-market rebound

Treasury yields rise Monday, following stocks higher, after last week when U.S. equities swooned in the face of a rapidly spreading coronavirus.

Market Snapshot: Dow futures signal bounceback after Friday selloff, China market rout

U.S. stocks are indicated modestly higher to start the week, following a brutal selloff on Friday, as equity indexes in China suffered the worst daily declines in years in the first trading session for Chinese markets to react to the spread of coronavirus