28Feb2020 Pre-Market Commentary: Wall Street Set To Fall Precipitously At The Open, DOW Futures Down -400 Points, Prior Buy-the-dip Investors Are Getting Their Butts Kicked, Good News, It May Be Over

Here is the current market situation from CNN Money

European markets are sharply lower today with shares in Germany off the most. The DAX is down 3.19% while London’s FTSE 100 is off 2.98% and France’s CAC 40 is lower by 2.74%.

Stock futures fall as coronavirus-led rout continues

U.S. stock index futures dropped on Friday as a surge in coronavirus cases, which have already wiped nearly $3 trillion off stocks listed on the benchmark S&P 500 this week, triggered recession fears.

Ex-Barclays bankers cleared over Qatar fees in blow to UK fraud office

Three former Barclays executives were acquitted in London on Friday of charges they helped funnel 322 million pounds ($418 million) in secret fees to Qatar during the credit crisis, in return for rescue funding.

Volkswagen reaches $900 million deal with consumers over diesel scandal

Volkswagen and a major German consumer group said on Friday that they had reached an 830 million euro ($902.04 million) agreement in a class action lawsuit over the carmaker’s rigging of diesel emissions tests.

Geneva car show axed as Swiss ban large events to fight virus

Switzerland on Friday banned large events expected to draw more than 1,000 people as an extraordinary measure to curb the new coronavirus epidemic, forcing cancellation of the Geneva car show next week.

Axing of Geneva car show forces manufacturers to rethink car launches

Carmakers were scrambling to reorganise press conferences and vehicle presentations after Swiss authorities forced the cancellation of the Geneva car show on Friday in an effort to contain the coronavirus.

UBS CEO’s pay slips to $1 million a month as Swiss bank’s top bosses pocket $113 million

UBS Chief Executive Sergio Ermotti, one of Europe’s best paid bankers, earned 12.5 million francs in 2019, down from 14.1 million in 2018 after the bank was hit with a multi-billion-euro court case and it missed earnings goals.

ECB rate setters see no need for action as coronavirus spreads

The European Central Bank does not need to take immediate action in response to the coronavirus epidemic, two ECB policymakers said on Friday, confounding market bets on a rate cut.

Kenya’s high court orders suspension of flights from China over coronavirus

Kenya’s High Court on Friday ordered flights from China to be temporarily suspended over the coronavirus outbreak, following a petition by the Law Society of Kenya.

Airlines at center of storm as coronavirus spreads

European airlines stepped up their warnings over the coronavirus outbreak on Friday, with British Airways-owner IAG and Finnair flagging a hit to profits and easyJet reporting a big drop in demand into and out of a virus-affected region in Italy.

Rabobank: “So, It Was Right Not To ‘Buy The Dip’?”

Rabobank: “So, It Was Right Not To ‘Buy The Dip’?”

Authored by Michael Every via Rabobank,

So it was right not to œbuy the dip .Â

US Personal Incomes Grow At Fastest Pace Since 2018, Spending Growth Slows

US Personal Incomes Grow At Fastest Pace Since 2018, Spending Growth Slows

Amid all the carnage, a sliver of good news is that incomes jumped more than expected in January (+0.6% MoM vs +0.4% MoM) and while economists will be gravely disappointed spending rose less than expected (+0.2% MoM vs +0.3% MoM) prompting a healthy rise in the savings rate from 7.5% to 7.9%…

Mexico Confirms 2nd Case In Latin America; Nigeria Confirms First Case South Of The Sahara: Live Updates

Mexico Confirms 2nd Case In Latin America; Nigeria Confirms First Case South Of The Sahara: Live Updates

Update (0820ET): After several scares, Mexico has finally confirmed its first case of coronavirus, according to Mexico’s deputy health minister.

According to Reuters, the patient recently traveled to Italy and came up positive on the initial test. His case is only the second confirmed in Latin America, outside Brazil. The patient is said to be “not in a serious condition.”

In corporate news, following Facebook, Goldman Sachs and a host of other companies, Kraft Heinz has taken the precautionary step of postponing its March conference in Chicago. The conference was supposed to host 250 of the troubled packaged-food company’s best managers.

* * *

On Wednesday, the coronavirus outbreak reached a new milestone when the number of new cases confirmed in the world ex-China finally surpassed the number being confirmed on the mainland. Two days later, and we’re almost at the point where the number of Thursday new cases confirmed by Iran was roughly half the total coming out of Wuhan.

Buchanan: Coronavirus Crisis Is Trump’s Time To Lead

Buchanan: Coronavirus Crisis Is Trump’s Time To Lead

Authored by Patrick Buchanan via Buchanan.org,

Not until well into the Democratic debate Tuesday night did the COVID-19 coronavirus come up, and it was Mike Bloomberg, not a CBS moderator, who raised it:

œThe president fired the pandemic specialist in this country two years ago, the former New York mayor said.

œThere’s nobody here to figure out what the hell we should be doing. And he’s defunded the CDC.

Not 24 hours later, President Donald Trump, home from India, was in the White House briefing room, flanked by the nation’s foremost health experts, deputizing Vice President Mike Pence to head the task force to lead America’s battle against the spreading disease.

Economy grows slowly in Q3, with virus impact to come

Economy grows slowly in Q3, with virus impact to comeAt 4.7%, economy fared slightly better in Q3 even as risks to global growth over coronavirus are still unfolding.

Virus leaves Mukesh Ambani poorer by $5 bn

Virus leaves Mukesh Ambani poorer by $5 bnThis stock rout has wiped off Rs 11.52 lakh crore of equity investors’ wealth on Dalal Street.

Climate change may cost Mumbai $920-billion

Climate change may cost Mumbai $920-billionA McKinsey study shows that economic damage incurred by Mumbai from flash floods could almost double by 2050.

January 2020 Headline Income Growth Improves

Written by Steven Hansen

This month there was a significant increase in the year-over-year growth rate for income, but expenditures’ growth was little changed.

What Apple, Microsoft, Nike and other U.S. companies are saying about the coronavirus outbreak

The new coronavirus that was first identified late last year in Wuhan, China, is a dominant theme in the earnings releases and conference calls of S&P 500 companies as investors press for answers on how it will impact their business.

Economic Report: Consumer spending is still rising steadily, but coronavirus looms as potential brake

Americans bought more new autos in January and spent more on hotels and eating out, but consumer spending has slowed since last summer and it’s unlikely to improve much so long as the coronavirus threat persists. Consumer spending increased a mild 0.2% last month.

Futures Movers: Global oil benchmark falls to 2 1/2-year low as coronavirus sparks demand fears

Oil futures fell Friday, with the global benchmark trading at a 2 1/2-year low, as fears the spread of the COVID-19 epidemic around the world will significantly dent demand for crude.