Global markets are opening the trading week off their Friday lows and mainland China markets opened 8% lower for the first trading day since the coronavirus outbreak spread. The good news is that the Chinese government decided to inject liquidity into Chinese banking system approximated at 173 billion dollars. Most other Asian markets traded lower however closed of their lows, the Japanese Nikkei dropped 1%, Australia fell 1.35% and South Korean markets closed flat. FX markets are opening the trading week with a move higher in the dollar index, trading at 97.56 this morning following the biggest loosing day for the index in two months on Friday. The reaction in currency markets remained contained so far, supporting the “safe heavens”, the JPY and CHF. Gold and Silver are trading 1% lower this morning after a strong close of the week Friday, Gold at %1,775 and Silver at $17.75 per ounce respectively. Oil prices fail to stabilize, down 12% for the month of January and trading at $51.5 this morning, at 8-month lows.
UK Manufacturing PMI at 9:30 am and US ISM Manufacturing PMI at 3:00 pm are the important news on the agenda Monday, (All times GMT).
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Oil prices still show support on all time frames at the $50 area despite the 12% monthly loss in January.
Nasdaq futures trading off lows this morning, suggesting relief into the first trading day of February.
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