As the coronavirus outbreak continued to escalate, the World Health Organization declared a public-health emergency. Bonds rallied while international markets and cyclical sectors underperformed. Brent crude futures sank overnight after a report saying Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, in probably the largest demand shock the oil market has suffered since the global financial crisis.
The pound edged lower this morning, as The U.K. and the European Union begin their battle over a future trade deal on Monday.
Coming up, heavyweights from every sector release earnings this week. There’s purchasing managers index data due and the closely watched Institute for Supply Management’s manufacturing numbers coming from the U.S. The Federal Reserve, as expected, left interest rates unchanged – as did the Bank of England. Despite the negative market sentiment last week, economic data was broadly positive with personal spending, durable goods, and new home sales all posting positive growth. CLICK HERE