ForexLive Asia FX news wrap: Bounce for US equity futures
Forex news for Asia trading Tuesday 25 February 2020
- China's Global Times on that oral vaccine to protect against coronavirus
- WSJ: Coronavirus’ global spread may not be contained, WHO Says
- BOJ's Maeda says the BOJ is not targeting yen with monetary policy
- Latest South Korea business sentiment drops to 84.4 (from 92 the previous month)
- Australian PM Morrison says only 7 cases of coronavirus remain, all considered mild
- ICYMI - Fed's Mester sees US economy performing well, coronavirus a big risk
- US CDC travel warning on South Korea is now at to level 3, the highest
- Survey of Australian businesses: 1 in 6 say they have already been affected by the coronavirus
- PBOC sets USD/ CNY reference rate for today at 7.0232
- Australian newspaper front page today, under the footy is the coronavirus 'pandemic'
- S. Korea to implement containment policy on Daegu, North Gyeongsang Province
- Trump is asking Congress for 2.5bn USD to fight coronavirus
- Mainland China reports 508 new coronavirus cases
- Spain (Canary Islands) coronavirus count hits 3
- China state media report another province has cut its virus emergency level
- UBS note a big fall in iPhone demand in China in January - February "likely to be far worse"
- BoA says Treasury market is flashing red - co0rdinated central bank easing ahead?
- Japan economy minister Nishimura says downside risks to the economy
- Citi says to short euro against … the yuan!
- South Korea virus cases update (as of late Monday): 833 cases, 8 deaths
- South Korea & US considering scaling back military exercises due to coronavirus
- Mastercard now waring on coronavirus outbreak - sees lower revenue growth
- Australia weekly consumer confidence 108.3, prior week was 109.1
- United Airlines cut 2020 forecast, citing coronavirus impact
- USD/JPY to 120? Here are a 2 reasons.
- Goldman Sachs says US Treasury yields (may) have further to fall
- Trade ideas thread - Tuesday 25 February 2020
- US President Trump says "Coronavirus is very much under control in the USA"
- US to begin testing coronavirus vaccine in late April, results in July or August
- More from Fed's Mester: Monday's market reaction to the coronavirus is 'one day'
- Dow tumbles more than 1000 points. Worst day since Feb 8, 2018
Coronavirus-related developments were once again centre-stage in Asia during the session with very little other market-related news nor data crossing. US equity futures trade on Globex was (as of updating) a one-sided bounce back, with the market grabbing hold of a couple of friendly pieces:
- The Wall Street Journal reported on a vaccine. Pretty thin stuff with trials in people not until late April and results not until July and August. Sheesh.
- US President Trump tweeted the virus under control in the US and he likes stocks here - it would be unlike the Prez to tweet anything else?
- From China, Tianjin University said they have invented an oral vaccine to protect against the virus
Anyway, regardless of the basis, US equity futures performed solidly. Regional markets had some catch-down to do which kept them in the red.
- Shanghai Composite -2.5%
- Chinext -3.5%.
The AUD traded better on the session, seeming to top take a cue from US stocks. Also on the up (all of these small) EUR, CAD, GBP., NZD. USD/JPY tickled 111 and is just under as I update.