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Asian markets are broadly lower at the end of the trading session on Tuesday

US futures are down in early trade

US futures are down in early trade as the risk-on sentiment reverses. Topping Today reports that a new virus outside China could spoil the Lunar New Year celebrations. The flu-like coronavirus can cause pneumonia in humans and has already been killed six. Chinese officials were worried that the illness would spread over the holiday as millions are expected to travel. The Dow Jones Industrial Average is down -0.20%; both the S&P and NASDAQ Composites are down more than -0.30%.

In other news, the Senate has set rules to test Donald Trump’s impeachment. McConnell would allow voting on documents and witnesses, putting a sponge on hopes for punishment. In business news, Steve Mnuchin says that a Phase 2 trade deal cannot remove all charges that are in place. The news is another setback for those who are hoping that the business will return to normal soon. At this pace, it will be at least three-stage talks, and all issues will be resolved several years ago.

There is no economic data today, but traders are cautious about central bank news. The FOMC is meeting next week as the BOE. The BOJ released its statement today, with no change in policy and positive development outlook through 2021, while the ECB is slated for release later this week. On the earnings front, the fourth-quarter earnings cycle went into high gear this week.

European market collapse, travel stocks lead

European stocks are falling on Tuesday after news of China’s health-problem surfaced. FTSE is in the lead with a loss of -0.90% while CAC and DAX mark. The CAC is close with a loss of -0.80%, while the Dax is posting a more tidal -0.15% loss. While Chinese health is intimidating to people in business, the big news today is the annual economic forum from Davos, starting today and closing due to speeches by Donald Trump and Greta Thunberg. One advocates national protectionist policies, the other for swift action related to climate change.

In stock news, UBS shares are down -5.0% following top and bottom-line expectations by the banking giant. Steelmaker Yuraz shares also declined -5.0% after disappointing investors. At the other end of the spectrum, Hugo Boss shares are rising higher. The German fashion brand reported better than expected results and gave a favorable outlook.

Asia Platts, Hong Kong Leads, As Illness Spreads in China

At the end of the trading session on Tuesday, the Asian markets remained largely down. Hong Kong Hang Seng is at the word of major decline with a loss of -2.8%. Moody’s cut the city-state rating from AA 3 to AA 2, citing instability within the government. Shares in Shanghai are down -1.41% due to the disease spreading within Chinese borders. There have been more than 300 cases with six deaths raising concerns of widespread epidemics. With Lunar New Year celebrations soon, the cause for concern is real. Nikkei has -0.90%, ASX -0.19%, and Kospi -1.01%.

 

 

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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