Equities and oil rebound as efforts to contain the virus strengthen
|Market movers today
In the absence of major economic releases, focus will continue to be on the coronavirus and how fast it is spreading. In the US, we get the weekly consumer comfort survey, which could be affected by some consumer anxiety, though most likely not, as the virus has not really spread to the US.
In Europe, the ECB's President Lagarde will address the European Parliament. While we don't expect it to be a near-term market mover, she may reflect on the strategic review, the Green new deal and the ECB's role in climate change.
As expected, US President Trump was acquitted by the US Senate yesterday evening.
Selected market news
The positive sentiment in global equity markets continued this morning as China cut tariffs on some US goods. Furthermore, efforts continue to halt the spread of the coronavirus. Hence, we are seeing further reversal in global fixed income markets and currencies, where yields are rising, while the yuan is strengthening and the yen is weakening.
Oil is rebounding on the back of the efforts to contain the virus and on the back of OPEC+ meeting in Vienna to reach a consensus to deal with virus. The discussion is to keep the production cuts for longer or make deeper ones.
US president Trump was cleared in the impeachment trial. This was expected, as the republicans hold the majority in the Senate. Only one Republican senator voted against Trump.
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