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Opening Bell: Stocks, U.S. Futures Rise On Signs Of Viral Spread Slowing

By Investing.com (Pinchas Cohen/Investing.com)Market OverviewFeb 12, 2020 08:17AM ET
www.investing.com/analysis/opening-bell-stocks-us-futures-rise-on-signs-of-viral-spread-slowing-200506718
Opening Bell: Stocks, U.S. Futures Rise On Signs Of Viral Spread Slowing
By Investing.com (Pinchas Cohen/Investing.com)   |  Feb 12, 2020 08:17AM ET
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  • Epicenter of China virus shows lowest number of new cases in a month
  • China, Fed signal accommodation
  • Oil rises, slightly

Key Events

U.S. futures for the S&P 500, Dow Jones and NASDAQ, along with global stocks all opened higher this morning, on the heels of reports suggesting the coronavirus' spread might be slowing.

Treasurys rose for a third day, the yen moved higher for a second day, and gold's slide extended to a third day.

Global Financial Affairs

Though cases of the virus—now officially called Covid-19 by the World Health Organization—have increased outside of China, the latest data shows the viral outbreak may have slowed within China itself. As well, the number of suspected cases on the mainland fell by more than 5,000 to about 16,000.

Perhaps adding to the return of investor risk appetite, during his Congressional testimony yesterday, Fed boss Jerome Powell assured the market the U.S. central bank is keeping a close eye on the economic implications of the epidemic. What concerned investors heard: promises of more stimulus if needed, allowing them to drive U.S. equity indices to new and as-yet-unexplored heights.

China's President Xi Jinping also promised his country would meet its economic goals.

SPX Futures Daily
SPX Futures Daily

Equity futures are pointing to higher highs for their underlying benchmarks today, even after those gauges closed well off more impressive gains made earlier yesterday.

The STOXX Europe 600 Index gapped up, pushed higher by retailers and automobile companies.

The Asian session was painted almost completely green on Wednesday. China’s Shanghai Composite and Hong Kong’s Hang Seng both advancing 0.87%. It was the 7th straight advance for the Shanghai index. All the other major regional indices opened higher, including Japan’s Nikkei 225, South Korea’s KOSPI and Taiwan's TAIEX.

UST 10-Y Daily
UST 10-Y Daily

Yields climbed for the third day. However, the U.S. 10-year Treasury moved within a rising flag, bearish after the fall from 1.950 since Jan. 2.

USD/NZD Daily
USD/NZD Daily

New Zealand’s dollar jumped the most in two months after its central bank said the impact from the virus will be short-lived. As such, the RBNZ kept rates steady and didn’t project a need for additional cuts this year.

Gold Daily
Gold Daily

Gold fell for a third day, within a symmetrical triangle, after posting a new high in the uptrend.

WTI Daily
WTI Daily

Oil climbed for a second day. The commodity is back above $50, after closing yesterday below that critical level. It continues to struggle against the lows since June.

Market Moves

Stocks

Currencies

Bonds

  • The yield on 10-year Treasuries climbed three basis points to 1.63%.
  • The yield on 2-year Treasuries increased two basis points to 1.44%.
  • Germany’s 10-year yield rose three basis points to -0.37%.
  • Britain’s 10-year yield rose four basis points to 0.606%.

Commodities

  • West Texas Intermediate crude rose 1.6% to $50.75 a barrel.
  • Gold depreciated 0.2% to $1,564.27 an ounce.
Opening Bell: Stocks, U.S. Futures Rise On Signs Of Viral Spread Slowing
 

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Opening Bell: Stocks, U.S. Futures Rise On Signs Of Viral Spread Slowing

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Comments (6)
Heine Pedersen
Heine Pedersen Feb 12, 2020 9:47AM ET
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An inverted yield curve is also an indicator for being bullish on risk? We need to rewrite all the books now.
Dale Schrieber
Dale Schrieber Feb 12, 2020 9:17AM ET
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Cases of Covid19 are not falling. CCP just changed the counting rules. It's going to get a lot uglier before it gets better.
ECL SALES
ECL SALES Feb 12, 2020 9:05AM ET
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Euro Collapse may trigger next wave of selling. DOLLAR BUBBLE would crash EM currencies n equities, may even crash GOLD too (I suspect this). And all this is happening because of CORONAVIRUS. The already declining europe getting infected. Next sharp rally would come only after sharp sell off and CENTRAL BANK starting QEs & FED going to 0.
Nay La
Nay La Feb 12, 2020 8:21AM ET
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THB set
Heine Pedersen
Heine Pedersen Feb 12, 2020 8:18AM ET
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Got nothing to do with massive buybacks? And how's the trade talks going?
Rami Daoudi
Rami Daoudi Feb 12, 2020 7:42AM ET
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how are your bearish signals doing ?
 
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