- Quarantine in China is beginning to show results.
Chinese health officials report that the number of new infections of coronavirus over the weekend has dropped significantly as intensive measures are being taken to limit its spread. The latest reports show a total of 71,200 cases and 1,775 deaths so far, most of them at the virus's origin, Hubei. There were 2009 new cases on Sunday last week, down from 2,641 the day before and 142 deaths. A total of 50 cases of infection and 4 deaths were reported worldwide. How the virus will hit the Chinese economy is not yet known, although Chinese authorities say there will be no consequences, China's economy will be able to cope with the problem. But some analysts say that we should expect a slowdown in economic growth from 6% to 4-5% per annum.
- . The holidays time in the USA
The U.S. markets are closed on Monday as it's President's Day. NYSE, Nasdaq, CME are not working today either. On Friday, the U.S. indexes showed growth after the CNBC report that the White House is considering introducing tax incentives for U.S. investors to buy securities. The US stock markets made record highs on Wednesday as the Fed promises to soften monetary policy. Head of the U.S. Federal Reserve Powell said that he is monitoring the situation around the coronavirus and how it may affect China and the global economy.
The U.S. Central Bank on Wednesday, February 19 should publish the minutes of the January meeting, in which investors will look for any references to the coronavirus. In addition to the minutes, several Fed members are also expected to speak. The economic calendar is also expected to publish reports on the timing of the start of housing construction, permits for construction and sales of existing housing.
A lot of economic data in the UK is expected to be published this week. But it is still too early to say if there is any sign of any recovery in the December jobs reports to be released on Tuesday, Retail Sales data that will be released on Wednesday may indicate signs of a slight decline in Boris Johnson's activity after winning the election. Manufacturing and services PMI data for February, which will be released on Friday, may show continued growth this month, which in turn may prevent Bank of England from cutting rates.
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