Manufacturing PMI fell to 35.7, non-manufacturing to 29.6, while the Caixin China Manufacturing PMI dropped to 40.3 and the Services down to 26.5. The S&P 500 Materials Index is a capitalization-weighted index that tracks the companies in the material sector as a subset of the S&P 500. Gold had its biggest one-day advance in almost four years after the Federal Reserve cut interest rates by 50 basis points to help mitigate the negative economic effects of the coronavirus. The Fed’s 50 basis point cut this week failed to calm global financial markets, with safe-haven Treasury yields hitting all-time lows. Investments in commodity ETFs grew by 10 percent last week for the 11th straight week of inflows, led by precious metals ETFs. The agreement reached on Thursday calls for the creation of a security corridor along the strategic M-4 highway policed by joint Russian-Turkish patrols, as well as steps to allow the return of refugees and access for humanitarian aid. The Nasdaq Composite Index is a capitalization-weighted index of all Nasdaq National Market and SmallCap stocks. Romania was the best performing country this week, gaining 3.6 percent. A study in Nature Climate Change says that a 4 degree Celsius increase in temperatures from pre-industrial levels would lead to erosion and more coastal flooding. The study predicts that sandy beaches would be eroded by 40 to 250 meters under the worst-case scenario. The Institute for Supply Management’s non-manufacturing index unexpectedly rose 1.8 points to 57.3 in February. Airbus has been performing test flights at a secret location since last year. Information Technology constituted the best relative sector performance in Hong Kong’s Hang Seng Composite for the week, gaining 2.29 percent. The relative attraction of U.S. stocks over bonds has hit its highest ever for income investors after the latest collapse in Treasury yields. They explained that they had previously been trimming risk from their portfolios over the past couple of months, but now they see “the risk-reward as increasingly skewed to the upside for risky assets and use the current pullback to add back to cyclical exposures at the margin.”. The Fed is not reacting to any real weakness in the US economy. The best performing major commodity for the week was iron ore pricing out of China, which gained 6.65 percent. Notably, United withdrew its 2020 profit forecast, citing uncertainty from the virus. De Beers, the world’s largest diamond miner, said its sales fell by more than a third last week from its first sale of the year in January, reports Bloomberg. Long-bond rates had their biggest intraday drop since 2009, according to Bloomberg. The Korean Composite Stock Price Index (KOSPI) is the main tracking index in South Korea. The Russian ruble was the worst performing currency in the region this week, losing 2.5 percent. The latest PMI readings do not include the impact of the coronavirus spread in Europe and the expectation is that following months readings will be much weaker, with the possibility of the service PMI falling below the 50 level. Airlines were among the gauge’s largest percentage decliners after the International Air Transport Association sad the outbreak could cost the industry $63 billion to $113 billion in lost revenue from passengers this year, up from an estimate of $30 billion just two weeks ago. If the project becomes a payments network, average consumers might not understand the difference between it and existing apps such as PayPal. Who will be paying for this? Production plunged the most in almost two decades while the measure of new export orders also fell to the lowest since 2009. Kudlow ruled out a large-scale economic stimulus package similar to the one passed in response to the global financial crisis, calling the idea a “budget buster.”. Legendary investor Jeffrey Gundlach said Thursday in a CNBC interview that he thinks the Fed will cut rates by another 50 basis points at the next meeting in two weeks. The coronavirus is a hotbed for lawsuits against hospitals, restaurants, day care centers and more. “We will see short rates headed toward zero,” the billionaire said on CNBC’s “Halftime Report. The aircraft was a Boeing 737-800, which has a strong safety record, and predates the grounded 737 MAX. Evercore ISI analyst Umer Raffat suggested Friday the results of that study could be available in March. The final service PMI was 52.6 versus 52.8, leaving the Composite PMI unchanged at 51.6. Passenger demand is forecast to drop by 0.6 percent in 2020, compared with a December estimate of 4.1 percent growth for the year. As one the most exposed industries to global travel disruptions, airlines have seen a deeper selloff than the market and now look like an attractive bargain. Obviously there are multiple factors investors should consider, including time period and asset class, but as a general rule, when the RSI falls below 30, it’s been a good buy signal, and anything below 20 has been a screaming buy. Lufthansa has frozen hiring. Speaking to various business news networks on Friday, National Economic Council director Larry Kudlow hinted that the U.S. government is considering “timely and targeted micro-measures” for certain industries, including airlines, hospitality and agricultural. The FTSE Straits Times Index (STI) is a capitalization-weighted stock market index that is regarded as the benchmark index for the Singapore stock market. So far, COVID-19 has had a far greater impact on global airline stocks than the 2002-2003 SARS epidemic did. Open interest in lumber had lost 25 percent in six sessions by Wednesday. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. As China’s economy suffers from the virus outbreak, shoppers are staying home and pushing the diamond industry into further trouble. All currencies in central emerging Europe appreciated in the past five days, with the exception of the ruble, after the U.S. dollar weakened due to the Federal Reserves’ unexpected decision to cut rates by 50 basis points. According to CLSA, stocks have historically been up 86 percent of the time 10 trading days following these conditions. The Hungarian forint was the best performing currency this week, gaining 3.5 percent. Bloomberg’s Upmanyu Trivdei writes that “the ruling is an opportunity for virtual currency investors and businesses in India to push against stricter rules being planned by a skeptical government, and potentially raises hopes for projects.”, Bitcion had a strong start to the week after having its worst week since November. Cryptocurrencies are losing their status as a safe haven that moves in the opposition direction of the stock market. And it gives direction to our green growth strategy and guarantees that the transition will be gradual and fair,” von der Leyen said about the new regulations that could make Europe the first climate-neutral continent. I like to advocate the 10 Percent Golden Rule, with 5 percent of your portfolio in gold bullion (coins, bars, jewelry), the other 5 percent in high-quality gold stocks, mutual funds and ETFs. According to a Bloomberg Economics report, the Chinese economy was running at 60 percent to 70 percent last week, up from around 50 percent in February. Chevron CEO Mike Wirth pledged as much as $80 billion in dividends and share buybacks over the next five years in its annual investor meeting on Tuesday. The Russell 2000 small capitalization index lost 1.84 percent this week. Carriers around the world have cancelled more routes as the virus spreads further and travelers fear flying. We’ll see then if the probability holds. I don’t think we’re going to fly a single route that anybody is flying on. Rather, it’s trying to shield the economy from the future virus impact. In both instances, the market sees at least one more cut of 25 basis points this month, with a Federal Open Market Committee decision slated for March 18. The S&P 500 index dropped over 10 percent from its February 19 closing high, after logging its biggest weekly percentage decline since October 2008. “It offers predictability and transparency for European industry and investors. Ever on the hunt for a great bargain, billionaire investor Warren Buffett boosted his company’s stake in Delta Air Lines once again. Enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events. Currently, airlines only have the equipment of their chosen internet service provider. “Either a data monitoring committee gives us preliminary results from an ‘interim analysis,’ or perhaps the first (study) is near completion,” Raffat said in a report. The coronavirus continues to negatively impact the global airline industry. Utility stocks have more to offer income-seeking investors now that the yield on 10-year Treasury notes has set a record low. Again, on the bright side, China is reportedly getting back to work—though still far from at full capacity and with more new COVID-19 cases popping up—and so one hopes the rebound is quick. On February 5, Pegasus Airlines flight 2193 crashed upon landing at Istanbul’s Sabiha Gokcen Airport. John McClain, a portfolio manager at Diamond Hill Capital Management, said “this is what the start of a recession after a long bull market feels like.”. Global Investors does not endorse all information supplied by these websites and is not responsible for their content. U.S. If the deposit rate is cut by an additional 10 basis points next week, institutions will have to pay 60 basis points for depositing funds overnight. The precious metal is used to curb emissions from cars and has rallied significantly as countries are requiring stricter emission standards. The nation’s Mining and Energy Minister announced that production will continue to rise in the next three years to reach 3 million tons by 2022 as new mines begin operations. But here we document the sharpness of the decline, hopefully behind us to stay. ... Google, other Big Tech companies on antitrust grounds. Holdings may change daily. The U.S. Energy Storage Association hopes to have 35,000 megawatts online in the next five years. The 10-year yield fell below 0.7 percent and the yellow metal could soon test $1,700 an ounce. After gold’s decline last Friday, RBC Capital Markets said in a note that the event “does not spell the end of gold-positive conditions, as investors seem to have cashed out to cover losses elsewhere.” Gold was headed for a great end to this week, but fell slightly as investors are likely cashing in gains to cover losses in the stock market.
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