Wall Street futures are mixed in early Monday as investors trying to access the impact of the coronavirus outbreak in China’s and global economy. The latest update is for 40561 confirmed cases and 910 deaths. Some of China’s factories reopened while other businesses extend the shutdown for one more week. During the Asian trading session, China reported January CPI at 5.4% from 4.5% in December above the analysts’ expectations of 5%. The food prices increase by 20.6% from 17.4% The PPI rose 0.1% year over year.
In our trading calendar we have on Tuesday the Small Business Optimism Index for January and testimony from Fed Chair Jerome Powell. On Wednesday we have the mortgage purchase applications index.
Nasdaq futures are 0.07% higher at 9416 pointing to a neutral start for the cash market. The Dow Jones futures are 0.04% lower at 29029 while the S&P 500 futures are 0.01% lower at 3325. On Friday Wall Street ended lower despite the stronger NFP data. The January 2020 non-farm payrolls came in at 225k beating the expectations of 160k and above the previous reading of 145k. The unemployment rate registered in at 3.6% above the forecasts and the previous reading of 3.5%. The Labor Force Participation Rate reported at 63.4% above expectations 63.1%. The Average Hourly Earnings (yearly) came in at 3.1% topping forecasts of 3%.
European stocks are trading lower with the FTSE 100 in London down 0.17% at 7,453. The DAX Index is 0.26% lower at 13,479 after Annegret Kramp-Karrenbauer, Merkel’s handpicked successor said that she will step down and not replace Angela Merkel as the Chancellor candidate. The CAC 40 is 0.29% lower at 6,012 while the FTSE MIB is 0.34% higher at 24,561.
Cryptocurrencies Retreat from Yearly Highs
Cryptocurrencies give up the early gains. Bitcoin (BTCUSD) price made fresh yearly highs above the $10000 mark but profit-taking as of writing push the price below the $10000. Ethereum (ETHUSD) is 4.16% lower at 218.92. Litecoin (LTCUSD) is 4.87% lower at 73.30 while Ripple (XRPUSD) is 4.19% lower at 0.2707.
Crude Oil Down On Demand Worries
Crude oil downtrend resumes amid global demand worries. WTI crude oil is 0.12% lower at $50.22, while the Brent crude oil is 0.18% lower at $54.37. Gold price is 0.40% higher at $1571.68 while Silver is 0.41% higher at $17.75.