Nasdaq futures are firmly on the red in premarket trading amid renewd coronavirus fears, as California declared a state of emergency due to the virus epidemic. Today, there are 95,748 confirmed cases of COVID-19 and at least 3,286 deaths. U.S. authorities proposed an eight billion emergency spending package to offset the coronavirus impact, while the IMF announced a $50-billion lending program to help businesses harmed world-wide by the virus.
The Dow Jones futures are 1.59% lower at 26515, while the Nasdaq futures are 1.74% lower at 8741. The S&P 500 futures are 1.75% lower at 3059, breaching below the 200-day moving average for one more time. On the economic data the United States Challenger Job Cuts came in at 56.66K in February from the previous 67.735K.
European Stocks Slump
European stocks are sharply lower by midday. The CAC 40 is 1.69% lower at 5,372. The DAX Index is 1.63% lower at 11,925, despite Germany’s construction PMI rose to 55.8 from 54.9, the strongest reading since January 2018. FTSE 100 is 1.59% lower at 6,705 while the FTSE Mib index is 1.90% lower at 21,528.
Cryptocurrencies are over 3% higher, the bitcoin (BTCUSD) is 3.85% higher at $9090. Litecoin (LTCUSD) is 3.59% higher at 62.52. Ripple (XRPUSD) is 2.33% higher at 0.2401 while Ethereum (ETHUSD) is 3.25% higher at 231.82.
Gold Breaks Above $1650
Gold is 0.91% higher at $1651 as investors shift their attentiiion to safe haven assets. Silver price is 0.66% higher at $17.30.
OPEC ministers in ana emergency meeting reportedly agreed to reduce the crude oil production cut by 1.5 million barrels per day. The WTI is 0.41% higher at $46.98. Brent crude oil is 0.58% lower at $51.28.
In forex markets, the common currency is trading higher, EURUSD is 0.49% higher at 1.1188. AUSDUSD is 0.25% lower at 0.6610. The Japanese yen is attracting bids as a safe haven asset, the USDJPY is 0.60% lower at 106.86. USDTRY is 0.08% higher at 6.0803.