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S&P 500 Premarket: Futures Lower as Coronavirus Worries Outweigh Upbeat Earnings


S&P 500 futures drop as two confirmed coronavirus cases confirmed in UK refuelled the fears about the impact of the virus spread in the global economy. Now there are over 9,776 confirmed coronavirus cases and 213 deaths. The concerns look to outweigh the positive earnings news from Apple after the close of Wall Street yesterday.

The Dow Jones futures are 0.34% lower at 28692 while the Nasdaq futures are 0.35% lower at 9,184. The S&P 500 futures are 0.39% lower at 3276.

On the economic data, the U.S. Personal spending came in at 0.3% in line with forecasts. The Personal Income came in at 0.2% below the expectations of 0.3% in December.

In Canada the Gross Domestic Product came in at 0.1%  topping forecasts of 0% in November.

European Stocks Pairs Early Gains

European indices after a positive start turned lower midday. The FTSE 100 in London is 0.72 lower at 7,328 as yesterday the Bank of England kept interest rates unchanged at 0.75%. The DAX Index is 0.34% lower at 13,112 after weaker German Retail Sales (MoM) that came in at -3.3% below the estimates of -0.5% in December. The yearly reading also came in at 0.8% below the forecasts of 5%. The CAC 40 is 0.41% lower at 5,847 while the FTSE MIB is 1.22% lower at 23,490.

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Cryptocurrencies Retreat

Cryptocurrencies retreat today after the four days rally comes to an end. Ethereum (ETHUSD) is 4.87% lower at 175.56. Litecoin is 3.04% lower at 65.71. Bitcoin is 3.05% lower at 9213. Ripple price is 3.62% lower at 0.2345.

Crude Oil Pairs Gains After Two Coronavirus Cases in UK

Gold attracting some bids midday as the coronavirus fears returned after the two confirmed cases in UK. Gold price is 0.47% higher at $1,580. Silver is underperforming giving up 0.16% at $17.79. Crude oil prices gave up early gains and now is 0.35% higher at $52.41, while the Brent crude oil is 0.12% higher at $57.40.

In forex markets USD is under selling pressure. The British Pound attracts attention after the BOE decision for second day. GBPUSD is 0.29% higher at 1.3133. AUDUSD is 0.28% lower at 0.6702. USDJPY is 0.05% lower at 108.88. EURUSD trades 0.17% higher at 1.1049.

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