• The US large-cap indices retreated more than 1.5% on Monday, as the continued outbreak of the #coronavirus triggered more profit taking and some overdue selling. #Dow -453.93 at 28535.71, #Nasdaq -175.60 at 9139.33, #S&P 500 -51.84 at 3243.63.
• Updates on the spreading coronavirus produced another round of financial market derisking that boosted the #yen #JPY, #dollar #USD and swiss franc #CHF, versus the other majors, particularly those with the greatest exposure to tumbling #commodity prices and repatriation of risk-on carry trades.
• EM currencies were clobbered and the offshore #yuan tumbled well below the 200-DMA it finally broke below with the Phase 1 trade deal signing.
• #Oil and #copper remain in a controlled collapse, while S&Ps extended last week’s losses after spectacular gains the past few months. Dow suffers steepest drop in months.
• #Apple (#AAPL -2.94%), #Amazon.com (#AMZN -1.79%), #GOOGL -2.53%, #Intel (#INTC -4.06%) #Alibaba (#BABA -3.87%), and those within the Philadelphia Semiconductor Index (-3.9%) took huge losses.
• Major government yield curve flattening in the search for safe-havens have US money markets more than pricing in a Fed rate cut at the Nov. 5 meeting, two days after the election, and 23bp worth of easing by the September meeting.
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