The spread and effects of the new pandemic are getting more and more difficult to predict. Today is the last trading day of the week. So, grasp the latest updates on the world events and finish your trades based on that. Choose the right trading strategies!
The aviation industry is expected to witness the first global passenger demand decline in 11 years after examining the initial effects of thousands of flights canceled due to the outbreak of Coronavirus in China. According to estimates by the International Air Transport Association, the estimate is down about 4.7 percentage points from passenger traffic projections made just two months ago, with most of the impact in Asia Pacific.
Meanwhile, the head of the World Health Organization has called on countries around the globe to increase funding to prevent the virus, although the disease is still largely confined within China. Hospitals are treating many patients with the virus, making patients seriously ill such as those with cancer and those who need dialysis for where to go. Peter Oppenheimer, chief strategist at Goldman Sachs, said that: "The negative impact of the virus could soon pose a threat to stock market recovery. Capital markets are increasingly facing these surprises in the short term for profit growth. Although the maintenance of a "bear" market may not seem feasible, a short-term correction seems much more feasible."
Today, Asian stocks are ready for a chaotic start amid new concerns about the impact of Coronavirus. The dollar rose with Treasury and Gold Bonds to climb to an eight-year high as investors sought a safe haven. The futures market has changed little in Japan and Australia, and in Hong Kong is down. US stocks plunged and Dollar Index rose to the highest level in nearly 3 years as cases of virus infection outside China raised anxiety. The yen extended its fall of 112 / USD and the yuan weakened. Elsewhere, oil spiked to its highest level in nearly four weeks as crude oil exports in the US surged and domestic inventory expansion slowed significantly.
Chinese stock traders are facing the ambiguity caused by the Coronavirus, not knowing when Beijing's emergency assistance measures could culminate. Traders said it was important to assess the development of the outbreak because even a significantly better turn could reduce the urgency of further policy easing and call for cutting. reduce the upside positions. But the perception of the epidemic is hard to grasp as the government constantly revises its data methods. For example, the number of new cases announced yesterday to Hubei Province, the center of the epidemic, plummeted after China changed its reporting a second time this month.
Not even taking office, but Mr. Hironori Kamezawa of Mitsubishi UFJ Inc. Financial Group. has made a mark at Japan's largest bank. He is leading a loan company to invest $ 700 million in Singapore technology giant Grab. The deal, which is equivalent to about 5% of Grab's current estimated value of $14 billion, could help MUFG exploit millions of startup app users and enhance its presence in Southeast Asia. Mr. Kamezawa was appointed chief executive last month, and he will assume his position in April to steer the bank to overcome challenges from negative interest rates to the need for modernization service.
Analysts have predicted MUFG will accelerate its financial technology efforts under the new leadership, who has been supporting projects including the development of banking digital currencies. Graduating in mathematics from Tokyo University is a rare thing in an industry where most elites have a background in law or economics. He has been a digital transformation employee since 2017, overseeing efforts from introducing more automation at branches to promoting blockchain payment initiatives.
So far, Japanese Prime Minister Shinzo Abe has been able to prevent the outbreak of the Corona virus from damaging his difficult relationship with China. What has become more arduous with each new case being confirmed in Japan, especially with China's earlier warnings. Mr. Abe has taken a softer approach than the Trump administration when it comes to viruses in China. Unlike other countries including the United States, Australia and Singapore, the Japanese government has avoided the ban on visitors from neighboring countries, instead restricting entry from only two provinces. While acting swiftly to evacuate its citizens from the outbreak in Hubei province, Japan also uses airplanes to send aid packages to China. This is in contrast to Japanese counterparts in the United States, who have questioned China's commitment to transparency throughout the crisis - leading to bickering between the two sides. But as the number of virus infections increases in Japan, can the relationship be intact?