The new virus now could affect Australia

Daily Analysis - 24/01/2020

Moody’s said virus can affect travel to Australia

coronavirus


According to Moody’s, Australia’s travel sector could be “significantly affected” from the outbreak of the new virus from China.  To be more specific, especially if constraints are forced on international touring to stop the virus from spreading. The strange coronavirus has contaminated hundreds in China, and officials have announced that the current outbreak originating from Wuhan, China has already killed 25 people. The senior vice president at Moody’s, Arnon Musiker said yesterday “While the World Health Organization (WHO) has to date not recommended any travel restrictions, if the effect on regional travel is similar to that during the SARS outbreak in 2003, passenger volumes between Asian destinations particularly China and Australia could be significantly affected over the next 2-3 quarters”.

Oil retraced, but demand is still down


On Friday, Oil moved up supported by a drop in U.S. crude stockpiles. However, Oil is still on course to decline more than to 4% for the week due to concerns that China's new mysterious virus that has already caused the death of 25 people so far may spread, restricting travel and as a result the demand for fuel may decrease. U.S. West Texas Intermediate futures rose 24 cents at $55.83 a barrel. Brent crude futures increased by 24 cents, at $62.28 a barrel following a drop of almost 2% in the previous day.

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U.S. Stocks closed with minor changes yesterday


Yesterday the U.S Stocks ended with minor changes improving most of their damages from earlier in the trading session following the World Health Organization that suppressed some of the concerns regarding the dangerous virus. Dow Jones Industrial Average finished the day dropping more than 26 points, at 29,160.08. The S&P 500 ended a little higher at 3,325.53 while the Nasdaq Composite grew 0.2% to 9,402.47, notching a record closing high.

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ECB dovish tone drives EUR lower


On Friday the euro floated near a multi-week low versus the greenback following the European Central Bank’s dovish tone while concern covering China’s dangerous coronavirus outbreak created demand for the traditionally safe-haven Japanese yen. The euro traded at $1.1054, having reached a seven-week low of $1.1035 yesterday. The popular currency has also seen near to a five-week low versus the British pound.

 

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