On Friday (February 14), the latest news from the outbreak in hubei province: yesterday, hubei province confirmed a new case of coronary pneumonia of 4,823 cases, the total number of confirmed cases more than 50,000. Gold rose strongly on Thursday on concerns about the outbreak, staying near $1577 an ounce in early Asian trading on Friday with a short-term target at $1580. Tonight, Beijing time, investors will face key U.S. retail sales data, which is expected to spark market volatility.
More than 50,000 cases have been confirmed in hubei
A total of 4,823 new cases of coronary pneumonia (including 3,095 clinically diagnosed cases) were confirmed in hubei province between 0:00 and 24:00 on February 13, 2020, according to the hubei provincial health and fitness commission on Friday. A total of 51,986 cases (including 15,384 clinically diagnosed cases) have been reported in hubei province as of 2:00am Tuesday.
At present, 36,719 cases are still being treated in hospital, including 7,593 severe cases and 1,685 critical cases, all of which are receiving isolation treatment in designated medical institutions. There were 6,169 suspected cases, 3,689 were excluded on the same day and 5,352 were isolated. A total of 166,818 people with close contacts were tracked and 77,685 were under medical observation.
Central authorities in hubei province have reshuffled the posts of leading comrades in the provincial party committee, xinhua reported on Thursday. Ying yong was appointed member, standing committee member and secretary of hubei provincial party committee. Jiang chaoliang was no longer secretary, standing committee member and member of hubei provincial party committee.
On February 13, hubei province held a meeting of leading cadres, vice-minister of the central organization department wu yuliang announced the decision of the central committee at the meeting, said that the adjustment is the central committee from the overall situation, according to the needs of the epidemic prevention and control work and the actual situation of the leadership in hubei province, after overall consideration, careful research decision.
Wuhan municipal party committee is mainly responsible for the adjustment of comrades, comrade wang zhonglin was appointed member of hubei provincial party committee, standing committee member and secretary of wuhan municipal party committee, comrade ma guoqiang was no longer deputy secretary of hubei provincial party committee, standing committee member, member and secretary of wuhan municipal party committee.
“Scary data” is coming
U.S. retail sales data for January, the biggest economic data release of the day, will be released at 21:30 Beijing time on Friday.
U.S. retail sales are expected to have risen 0.3 percent in January after rising 0.3 percent in the previous month, according to media surveys. Core U.S. retail sales are expected to have risen 0.3 percent in January after rising 0.7 percent.
Since the fed stresses that interest rate decisions will be based on economic data, and consumer spending accounts for about 70 percent of US economic output, us retail sales data often send shockwaves through financial markets, hence the term “terrorist data”.
Analysts said the weaker-than-expected retail sales data could raise concerns about the U.S. economic outlook, weighing on the dollar and pushing gold higher.
Fed chairman Colin Powell this week reiterated his confidence in the outlook for the U.S. economy, even though the coronavirus outbreak could drag down the economy “soon.”
Gold surged to its highest level in more than a week on Thursday after a surge in new coronavirus cases in China reignited concerns about the impact on the global economy and prompted investors to seek less risky assets.
In late U.S. trading on Thursday, spot gold rose 0.7 percent to $1,575.75 an ounce, its highest level since Feb. 4. COMEX gold for April delivery closed up $7.20, or 0.46 percent, at $1,578.8 an ounce.
Spot gold remained strong in early Asian trading on Friday, trading around $1,577 an ounce.
Bob Haberkorn, senior market strategist at RJO Futures, said: “gold prices will continue to rise until the market determines the extent of the virus. Overnight, we got conflicting information about the direction of the outbreak. We are not sure how China will handle this situation.”
Global stocks retreated from record highs as new cases of coronary pneumonia in China weighed on sentiment. Gold is often used as a safe store of value in times of political and financial instability.
“Even before the coronavirus outbreak, gold was supported by global central bank easing and is not going to change direction anytime soon,” Haberkorn said.
Tensions in the Middle East also helped gold. According to CCTV news, the k-1 military base near the northern Iraqi city of kirkuk was hit by rocket fire on the evening of February 13, local time. In addition to Iraqi federal police and counterterrorism personnel, the base also has a U.S. military presence. According to the Iraqi journalists’ association, military aircraft were flying at low altitudes after the attack, despite bad weather conditions. Sources say the weapon may also have been a missile.