More than 44,000 cases have been confirmed in China. Zhong Nanshan predicted that the epidemic would end before April. Powell is back tonight

Now new crown pneumonia outbreak continues to affect the heart, the overnight Powell, chairman of the federal reserve, this Wednesday (Feb. 12) market sentiment is still cautious, overnight dollar steadied after highs, most non-us currency rise, spot gold remains under pressure trading near $1565, the trading day, the market continues to focus on the outbreak of further information, in addition, Powell will also be published in the Senate testimony today, this is also one of the focus.

The latest data: 44,653 cases have been confirmed nationwide

The latest data according to the national guard is built appoint, on February 11, 0-24, 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps report, new confirmed cases, 2015 cases (1638 cases) of hubei province, and severe cases 871 cases (897 cases) of hubei province, the new death cases, 97 cases (94 cases of hubei, henan, hunan, chongqing, 1 case), the new suspected cases 3342 cases (1685 cases) of hubei province.

A total of 744 cases (417 in hubei province) were cured and discharged from the hospital on the same day, and 300,068 people were released from medical observation.

As of 24:00 on February 11, the 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps reported 38,800 confirmed cases (including 8,204 severe cases), 4,740 cured and discharged, 1,113 deaths, 44,653 confirmed cases and 16,067 suspected cases. A total of 451,462 close contacts were traced, and 185,037 close contacts were under medical observation.

Investors remained cautious as the number of confirmed cases continued to rise, but zhong nanshan, head of a high-level expert group at China’s national health and fitness commission, said on Tuesday that the outbreak was expected to peak in February and possibly end in April, easing jitters about the rapidly spreading disease.

Cases of pneumonia caused by the new coronavirus have fallen in some areas and are expected to peak in mid-to-late February and may end by April, zhong said in an interview with Reuters on Tuesday. The forecasts are based on existing mathematical models, recent outbreaks and measures taken by the government. But he acknowledged that much remains unknown about the new coronavirus: “we don’t know yet why it’s so contagious, that’s the biggest problem.”

In addition, a slowdown in new coronavirus cases in China and the slow resumption of production at Chinese factories have also restored some confidence in the market.

Still, the world health organization warned Tuesday that an outbreak could pose a greater global threat than terrorism. The outbreak has killed more than 1,000 people. The W.H.O. also said on Monday that cases of the new coronavirus in people WHO had not traveled to China were likely to spread like a “wildfire” and that humans must not let the outbreak get out of control.

WHO director-general Tedros Adhanom Ghebreyesus announced on February 11 that the new coronavirus outbreak from wuhan was officially named covid-19.

“Covid-19” means “Coronavirus disease 2019”, Mr Tandesay said, referring to the name “to avoid injustice” and other suggested names or inaccurate descriptions of the outbreak. He said experts are working on a vaccine against the covid-19 virus, which is expected to be available within 18 months at the soonest, so they can only deal with the situation using existing methods, and called on countries to work together to prevent the spread of the disease and increase spending.

Tandesay announced that a vaccine for the new coronavirus covid-19 could be ready within 18 months, and that the public needs to be on guard and everyone is part of a successful effort to contain the outbreak.

U.S. stocks rose to a fresh intraday record on the back of some easing of worries about the new outbreak. Most Asian stocks rose in early trading on Wednesday, but the overall volatility was modest.

Oliver Pursche, vice chairman and chief market strategist at Bruderman Asset Management in New York, said: “the signs of the market losing momentum are as strong as the willingness to push prices higher. “The best thing that could happen to the stock market this year is that we will move sideways for a while and let the market take a breather.”

The dollar retreated from its highs overnight as risk sentiment improved, with the U.S. index trading around 98.75 in early Asian trading on Wednesday. Concerns about the economic impact of the coronavirus have boosted safe-haven buying of the dollar in recent days, while economic data have reinforced the view that the U.S. economic outlook is better than that of the eurozone.

“The last few sessions have been a bit of a mismatch between the stock market and the currency market, and I think to some extent the currency market is catching up.” “Said Bipan Rai, head of North American fx strategy at cibc capital markets.

Spot gold continued to underperform against a backdrop of a continued pullback in the dollar, falling back to around 1560 on upbeat comments by colin Powell on the U.S. economy overnight. Gold continued to hover near $1, 565 on Wednesday as Asian markets settled.

David Meger, head of metals trading at High Ridge Futures, said: “gold is down slightly and equities are at another round of record highs because of some talk that the impact on coronavirus is a bit excessive. The fall in gold prices is still being met with fairly steady buying… Given the strength of global equity markets and the fact that gold continues to perform so well.”

Powell is back tonight

At 23:00 Beijing time, fed chairman colin Powell will testify before the Senate banking committee on the semiannual monetary policy report.

Federal reserve chairman colin Powell’s upbeat view of the U.S. economy in congressional testimony Tuesday.

In the second half of 2019, “the economy appears to be resilient to the global headwinds that intensified last summer,” Mr. Powell said in the first of two semi-annual congressional testimonials.

Mr. Powell suggested he saw no reason to move us interest rates unless new developments led to a “material adjustment” to the current outlook.

As for the new outbreak of coronavirus, he said, “we are closely watching the outbreak of coronavirus, which could disrupt the Chinese economy and spread to the rest of the world.”

“Powell talked about the emerging epidemic and acknowledged that it could be a catalyst for fed action if necessary,” said Oliver Pursche, vice chairman and chief market strategist at Bruderman Asset Management. That means the fed is acutely aware of the risks, and it means the risks are very real.”

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