More than 30,000 new cases of pneumonia have been confirmed in China, but the number of new cases in non-Hubei provinces has dropped for three consecutive days, according to the latest data from the national health and construction commission (NHFDC) on Friday. In addition to continuing to track the pneumonia outbreak, the session will focus on the U.S. non-farm payrolls report, which could trigger sharp volatility in the face of a four-day winning streak for U.S. stocks and a rising dollar.
Latest data: 3,143 new cases nationwide! Cumulative diagnosis 31,161! A total of 636 deaths! A total of 1540 cases were discharged from hospital
By 24:00 on February 6, 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps had reported a total of 31,161 confirmed cases, 1,540 cured and discharged from hospitals, 28,985 confirmed cases (including 4,821 severe cases), 636 deaths and 26,359 suspected cases. A total of 314,028 close contacts were traced, and 186,045 close contacts were still under medical observation.
According to the above data, the total number of confirmed cases in China has broken 30,000 by February 6, among which 22,112 cases of pneumonia were confirmed in hubei province, and xiaogan has become the second city outside wuhan to break 2,000 cases.
It is worth mentioning that on February 6, there were 696 new cases of newly diagnosed coronary pneumonia in non-hubei regions, which decreased for three consecutive days (890 cases on the 3rd, 731 cases on the 4th and 707 cases on the 5th).
In addition to the drop in new confirmed cases and suspected cases across the country, the number of new confirmed cases in hubei province and wuhan city also dropped Tuesday.
In the wake of the outbreak, there was major news on china-us trade last week. The tariff commission of the state council of China said in a statement on Thursday that it would reduce tariffs on about $75 billion of imports from the United States to 5% from next Friday from 10% and 2.5% from 5%. He said he hoped to work with the United States toward the eventual elimination of all tariffs.
Analysts see the move as an effort to boost confidence after a rapidly spreading coronavirus disrupted business and triggered widespread market volatility.
That sent Wall Street’s main stock index to record highs overnight.
Focus on the non-farm payrolls report
As well as continuing to track news of a new outbreak of pneumonia, the market is set for the key event of the week – the non-farm payrolls report.
On Friday at 21:30 Beijing time, the U.S. non-farm payrolls report for January will be released. Non-farm payrolls are expected to have risen 162,000 in January from 145,000, according to the current survey. The unemployment rate is seen unchanged at 3.5 percent in January. The average hourly rate is expected to rise to 0.3 percent from 0.1 percent, while the annualized rate is expected to rise to 3 percent from 2.9 percent.
Wells Fargo expects U.S. nonfarm payrolls growth to likely improve in January, with an increase of 170,000. Claims for unemployment benefits have fallen in recent weeks, while a sub-index of regional purchasing managers’ surveys shows strong hiring activity.
The announcement followed a string of positive economic data from the United States. Wednesday’s small non-farm payrolls report, ADP, was positive. ADP added 291,000 jobs in January, well ahead of market expectations for a 156,000 gain, revised from a 19,000 gain to a 202,000 gain. January’s job growth was the biggest since May 2015. Meanwhile, U.S. service sector activity picked up last month and new orders rose. The institute for supply management’s non-manufacturing index rose to 55.5 last month, the highest since August.
Separately, on Wednesday, the U.S. Commerce Department reported a $48.9 billion trade deficit in December. The projected deficit is $48.2 billion. Critics point out that the US trade deficit fell in 2019 for the first time in six years. Despite the slowdown in consumer spending, it helped keep the U.S. economy grew modestly in the fourth quarter.
Separately, data on Thursday showed 202,000 U.S. workers filed new claims for jobless benefits in the week ended February 1, lower than expected and lower than expected, hitting a nearly nine-month low, suggesting a tightening labor market will continue the longest economic expansion in U.S. history.
The dollar has rallied for the fourth straight day this week on the positive data. After breaking through the 98 barriers on February 5, the U.S. index continued to rise, hitting above 98.50 on February 6 and hovering around the 98.45 level in Asian trading on Friday.
“Most of the U.S. economic data is not bad,” said Kathy Lien, managing director at BK Asset Management in New York. It looks like it will be brought under control. It’s only a matter of time. So the market will continue to focus on relatively good results and strong us economic data until the data prove the devastating impact of the outbreak on the economy.”
In the United States dollar and the United States rose in line with the background, spot gold remained strong momentum, the day after the recovery over the 1560 barrier, Asian market continued to hover above 1560.
Bob Haberkorn, the senior market strategist at RJO Futures, said: “investors are building up gold positions in anticipation of more quantitative easing programs from central Banks and lower interest rates.”
“The more central banks, especially the people’s Bank of China, act to prop up the market to counter the impact of the coronavirus, the more it will help gold prices,” Haberkorn added.