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Coronavirus Still Spreading So Welcome Back Safe Havens


(video repost from the last article due to ongoing relevance)


Ahead of the market open, there continues to be several growing cases and concerns being spread across new wires regarding Coronavirus. It is something that remains a bit of sounding like a broken record, however, it cannot be denied that this is a heavy dominating market theme.


Today, China raised the death toll from its coronavirus outbreak to 811, which has now passed the number killed globally by the SARS epidemic.


Data from the Chinese Commission shows that the total confirmed cases of coronavirus in China stood at 37,198, commission data showed.


New infections recorded the first drop since Feb. 1, falling back below 3,000 to 2,656 cases. Of those, 2,147 cases were in Hubei province, the epicentre of the outbreak. The virus has also spread to at least 27 countries and regions.


The scale of the incoming hit to the second-largest economy in the world, that has been the engine of global growth in recent years has taken a toll on financial markets.


Big U.S. investment bank Goldman Sachs, is cutting its first-quarter GDP growth target to 4% from 5.6% previously and saying a deeper hit is possible.


What does this mean for the markets?


There was a large break from pumping in safe-havens such as Gold, JPY and CHF, however as noted in the last article, expectations for this to resume.


Gaps could potentially be observed at the open, given the resumption of greater attention from global news wires.

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