Search ForexCrunch

Nearly a quarter of US firms in China see their revenues dropping at least 16% in 2020 due to the coronavirus outbreak, Reuters reported on Friday, citing a poll by conducted Shanghai’s American Chamber of Commerce.

Over 20% of firms expect revenues to decline by 11-15% while 13% of respondents see “very little or no impact” from the virus, the survey revealed.

“16% of respondents expected China’s gross domestic product (GDP) would fall by over 2% due to the outbreak,” Reuters added.

Market mood stays sour on Friday

Risk-off flows continue to dominate the markets on Friday. As of writing, the 10-year US Treasury bond yield was down 3% on the day while the S%P 500 futures were erasing 0.35%.