- All ears out for he consensus at the WHO in a presser that is expected at the top of the hour, or later.
- Corona total is now up to at least 8,248, has already spread to more people than the 2003 SARS epidemic.
- Risk-off markets look to the yen and gold for safe havens.
- We await the Press conference after the WHO 2019nCoV meeting.
While we await the Press conference after the WHO 2019nCoV meeting was pushed back to 20:30 (or maybe later) Geneva time, which is 2:30 p.m. EST, which is somewhat alarming considering how long the meeting is dragging on, suggesting that maybe they are unclear in a consensus, the CDC confirmed Thursday the US’ first person-to-person transmission of the coronavirus. The transmission makes the US. at least the fifth country where the infection is now spreading through human-to-human contact.
This is a virus that has already killed at least 171 people in China and infected more than 8,200 since emerging less than a month ago. Public health officials are also monitoring 21 patients in Illinois for possible infections.
Serious situation
CNBC reported how serious some Doctors have warned that this is, and judging by the state of the markets, so too are investors.
“This is a very serious public health situation,” said Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases. “Moving forward, we can expect to see more cases, and more cases means more potential for person-to-person spread.”
Key notes
- The virus, which emerged Dec. 31, has already spread to more people than the 2003 SARS epidemic which sickened roughly 8,100 people across the globe over nine months.
- The transmission makes the US at least the fifth country where the infection is now spreading through human-to-human contact, including China.
- As of Thursday afternoon, 8,137 cases were confirmed in mainland China alone, according to Chinese state media, and more than 100 cases were confirmed elsewhere around the world — bringing the global total to at least 8,248.
WATCH LIVE: WHO officials discuss whether coronavirus is a public health emergency – 1/30/2020
Market implications
Markets have little else to goon now that the Federal Reserve and Gross Domestic Product has passed us by. The virus, in itself, is a critical factor and wit no signs of any let-up, investors are bracing for impact, which has seen US yields fall and gold rise. The yen is usually the first G10 currency to show signs of how the market is positioning and that too is higher on the day, by 0.31% vs the greenback, following a sell-off in US stocks, (S&P 500 -0.48%). The outcome of today’s WHO meeting will be critical for the end of this week’s trading direction.
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DXY takes a significant U-turn, embarking on sell-stop liquidity towards 97.50s
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Gold bulls set on the Jan highs at $1,611
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