The news that a second case of a patient with the Coronavirus was detected in the USA, namely in Chicago, exacerbated fears of virus spreading, which led to a drop in oil prices by -2.6% to $ 54.15 per barrel. Market preventing a possible decrease in demand due to less movement of people and trade globally. In the stock market, despite the upward opening of North American indices, Wall Street entered lunch time with the red dominating, pessimism was slowly taking over investors as new developments of China Coronavirus stated it has already reached 800 people, with 25 fatalities.
Photo by CDC.
On the positive side, the technologies are the ones that have the best withstood the selling pressure, in addition to the utilities that are the only asset in the positive territory. For now and probably in the coming days, depending on what happens over the weekend, investors are taking refuge from the likelihood of a negative effect on the Chinese and global economy, first of all because on the eve of humanity’s greatest migration, due to the festivities of the new lunar year in China, in 32 of the 34 provinces there are confirmed cases of contagion, which could jeopardize the approximately 3 billion domestic trips and their economic impact, since many Chinese are also traveling abroad at this time.
