US Briefing - Friday 14.02
Headlines
  • Coronavirus Death Toll Rises To 1,380; Adjustments Cloud Data
  • Euro Zone GDP Slows As Expected In Q4; Employment Beats Consensus
  • German Economic Growth Stagnates During The Fourth Quarter
  • Merkel In Danger As Fight To Succeed Her Runs Out Of Control
  • BoE Governor Carney Sees Silver Lining After Brexit Hit To Economy
  • UK Political Shock Opens The Door To Trump-Style Stimulus
  • US Treasury Yields Move Lower As Coronavirus Concerns Linger
  • Sterling Consolidates Gains After Change Of Finance Minister
  • Oil Prices Steady, On Course For Weekly Gain; Gold Eases
  • European Stocks Struggle As Coronavirus Spreads, Germany Stagnates
  • FTSE 100 Slips On Poor Earning Reports From AstraZeneca And RBS
  • US Equity Futures Point To A Higher Open; Retail Sales In Focus
Commentary
Coronavirus Infects Medical Staff; China Reports 5,090 New Cases

China reported 5,090 new cases of coronavirus infections on Thursday, bringing the total number in mainland China to 63,851.

 

The National Health Commission said 121 new deaths were reported, making the death toll on the mainland 1,380. The commission removed 108 deaths from the Hubei numbers because they had been counted twice.

 

Hubei province, the epicentre of the outbreak, reported a further 4,823 cases of the diseases. It was the 10th straight day that the number of daily new confirmed cases in the country fell, excluding Hubei.

 

The figures were the second daily batch to be released since the roll-out of expanded diagnostic criteria, under which a diagnosis based on an analysis of symptoms is considered a confirmed case. The new diagnostic criteria are only being used in Hubei. (SCMP - Continue Reading)

German GDP Stagnates In Q4, Eurozone Confirms 0.1Pct Growth

German GDP flatlined in the fourth quarter of 2019, raising concerns that Europe’s largest economy and the Eurozone as a whole will continue to suffer from minimal economic activity this year.

 

Germany’s zero quarterly growth rate in the final three months of last year fell short of market expectations of a 0.1pct rise, but the country’s statistics office Destatis raised the third-quarter rate to 0.2pct from 0.1pct. Annual non-adjusted growth in the fourth quarter was 0.3pct, just above the 0.2pct estimate but well below the 1.0pct performance in the previous three months.

 

“With German GDP stalling in the last quarter of 2019, the economy began this year with even less momentum than most had expected,” said Andrew Kenningham, chief Europe economist at Capital Economics in a note. “We think the economy will continue to flirt with recession in the first half of this year.” (LiveSquawk - Continue Reading)

Merkel In Danger As Fight To Succeed Her Runs Out Of Control

A 1920s-themed Berlin ballroom packed with several hundred supporters was the unlikely stage for Chancellor Angela Merkel’s conservative nemesis to unveil his comeback bid.

 

“I’m ready to do this,” Friedrich Merz told the audience when someone asked whether he was going to enter the race for the leadership of Merkel’s party and run to succeed her as chancellor in Germany’s next election.

 

The supervisory board chairman of BlackRock Inc.’s German unit, who is leaving the post to focus on politics, sprinkled his speech late Thursday with criticism of Merkel’s climate policy and her response to European proposals by France, suggesting she’s too cautious. He also expressed “a lot of respect” for the four-term chancellor, who has said she won’t run again in 2021.(Bloomberg - Continue Reaiding)

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