Market comment | Headlines do not wipe out market caution

Summary

Stocks reversed yesterday’s gains with the technological sector underperforming as investors weighed the fall in coronavirus cases, after China changed once again its counting methodology to report infections. European and U.S. equities fell, although Asian equities rallied with the CSI300 equity index rebounding 2.30%.

Key points

• Key points:
• PBoC cuts its benchmark prime lending rate to boost its economy. Iran and South Korea announced their first fatalities from the coronavirus.
• Mixed data in the U.S. and the Eurozone, while positive in China.
• Sovereign bond yields dipped across the board.
• Most currencies depreciated with the strengthening of the dollar amid yen’s downward trend. The CNY traded above the psychological 7 threshold.

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