US
- US markets slid into correction territory, with the S&P 500 and NASDAQ falling 4.43% and 4.61% respectively. Market volatility is likely to stay elevated as more news about the Covid-19 community spread within the US becomes available.
- In the 26 market corrections since 1945, the S&P 500 fell 13.7% (avg) and took 4 months to recover. We are currently close to this average drop, but be cautious in case it drops further into bear market territory.
- Hold short-duration bonds or defensive equities like US Consumer Staples and high-quality equities. Asian equities are another option for higher-risk investors.
Europe
- European markets closed 3.75% lower as the region continues to grapple with new Covid-19 infections. Travel & Leisure stocks fell another 4.7%, with all sectors in the red, as Estonia and Denmark both reported their first confirmed cases.
- In economic data, Eurozone economic sentiment rose to 103.5 in February, from 102.6 (Jan), while consumer confidence improved from -8.1 to -6.6 in February.
Asia
- Asian markets were mixed yesterday. The Shanghai Composite and Hang Seng Index rose 0.11% and 0.31% respectively after the WHO said new Covid-19 cases outside China exceeded those inside China for the first time.
- On the other hand, the Nikkei 225 fell 2.13% after the JPY rose to 110.13 against the USD.
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