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There’s a negative tone in global equity markets this morning following a surge in the reported cases of the coronavirus after the Chinese government instituted new reporting guidelines. Longer-term, we don’t expect last night’s uptick to have any meaningful impact on sentiment unless of course, it kicks off a new trend of higher reported cases. Given the fact that non-Hubei cases in China and cases outside China did not see a meaningful increase (chart below), though, suggests that we won’t see the number of reported cases increase.
In economic news, CPI was weaker than expected at the headline level (0.1% vs 0.2% m/m) and right in line with expectations at the core levels. Jobless Claims rose by 2K from 203K up to 205K, but that was actually lower than consensus expectations for an increase to 210K.
For a recap of all the latest on the coronavirus, earnings, and economic data, check out today’s Morning Lineup.