At the same time, US futures are down due to fears the situation could worsen after California declared a statewide emergency
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February March 3, 2020. Picture: REUTERS / STAFF
Futures for US stocks pointed to more pain ahead. E-Minis for the S&P 500 fell 0.6% after California declared a state of emergency as coronavirus cases increased. “European stocks are now catching with the downward trend, dragged by a wave of profit warnings,” said Stephane Ekolo global equity strategist at TFS Derivatives. “US futures are down due to fears the situation could worsen after California declared a statewide emergency.
Wall Street also seemed to find relief in Joe Biden's performance in the campaign for the Democratic presidential nomination. Biden is considered less likely to raise taxes and impose new regulations than rival Bernie Sanders.“There is little doubt that the COVID-19 outbreak will slow global growth considerably this quarter, and we expect it to actually produce a rare nonrecessionary contraction in GDP,” said JPMorgan economist Joseph Lupton.
“We have to get past the threshold where COVID-19 shifts from panic to headline exhaustion and subsequent news on it becomes more and more of a fade,” Tom Porcelli, chief US economist at RBC Capital Markets. “Then risk assets can move higher in earnest.”
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