Headlines discussed at LNWM’s Monday morning briefing:
— Stocks sank and safe-heaven assets rallied (gold, US Treasury bonds) on fears that spread of coronavirus will slow 2020 global growth closer to 2%.
— A key joint index for US manufacturing and services fell below 50, for 1st time since 2008 (and 2013 due to gov’t shutdown), indicating economic contraction.
— The supply of US housing for sale in Jan. 2020 was down 11% from the previous year, lowest level since 1999.
— US producer prices jumped 0.5% in Jan. (vs. 0.1% expected), mostly in services, for an 2.1% annualized gain.
— The European Union is facing an estimated $81 billion annual budget gap, due to Brexit.
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