Headlines discussed at LNWM’s Monday morning briefing:
— Global stock markets started to rebound after a historically bad week, on likely March stimulus from the Fed and other central banks to counter impact of coronavirus.
— Chinese manufacturing sank in Feb. to 35.7 on key PMI index (>50 indicates expansion); service sector reading was lowest ever (29.6 on PMI).
— Goldman Sachs forecast no growth in 2020 S&P 500 earnings, while the latest estimates by all industry analysts envision 7% growth, on average.
— The US will test more widely for coronavirus based on symptoms, as more cases were reported nationwide, including two deaths, both in King County, WA.
— US personal income rose by a strong 0.6% in Jan. 2020 (vs. 0.3% expected), the largest monthly increase in a year, mostly on wage gains.
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