The Virus

Global stocks continue to be scared of the novel coronavirus spreading in and from China. The almost-pandemic aspect of the virus and the increasing number of victims will keep deeply worrying governments, health authorities, and financial markets worldwide.

Intervention From the Chinese Central Bank

On Monday, the People’s Bank of China will supply 1.2 trillion yuan ($174 billion) to financial markets in a reverse repo operation to calm markets and help companies, banks, and individuals affected by the coronavirus outbreak.

China’s stock regulator, out of concern for widespread stock sales due to the coronavirus outbreak, will ban the sale of securities from Monday on, according to the Chinese Communist Party’s English publication Global Times.

Opec Calculates Its Move

OPEC+ discusses holding a representative-level technical committee meeting in Vienna on Tuesday and Wednesday to talk about the impact of the coronavirus on oil, instead of moving up the ministerial-level meeting scheduled for March 5–6, energy news sources told PlattsOil on Sunday. A decision will be announced at the beginning of the week.

US Employment

The first US non-farm employment data for 2020 will be released on Friday.

While the US employment is expected to have grown in line with its upward trend, the wage increase is also likely to have increased slightly from its decline to 2.9% in December.

Australian Interest

The Reserve Bank of Australia (RBA) will announce its monetary policy decision Tuesday.

A 25-basis-point interest rate cut is on the table as Aussies fight bushfires in the southeastern states of the country and threats to the economic outlook of due to coronavirus in China, Canberra’s biggest trade partner.

Economic Calendar

Monday: 45 China Caixin Manufacturing PMI, German Manufacturing PMI, UK Manufacturing PMI, US ISM Manufacturing PMI

Tuesday: Australia RBA Interest Rate Decision, RBA Rate Statement, UK Construction PMI, New Zealand Employment Change

Wednesday: UK Composite PMI, UK Services PMI, US ADP Nonfarm Employment Change, US ISM Non-Manufacturing PMI, US Crude Oil Inventories

Thursday: New Zealand — National Day holiday, Australia Retail Sales

Friday: US Nonfarm Payrolls, US Unemployment Rate, Canada Employment Change, Canada Ivey PMI

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