(14 February 2020)DAILY MARKET BRIEF 1:Oil up despite IEA’s expectation of lower demand.

The US equities swung between hope and despair, but the three major indices closed lower on Thursday. Worries that the coronavirus cases may have spiked added to the New York Fed’s announcement that it will further curb repo operations.

Asian stocks were mixed. Nikkei (-0.59%) and Topix (-0.60%) fell on first death from coronavirus in Japan and the unexpected 0.2% m-o-m contraction in tertiary activity versus 0.1% rise expected by analysts and 1.4% increase printed a month earlier.

The ASX 200 (+0.38%), Shanghai’s Composite (+0.38%) and Hang Seng (+0.39%) gained as investors relaxed after the World Health Organization (WHO) warned that the spike in number of cases, which was due to the change in diagnosis methodology, didn’t necessarily reflect a sudden deterioration in the situation.

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