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Asian Markets weaken as South Korea Slumps 1%

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The Asian and Pacific Rim equity markets were mixed on Friday. The South Korean benchmark led the losers as shares on the Kospi composite fell over one percent as Asian sentient remains fragile.

Market participants are still worried over the economic impact of the coronavirus. This outbreak is still ongoing.

In Japan, the Nikkei 225 was up a fraction of a percent. The blue chip technology giant Softbank saw its shares gaining over two percent. In Tokyo, the Topix index rose 0.38 percent.

In Australia, the ASX 200 was down 0.18 percent by the afternoon. The South Korean Kospi index is currently down over one percent. The chip maker SK Hynix saw its shares drop one percent after reporting, on Thursday, that 800 of their workers entered quarantine. This comes after one of their workers reported that they came into contact with an individual who is sick with the coronavirus.

In China, on the mainland, the Shanghai composite fell 0.13 percent and the smaller Shenzhen composite was up 0.19 percent.

Asian Traders continue to worry about Coronavirus Headlines

Yesterday, South Korea reported its first death from the deadly outbreak that originated in China. The number of new confirmed cases in the country jumped by 22 cases to 104 people infected.

On Thursday, the World Health Organization’s Director-General Tedros Adhanom Ghebreyesus said that the low number of cases being reported outside of China “may not stay the same for long.”

The Global Economic Calendar is Volatile with Flash PMI Data Scheduled

The Eurozone will release an entire slew of closely watched flash manufacturing and services purchasing managers’ indices (PMI).

This includes the German flash manufacturing and services purchasing managers’ indices. France is also publishing their flash manufacturing and services purchasing managers’ indices.

The United Kingdom will release their monthly manufacturing and services flash purchasing managers’ indices (PMI).

The United States will publish flash PMI data as well. This includes both the manufacturing and services flash purchasing managers’ indices (PMI). The United States will also release housing data.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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