Feb 05, 2020
Market Optimism is Back Again
The market sentiment has improved even though no relief for the coronavirus is seen so far. Optimism over the positive earnings results is pushing stocks higher. Haven assets, such as gold and the Japanese yen decline.
OPEC+ coalition had a meeting in Vienna yesterday to evaluate the impact of the virus outbreak on the oil. Demand for crude oil in China dropped by 20% as cities are quarantined and factory production stopped. Oil price broke this morning below $50 per barrel. If it will sustain below this level it might accelerate the downturn.
Disney earnings results beat analyst expectations on both EPS and revenue. The company reported adjusted earnings of $1.46 a share on sales of $20.76 billion. These results include the Disney+ streaming service that already has 26.5 million subscribers.
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