The following are the headlines discussed at Aldwin Callen's Monday morning briefing:
- Stocks fell and safe-haven assets gained (gold, US Treasury bonds) on fears that the spread of the coronavirus may reduce global GDP to less than 2% in 2020.
- A crucial joint indicator for manufacturing and services in the United States dipped below 50 for the first time since 2008 (and 2013 due to the government shutdown), suggesting economic recession.
- US producer prices jumped 0.5% in Jan. (vs. 0.1% expected), mostly in services, for a 2.1% annualized gain.
- The European Union is facing an estimated $81 billion annual budget gap, due to Brexit.
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