The Dow drops by the largest amount ever recorded! "February 28 Focus and Event Schedule"

The Dow Jones Industrial Average records its largest decline in history, dropping from just under 30,000 to below 26,000, a fall of more than 3,000 dollars.

All three major U.S. indices fell dramatically, European stocks also declined across the board, and globally stock prices fell sharply in Japan, Asia, Oceania, and worldwide.

Funds withdrawn from the stock market have flowed into the bond market, and bond yields have declined.

Today, attention is expected to remain on COVID-19 (novel coronavirus) news.

◎ Today’s Events Schedule

1) Risk-off

Yesterday, risk-off sentiment intensified and stocks fell, while bond yields declined.

However, in the currency market, the representative risk-off currencies—the Swiss franc and the yen—as well as the U.S. dollar, moved cautiously.

The U.S. dollar has continued to be sold, with the dollar index, which was around 100, dropping to near 98.

The franc saw some selling interventions, moving euro higher and franc lower in places.

The yen is being bought, but compared with the overall market’s risk-off, the pace of yen buying is quite modest.

Today, the risk-off trend is expected to continue, with stock prices falling and funds flowing into the bond market.

In particular, today being the end of the month and a weekend, position adjustments are expected to occur.

Also, on Saturday the PMI for China will be released.

With the spread of COVID-19, China’s PMI is expected to be weak.

Furthermore, if the results come in worse than expected, there is a possibility of a large price gap at the start of the next week.

Considering that risk, position adjustments to seek risk avoidance are also expected.

2) Economic Indicators

Today European indicators will continue to be released.

In particular, coming out are preliminary inflation indicators.

With the euro’s delicate movements, we will focus on the results and how the euro moves.

Also, with crude oil prices falling sharply, Canada’s GDP will be released today, so we will watch the Canadian dollar’s movement as well.

We will pay attention to the Canadian dollar’s movement.

◎ Today’s Events Schedule

February 28 (Friday)

16:00 GBP UK House Price Index

16:00 TRY Turkey GDP

16:45 EUR France HICP (Flash) / GDP

17:30 SEK Sweden GDP

17:55 EUR Germany Unemployment Rate

19:00 EUR Italy HICP (Consumer Price Index)

19:00 EUR Weber/Weidmann (remarks) Chancellor of the German Bundesbank

20:15 GBP Holdings BoE External MPC Member Speech

22:00 EUR Germany HICP (Flash) Consumer Price Index

22:30 USD U.S. PCE Deflator

22:30 CAD Canada GDP

23:15 USD Bullard (St. Louis Fed) President Speech (2022 voting member)

February 29 (Saturday)

00:00 USD University of Michigan Consumer Confidence Index

01:15 GBP Carlin BOE Deputy Governor Speech

03:00 USD Baker Hughes Rig Count

10:00 CNY China Manufacturing and Non-Manufacturing PMI

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