This Week's State Of The Economy - What Is Ahead? - 24 January 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jan 25, 2020

This Week's State Of The Economy - What Is Ahead? - 24 January 2020

U.S. Review - Something in the Air 

  • Fears of an escalating coronavirus outbreak reached the United States this week, as a Washington state man became the first confirmed domestic case and the international total reached more than 800.
  • We expect any short-term economic impact to be limited and concentrated in East Asia, but the U.S. economy is certainly more vulnerable to shocks at this stage in the cycle. Sentiment matters.
  • On the home front, December existing home sales rose a solid 3.6% to a 5.54 million-unit pace as the housing market renaissance continues.

 

Global Review - China’s Coronavirus Spreading to Financial Markets

  • For the last three weeks, a new coronavirus has originated in China and spread across Asia. Most recently, the virus was confirmed to have entered the United States, sparking reminders of the SARS epidemic that plagued China and Asia in the early 2000s.
  • These fears have reached financial markets, with Asian and Chinese asset prices coming under pressure over the last few weeks. With travel restrictions put in place and the Chinese New Year approaching, Chinese economic activity data could be affected; however, we would expect any disruptions to be short-lived.



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