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Maintains A Bullish Tone


Corrective Cycle Still In Play

CHINA: 2/2: Elsewhere, focus is on salary cuts and layoffs.
- On the corporate side snippets of a note from Goldman Sachs did the rounds via
CNBC, suggesting that "the sheer breadth and depth of the disruption is simply
unprecedented - with, for example, the number of missing work hours owing to the
virus... equivalent to the entire US workforce taking an unplanned break for two
months." The bank also suggested that China's apparent demand is down a whopping
66% Y/Y.
- Maersk noted that "we estimate factories in China are operating at 50% to 60%
of capacity." They expect production will hit 90% of capacity in early March,
but caveated this, stating "obviously there are still a lot of uncertainties."
- The Global Times highlighted that industry analysts forecast Apple's iPhone
sales in China may fall by at least 40-50% in February and March compared with
the same period last year.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |