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NWQ Morning Financial Report

Stocks dropped across the globe following a big selloff in Asia on concerns that a mysterious coronavirus emanating from China will spread through the region as travel heats up for the Lunar New Year holidays. The disease has already infected 224 people and killed six, and is reminiscent of the SARS epidemic that subtracted an estimated 0.8 percentage point from GDP growth in China in 2003. The World Health Organization will meet tomorrow to discuss whether to declare the outbreak an international public health emergency.  (SA)

 

The world's political and business leaders, plus the usual smattering of celebrities, are gathering today to kick off the World Economic Forum in the Swiss Alpine resort of Davos. The official theme of the 2020 meeting is "Stakeholders for a Cohesive and Sustainable World." According to forum founder and executive chairman Klaus Schwab, "business has now to fully embrace stakeholder capitalism, which means not only maximizing profits, but use their capabilities and resources in cooperation with governments and civil society to address the key issues of this decade." (FT)

 

While today’s economic slate for the U.S. is blank, there was some good news from Europe where a German survey showed investor confidence rising to the highest level in four years. It is a big day for earnings with Netflix Inc.’s results expected to give a clear view of how the company is faring against new competition from Disney+. International Business Machines Corp., Haliburton Co. and United Airlines Holdings Inc. are among other companies announcing performance. (Bloomberg)

 

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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