(23 March 2020)DAILY MARKET BRIEF 2:Gold hovers around the 1500 mark

<p>Due this week, the PMI figures should give a first assessment of the economic toll following a widespread lockdown in Europe since the coronavirus outbreak took over the old continent. The data will likely print the sharpest weekly declines on record, with both the manufacturing and services PMI are seen below 40 across the Euro zone.</p>
<p>Tragic data could further accelerate the panic sell-off across global cross-asset markets. Both in equities, bonds, currencies and commodities, investors liquidate their positions and turn into the US dollar, which is the only asset that offers a credible safe harbour as all classic safe havens such as gold, yen and Swiss franc have been squeezed by the global sell-off.</p>
<p>For those who still have the courage, and the funds to invest, US treasuries seem attractive, though the US sovereigns are equally crowded with hectic up-and-downs. The US 10-year yield retraced back to 0.81%, after having spiked past 1.25% during last week’s debasement.</p>