As cases of Coronavirus continue to grow in China with the number affected more than doubling week on week from 17,000 last week to 40,171 at the time of writing. With 910 deaths caused directly by the virus,  global fears are heightening. Comments from the World Health Organisation (WHO) showed increasing concern of global contagion after a Brit who had recently travelled to Singapore directly infected people from 3 separate European countries.

新型冠状病毒肺炎的感染病例较上周已经翻倍，从上周的1.7万例增加到了撰写本文时的40171例。病毒直接导致的死亡人数达到910人，全球的担忧也随之加剧。世界卫生组织评论称，在最近前往新加坡旅行的一名英国人直接感染了来自3个不同欧洲国家的人后，人们对是否会引发全球性传染的关注日益增加。

This morning we heard that China is to offer special lending services to support companies who are suffering from the shutdown as the country actively tries to stem the spread of infection. With no tangible cure or treatment becoming evident concerns over the pace and scope of the virus are of great concern.

今天早上，我们得知中国将向面临停业的公司提供特殊贷款服务，同时积极努力遏制感染的蔓延。在没有显著的治愈方法或治疗方法的情况下，人们对病毒蔓延的速度和范围感到忧心忡忡。

As earning season brought great comfort to the US stock market as companies like Tesla soared the US markets recorded their strongest week since November 2018. A question has to be asked over the long term impacts of the virus, with the emphasis being more on how much of an impact there will be than if. 

For now, though, there is no shortage of buyers of any dip the markets show us. However, as always for a truer gauge of market health, the fixed income markets show us the way as Treasuries remain popular in a market wary of the damage of the virus. The same can be said in FX with the Swiss Franc and Japanese Yen and of course gold showing a strong week of appreciation, especially into the weeks close. 

营收季为美国股市带来了极大的信心，特斯拉等公司让美国市场经历了自2018年11月以来表现最强劲的一周。我们必须就病毒的长期影响提出问题，重点已经不在于是否会有影响，而是影响将会有多大。

不过，目前的市场状况表明，一旦股市出现任何低点，我们并不缺逢低买入的投资者。但是，更能真实地衡量市场健康状况的是固定收益市场——由于对病毒所会产生的负面影响保持警惕，国债仍然受到投资者的欢迎。我们在外汇交易方面也能看到类似行为，瑞士法郎、日元，当然还有黄金在上周都强势飙升，接近周末收盘时的涨幅尤为明显。

Another reason we saw a pullback in the stock markets on Friday afternoon was strong data in the form of Non-farm Payrolls, such positivity will give the Federal Reserve of the US more cause for thought over signaling future rate cuts. We won’t have to wait long to hear the thoughts of the Fed as on Wednesday and Thursday this week Jerome Powell testifies at the Senate, should he chose to manage rate cut expectations that could weigh heavy on the stock markets. 

股市回落的另一个原因是周五下午发布的强劲的非农就业数据，这种积极性将影响美联储未来的降息决议。我们很快就将获悉美联储的想法，因为在本周三和周四，杰罗姆·鲍威尔将在美国参议院作证词陈述，如果他选择影响降息预期，这可能会给股市带来重大压力。

GBP/USD was one of the worst performers of last week, as a soaring Dollar and a Pound which seems to be struggling under the monumental task of global trade deal negotiations. One of the first and most significant for the UK is the negotiation over fishing rights with EU countries, and already the strain of the relationship between the recently divorced parties are showing. Tuesday brings a great deal of significant data for the UK with headline GDP, Industrial Production and Manufacturing data all coming at 9.30 where a weak showing could well leave the Pound languishing below the 1.3000 level broken last week for some time to come. 

英镑/美元上周表现差强人意，美元十分强势，而英镑似乎在全球贸易协议谈判的艰巨任务下挣扎。对于英国而言，当今最重要的任务是与欧盟国家就捕鱼权利进行谈判，在英国正式“脱欧”后，各方之间的关系已经开始显得紧张。英国将于周二发布大量重要数据，包括GDP、工业产量和制造业数据都将于上午9：30发布，如果数据疲软，英镑很可能再次跌破1.3000水平。

Elsewhere, we get the interest rate decision from New Zealand’s RBNZ early on Wednesday morning. With the close economic links between the countries of China, Australia and New Zealand there is evident downside pressure on all currencies and whilst it may not be imminent, it’s expected lower rates will soon be on the radar. 

此外，我们将于周三清晨得到新西兰央行的利率决定。由于中国、澳大利亚和新西兰国家之间经济关系密切，这些国家的货币都面临了明显的下行压力。根据预期，尽管可能不会马上降息，但较低利率将很快成为焦点。

The Week Ahead

周一 Monday

· 通货膨胀率-中国

Inflation Rate - China

周二 Tuesday

· GDP增长–英国

GDP Growth – UK

· 失业率-英国

Unemployment Rate - UK

周三 wednesday

· 工业产量-欧元区

Industrial Production - Eurozone

周四 Thursday

· 通货膨胀率–德国

Inflation Rate – Ger

· 通货膨胀率-美国

Inflation Rate - US

周五 Friday

· GDP增长–德国

GDP Growth – Ger

· GDP增长–欧元区

GDP Growth – Eurozone

· 零售业销量–美国

Retail Sales – US

· 工业产量–美国

Industrial Production – US

· 制造业生产–美国

Manufacturing Production – US

· 密歇根州消费者信心指数–美国

Michigan Consumer Sentiment – US