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Last week began for the US stock market with moderate growth, which offset a noticeable fall on the eve.

The market was supported by the data from ISM, as well as measures taken by the Central Bank of China to ease the pressure of coronavirus on the country's economy. According to the Institute for Supply Management (ISM), the PMI manufacturing index rose in January to 50.9 after falling to a revised level of 47.8 in December, with a figure above 50 indicating an expansion in manufacturing activity. Economists expected the index to show more modest growth - to a value of 48.5, which would still indicate a reduction. With much larger growth than expected, the index returned to the expansion area for the first time since July 2019.

The next day the growth continued, the market reacted positively to the measures of the Chinese central bank. In an attempt to mitigate the negative economic consequences of the coronavirus outbreak, the People's Bank of China (NBK) poured a total of 1.7 trillion into the country's financial system. yuan ($ 242.74 billion) through reverse repos on Monday and Tuesday. According to Reuters, the Chinese central bank is likely to lower its main interest rate on loans on February 20, as well as lower the reserve requirements for banks in the coming weeks. Reports on NBK incentives have helped improve investor sentiment, even though several economists have worsened their forecasts for global growth in 2020, as many companies suspended their business operations in China due to the virus.

On Wednesday the market completed trading in the green zone again. One of the reasons was the Report submitted by ADP, which showed much stronger than expected growth in the number of jobs in the private sector in January. According to ADP, private sector employment grew by 291,000 jobs in January after a jump to the revised 199,000 jobs in December. Economists expected employment to increase by about 156,000 jobs, compared with the addition of 202,000 jobs previously reported in the previous month. In turn, a report from ISM indicated an acceleration in the growth of activity in the US services sector in January. ISM said its non-manufacturing index rose to 55.5 in January from a revised downward trend of 54.9 in December (initially reported at 55.0). A figure above 50 indicates an increase in activity in the services sector. Economists expected the non-manufacturing index of 55.0. Market participants also continued to monitor quarterly reports of US companies.

On Thursday, US major stock indexes rose moderately, as China’s decision to halve tariffs on some US-imported goods eased concerns about the effects of the coronavirus epidemic on the economy. The Ministry of Finance of China that Beijing intends to halve the tariffs on hundreds of goods imported from the United States for a total of $ 75 billion. Tariffs on some US products taxed at a rate of 10% will be reduced to 5%, while for a number of other goods - from 5 % to 2.5%. The changes, which will take effect on February 14, were adopted as part of the first phase of the trade transaction between China and the United States. The report on tariff reductions reinforced investor optimism, triggered by reports of measures taken by the Chinese central bank to minimize the economic impact of coronavirus earlier this week, as well as yesterday's news of a breakthrough in the fight against this virus. Investors also analyzed the report of the Ministry of Labor, which showed that the number of initial applications for unemployment benefits fell to its lowest level since April. According to the report, for the week ending in February, the number of applications for unemployment benefits fell by 15,000 to 202,000.

The week ended with slight decline, as the concerns about the negative impact of coronavirus on the Chinese economy outweighed stronger than expected US employment data. According to the latest data from the National Health Commission of China, the number of deaths from the new coronavirus increased to 636, while the number of cases has exceeded 31 thousand people. These numbers have heightened concerns about virus damage in the Chinese economy, the second largest in the world. Meanwhile, the report released by the US Department of Labor showed that employment increased by 225,000 jobs in January after a revised increase of 147,000 jobs in December. Economists predicted that the number of jobs in January will increase by 160,000. At the same time, the unemployment rate rose by 0.1%, to 3.6%.

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