FXStreet notes that for economies such as the US and the UK, there is still only a limited amount of evidence highlighting the impact of the coronavirus compared with Asia. In Europe, the Italian and German economies may be most directly affected by the coronavirus, economists at Rabobank inform.

“Apple’s CEO on Friday indicated that the company may not be feeling the effects of the coronavirus for much longer. However, the market is skeptical of this given that the closure of the factory of one of its suppliers in S.Korea over the weekend.” 

“In the UK, the ‘just in time’ nature of supply chains is also likely creating issues for companies. This morning’s release of the final UK manufacturing PMI for February was revised down slightly from the initial estimate with IHS Markit stating that the outbreak led to material delivery delays, rising input costs and increased pressures on stocks of purchases. 

“While Germany’s trade links with China opens its to supply disruption, Italy’s industrial North has been impacted by lockdowns.”