Futures tied to the S&P 500 index dropped 0.7%, the Stoxx Europe 600 fell close to 1%, while Hong Kong's Hang Seng declined 2.6%.

The latest report indicates than 7,700 people, mostly in China, have been infected and 170 individuals have died from the new coronavirus since it was identified in December. The WHO is changing its mind about the outbreak, which is worrying even Jerome Powell, the head of the US central bank. He declared in a press conference that the Chinese coronavirus is a "very serious problem". What is a simple statement of common sense in the mouth of an ordinary person is of considerable magnitude in the mouth of the world's most powerful central banker.

The WHO, which took a stand-by position last week, is getting restless. "The whole world must be on alert, the whole world must act," said the agency's head.

The Fed decided to keep its rate target unchanged, in the 1.50-1.75% range, and did not give in to pressure from the US President. In a tweet, POTUS said the Fed “should get smart & lower the Rate to make our interest competitive with other Countries which pay much lower even though we are, by far, the high standard. We would then focus on paying off & refinancing debt!”

On the impeachment front, in order to prolong the trial and get new testimony, the Democrats have only four more votes to get from Republican senators. Some of them have even been open to hearing from John Bolton: Susan Collins, Mitt Romney and Lisa Murkowski. At the moment, it is very likely that they are facing pressure from both sides. For his part, Mitch McConnell is trying to find 51 votes to bring the trial to a swift end, knowing that it would take 67 votes to convict the President and remove him from office. 

There are two major macroeconomic events today: the Bank of England's interest rate position and the first estimate of U.S. GDP for Q4 2019. Also on the agenda is unemployment in Germany and the Eurozone and German inflation in January, as well as Weekly U.S. Unemployment Claims.