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Asia Stocks Advance After Virus-Triggered Sell-Off: Markets Wrap
(Bloomberg) -- Asia stocks rallied, recouping some of Tuesday’s sell-off triggered by evidence of the contagiousness of China’s coronavirus and concern with the potential economic implications. Haven assets retreated, while U.S. and European equity futures climbed.Shanghai shares erased losses after Beijing said it will start a nationwide screening effort to tackle the outbreak, while benchmark gauges in Hong Kong and South Korea climbed more than one percent. Treasuries and the yen dipped after gaining Tuesday on news of the contagion, which also hit luxury stocks on concern about disruption to spending during China’s weeklong Lunar New Year. The yuan edged higher after tumbling Tuesday.The emergence of the illness in China -- and concerns it will now spread outside the country -- have stirred memories of the SARS outbreak 17 years ago for some market watchers, though it isn’t yet deemed as serious. Helping sentiment were growth numbers that topped estimates in South Korea, continuing a recent run of macro data that’s supported the case for a recovery in global economic expansion.“I would expect a lot of people -- candidly, like we are -- that are looking for opportunities to buy rather than sell” amid the dip in stocks caused by virus-contagion worries, Lamar Villere, partner and portfolio manager at Villere & Co., said on Bloomberg TV. “I don’t think this is going to be the beginning of the end.”Elsewhere, West Texas crude slipped to just over $58 a barrel as ample global supplies offset the loss of exports from Libya.Here are some events to watch out for this week:Companies including Procter & Gamble will post results.Policy decisions are due from central banks in Canada, Indonesia and the euro zone.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, is underway in Davos, Switzerland.These are the main moves in markets:StocksFutures on the S&P 500 Index were up 0.5% as of 3:09 p.m. in Tokyo. The underlying gauge fell 0.3% on Tuesday.Japan’s Topix index rose 0.5% at the close.Hong Kong’s Hang Seng advanced 1.3%.Shanghai Composite fell 0.3%.South Korea’s Kospi index added 1.2%.Euro Stoxx 50 futures rose 0.4%.CurrenciesThe yen fell 0.1% to 110.02 per dollar.The offshore yuan rose 0.1% to 6.9036 per dollar.The euro bought $1.1082, little changed.The Bloomberg Dollar Index rose 0.1%.BondsThe yield on 10-year Treasuries added two basis points to 1.79%.Australia’s 10-year yield fell about three basis points to 1.13%.CommoditiesWest Texas Intermediate crude was at $58.09 a barrel, down 0.5%.Gold slid 0.4% to $1,551.27 an ounce.\--With assistance from Christopher Anstey and Sarah Ponczek.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Joanna OssingerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-futures-mixed-virus-triggered-231602283.html?.tsrc=rss
(Bloomberg) -- Asia stocks rallied, recouping some of Tuesday’s sell-off triggered by evidence of the contagiousness of China’s coronavirus and concern with the potential economic implications. Haven assets retreated, while U.S. and European equity futures climbed.Shanghai shares erased losses after Beijing said it will start a nationwide screening effort to tackle the outbreak, while benchmark gauges in Hong Kong and South Korea climbed more than one percent. Treasuries and the yen dipped after gaining Tuesday on news of the contagion, which also hit luxury stocks on concern about disruption to spending during China’s weeklong Lunar New Year. The yuan edged higher after tumbling Tuesday.The emergence of the illness in China -- and concerns it will now spread outside the country -- have stirred memories of the SARS outbreak 17 years ago for some market watchers, though it isn’t yet deemed as serious. Helping sentiment were growth numbers that topped estimates in South Korea, continuing a recent run of macro data that’s supported the case for a recovery in global economic expansion.“I would expect a lot of people -- candidly, like we are -- that are looking for opportunities to buy rather than sell” amid the dip in stocks caused by virus-contagion worries, Lamar Villere, partner and portfolio manager at Villere & Co., said on Bloomberg TV. “I don’t think this is going to be the beginning of the end.”Elsewhere, West Texas crude slipped to just over $58 a barrel as ample global supplies offset the loss of exports from Libya.Here are some events to watch out for this week:Companies including Procter & Gamble will post results.Policy decisions are due from central banks in Canada, Indonesia and the euro zone.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, is underway in Davos, Switzerland.These are the main moves in markets:StocksFutures on the S&P 500 Index were up 0.5% as of 3:09 p.m. in Tokyo. The underlying gauge fell 0.3% on Tuesday.Japan’s Topix index rose 0.5% at the close.Hong Kong’s Hang Seng advanced 1.3%.Shanghai Composite fell 0.3%.South Korea’s Kospi index added 1.2%.Euro Stoxx 50 futures rose 0.4%.CurrenciesThe yen fell 0.1% to 110.02 per dollar.The offshore yuan rose 0.1% to 6.9036 per dollar.The euro bought $1.1082, little changed.The Bloomberg Dollar Index rose 0.1%.BondsThe yield on 10-year Treasuries added two basis points to 1.79%.Australia’s 10-year yield fell about three basis points to 1.13%.CommoditiesWest Texas Intermediate crude was at $58.09 a barrel, down 0.5%.Gold slid 0.4% to $1,551.27 an ounce.\--With assistance from Christopher Anstey and Sarah Ponczek.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Joanna OssingerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asian-futures-mixed-virus-triggered-231602283.html?.tsrc=rss
