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Asia Stocks Drop on Virus Fears; Yuan Steadies: Markets Wrap
(Bloomberg) -- Asian stocks and Chinese futures slumped again on Tuesday, though contracts on U.S. equity benchmarks edged up, as investors tried to gauge the magnitude of economic damage from the coronavirus.Japanese shares headed for their worst back-to-back daily losses since last August’s trade-war worries. South Korean stocks slumped more than 3% as that market reopened after holidays, and Australia’s benchmark also underperformed. The yuan stabilized after a sharp slide Monday that left it at its weakest since December, and the yen gave up a sliver of recent gains. Treasuries also steadied, and the sell-off in crude oil moderated. But Chinese stock futures fell almost 1% after a near-6% plunge Monday.Equity Pounding Feels Awful But Is Pretty Much Right on ScheduleHong Kong markets are scheduled to reopen Wednesday after lunar new year holidays, while latest guidance from China’s markets is for a reopening on Monday. China on Tuesday reported a further increase in both the death toll and number of infected people from the virus.“Risk appetite is unlikely to improve until we start getting news that the virus is under control,” DBS Group Holdings Ltd. strategists Philip Wee and Eugene Leow wrote in a note. “For now, the lack of positive news flow is likely to keep investors on the defensive.”The outbreak shattered a calm in markets that hadn’t seen a 1% up-or-down move in the S&P 500 since early October. The latest surge in demand for havens also sent bond yields tumbling, with the global supply of notes with negative rates surpassing $13 trillion, to the highest since November.Here are some events to watch out for this week:Tech giants Apple, SAP, Facebook, Samsung and South Korean chip maker SK Hynix announce earnings, as do Boeing, International Paper, GE, United Technologies, Lockheed Martin, Caterpillar, Unilever, Exxon Mobil, Shell and Chevron.Fed policy makers are expected to open 2020 the same way they closed 2019 -- by holding interest rates steady Wednesday.Goldman Sachs will hold its first-ever Investor Day on Wednesday.The BOE meeting is highly anticipated Thursday after a series of dovish comments raised speculation policy makers could lower interest rates.The U.S. reports fourth-quarter GDP Thursday.The U.K. is scheduled to leave the European Union Friday.These are some of the main moves in markets:StocksJapan’s Topix Index was down 0.8% as of 1:35 p.m. in Tokyo.South Korea’s Kospi Index fell 3.3%.S&P/ASX 200 fell 1.4%.S&P 500 futures rose 0.4%. The S&P 500 slid 1.6% Monday.FTSE China A50 futures fell 1.7%.CurrenciesThe Japanese yen dipped 0.1% to 108.99 per dollar.The offshore yuan ticked up 0.2% to 6.9757 per dollar.The euro was little changed at $1.1021.BondsThe yield on 10-year Treasuries was little changed at 1.62%.Japanese 10-year yields edged down about one basis point, to about -0.049%.CommoditiesWest Texas Intermediate crude fell 0.2% to $53.03 a barrel.Gold fell 0.2% to $1,579.73 an ounce.\--With assistance from Joanna Ossinger.To contact the reporters on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.net;Christopher Anstey in Tokyo at canstey@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor 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/asia-stocks-set-further-losses-222440312.html?.tsrc=rss
(Bloomberg) -- Asian stocks and Chinese futures slumped again on Tuesday, though contracts on U.S. equity benchmarks edged up, as investors tried to gauge the magnitude of economic damage from the coronavirus.Japanese shares headed for their worst back-to-back daily losses since last August’s trade-war worries. South Korean stocks slumped more than 3% as that market reopened after holidays, and Australia’s benchmark also underperformed. The yuan stabilized after a sharp slide Monday that left it at its weakest since December, and the yen gave up a sliver of recent gains. Treasuries also steadied, and the sell-off in crude oil moderated. But Chinese stock futures fell almost 1% after a near-6% plunge Monday.Equity Pounding Feels Awful But Is Pretty Much Right on ScheduleHong Kong markets are scheduled to reopen Wednesday after lunar new year holidays, while latest guidance from China’s markets is for a reopening on Monday. China on Tuesday reported a further increase in both the death toll and number of infected people from the virus.“Risk appetite is unlikely to improve until we start getting news that the virus is under control,” DBS Group Holdings Ltd. strategists Philip Wee and Eugene Leow wrote in a note. “For now, the lack of positive news flow is likely to keep investors on the defensive.”The outbreak shattered a calm in markets that hadn’t seen a 1% up-or-down move in the S&P 500 since early October. The latest surge in demand for havens also sent bond yields tumbling, with the global supply of notes with negative rates surpassing $13 trillion, to the highest since November.Here are some events to watch out for this week:Tech giants Apple, SAP, Facebook, Samsung and South Korean chip maker SK Hynix announce earnings, as do Boeing, International Paper, GE, United Technologies, Lockheed Martin, Caterpillar, Unilever, Exxon Mobil, Shell and Chevron.Fed policy makers are expected to open 2020 the same way they closed 2019 -- by holding interest rates steady Wednesday.Goldman Sachs will hold its first-ever Investor Day on Wednesday.The BOE meeting is highly anticipated Thursday after a series of dovish comments raised speculation policy makers could lower interest rates.The U.S. reports fourth-quarter GDP Thursday.The U.K. is scheduled to leave the European Union Friday.These are some of the main moves in markets:StocksJapan’s Topix Index was down 0.8% as of 1:35 p.m. in Tokyo.South Korea’s Kospi Index fell 3.3%.S&P/ASX 200 fell 1.4%.S&P 500 futures rose 0.4%. The S&P 500 slid 1.6% Monday.FTSE China A50 futures fell 1.7%.CurrenciesThe Japanese yen dipped 0.1% to 108.99 per dollar.The offshore yuan ticked up 0.2% to 6.9757 per dollar.The euro was little changed at $1.1021.BondsThe yield on 10-year Treasuries was little changed at 1.62%.Japanese 10-year yields edged down about one basis point, to about -0.049%.CommoditiesWest Texas Intermediate crude fell 0.2% to $53.03 a barrel.Gold fell 0.2% to $1,579.73 an ounce.\--With assistance from Joanna Ossinger.To contact the reporters on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.net;Christopher Anstey in Tokyo at canstey@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Ravil ShirodkarFor 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/asia-stocks-set-further-losses-222440312.html?.tsrc=rss
