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Stocks Drop Amid Vaccine Concern; Dollar Rises: Markets Wrap
(Bloomberg) -- Asian stocks fell with U.S. and European equity futures amid worries that a Covid-19 vaccine could be delayed and concern about equity valuations. The dollar and Treasuries extended gains.Shares retreated across the region, though losses were shallower than the slide in U.S. equities overnight. S&P 500 futures fluctuated amid concern progress at AstraZeneca Plc has stalled in the hunt for a coronavirus vaccine, though Nasdaq 100 contracts ticked higher. The main U.S. benchmark closed almost 3% lower Tuesday, and the Nasdaq almost 5% as the selloff in U.S. technology shares picked up steam. Investors fled the high flyers that fueled a historic rally with Tesla suffering the worst rout in its history. Brent crude extended losses below $40 amid further signs of a bleak short-term outlook.Investors are grappling with the recent market turbulence, assessing whether the pullback for equities is a sign of market health or the start of a larger drawdown that has further to go. For now, traders are seeking the safety of haven assets, pushing Treasury yields lower and strengthening the dollar.“We don’t know exactly if this is the bottom, there could be more volatility,” Laila Pence, president of Pence Wealth Management, said on Bloomberg TV. “We’re taking the froth out of the market.”Investors are monitoring progress on fighting the pandemic. AstraZeneca has put on hold a study testing a Covid-19 vaccine after a trial participant became ill.Here are some key events coming up:The ECB will probably hold rates on Thursday but indicate that downside risks have intensified, suggesting further easing is possible before year-end.U.S. CPI data is due Friday, with consumer prices expected to rise in August for a third straight month.These are the main moves in markets:StocksFutures on the S&P 500 slid 0.2% as of 10:20 a.m. in Tokyo. The S&P 500 fell 2.8% and the Nasdaq 100 dropped 4.8% on Tuesday.Japan’s Topix index declined 1.4%.Hong Kong’s Hang Seng fell 1.3%.Shanghai Composite declined 1%.South Korea’s Kospi dropped 1%.Australia’s S&P/ASX 200 Index retreated 2.3%.Euro Stoxx 50 futures fell 0.5%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The yen was at 105.93 per dollar, up 0.1%.The offshore yuan traded at 6.8533 per dollar.The euro bought $1.1771, down 0.1%.BondsThe yield on 10-year Treasuries declined one basis point to 0.67%.Australia’s 10-year yield dropped seven basis points to 0.90%.CommoditiesWest Texas Intermediate crude retreated 0.7% to $36.52 a barrel.Gold was at $1,925.25 an ounce, down 0.3%.For 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/stock-selloff-reignite-asia-u-221341717.html?.tsrc=rss
(Bloomberg) -- Asian stocks fell with U.S. and European equity futures amid worries that a Covid-19 vaccine could be delayed and concern about equity valuations. The dollar and Treasuries extended gains.Shares retreated across the region, though losses were shallower than the slide in U.S. equities overnight. S&P 500 futures fluctuated amid concern progress at AstraZeneca Plc has stalled in the hunt for a coronavirus vaccine, though Nasdaq 100 contracts ticked higher. The main U.S. benchmark closed almost 3% lower Tuesday, and the Nasdaq almost 5% as the selloff in U.S. technology shares picked up steam. Investors fled the high flyers that fueled a historic rally with Tesla suffering the worst rout in its history. Brent crude extended losses below $40 amid further signs of a bleak short-term outlook.Investors are grappling with the recent market turbulence, assessing whether the pullback for equities is a sign of market health or the start of a larger drawdown that has further to go. For now, traders are seeking the safety of haven assets, pushing Treasury yields lower and strengthening the dollar.“We don’t know exactly if this is the bottom, there could be more volatility,” Laila Pence, president of Pence Wealth Management, said on Bloomberg TV. “We’re taking the froth out of the market.”Investors are monitoring progress on fighting the pandemic. AstraZeneca has put on hold a study testing a Covid-19 vaccine after a trial participant became ill.Here are some key events coming up:The ECB will probably hold rates on Thursday but indicate that downside risks have intensified, suggesting further easing is possible before year-end.U.S. CPI data is due Friday, with consumer prices expected to rise in August for a third straight month.These are the main moves in markets:StocksFutures on the S&P 500 slid 0.2% as of 10:20 a.m. in Tokyo. The S&P 500 fell 2.8% and the Nasdaq 100 dropped 4.8% on Tuesday.Japan’s Topix index declined 1.4%.Hong Kong’s Hang Seng fell 1.3%.Shanghai Composite declined 1%.South Korea’s Kospi dropped 1%.Australia’s S&P/ASX 200 Index retreated 2.3%.Euro Stoxx 50 futures fell 0.5%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The yen was at 105.93 per dollar, up 0.1%.The offshore yuan traded at 6.8533 per dollar.The euro bought $1.1771, down 0.1%.BondsThe yield on 10-year Treasuries declined one basis point to 0.67%.Australia’s 10-year yield dropped seven basis points to 0.90%.CommoditiesWest Texas Intermediate crude retreated 0.7% to $36.52 a barrel.Gold was at $1,925.25 an ounce, down 0.3%.For 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/stock-selloff-reignite-asia-u-221341717.html?.tsrc=rss
