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Stocks Drop in Asia With U.S. Futures; Bonds Rise: Markets Wrap
(Bloomberg) -- U.S. and European stock futures tumbled with Asian shares as investors took in worsening American coronavirus figures and assessed the latest manufacturing data from China. Treasuries climbed.Futures on the S&P 500 Index slid more than 2.5% after President Donald Trump warned of a “painful” two weeks ahead, with the country grappling to get the outbreak under control and New York City’s death toll now topping 1,000. Stocks in Japan hit session lows in the final hour of trading, down about 4%. Hong Kong shares were also lower, with two of the city’s largest lenders, Standard Chartered Plc and HSBC Holdings Plc, suspending dividend payments because of the virus. Chinese shares outperformed as a private reading on the country’s manufacturing sector beat expectations, rebounding in March.“In the U.S., the data remains fairly worrying and the peak may well be a few weeks on,” Bob Parker, an investment committee member at Quilvest Wealth Management, told Bloomberg TV. “The economic data is clearly starting to improve in March in China after a very weak January and February.”Equities are beginning the new quarter with more losses, hot on the heels of the worst quarter for global shares since the end of 2008. That’s enticed some investors back into equities, but with volatility elevated, many expect further declines.READ: Rogers, Gundlach Say the Worst of the Rout Has Yet to ComeThe coronavirus is guaranteed to throw the world into recession, and economists are becoming less convinced about the potential for a strong snapback in growth. Data on Wednesday showed the China Caixin manufacturing PMI rebounded to 50.1 in March, surging back into growth territory and joining the official Chinese measure that also beat consensus on Tuesday.“The Caixin data encompasses a much broader range of small and medium enterprises than the official data, and the fact that it remains above 50 is some reason for cheer that China remains on track to lead the world out of the pandemic slump,” Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., wrote in a note. “That is not to say that the world is out of the woods by any stretch of the imagination.”In its latest measure to combat the economic fallout from the pandemic, the Federal Reserve said Tuesday it was establishing a temporary repurchase agreement facility to allow foreign central banks to swap any Treasury securities they hold for cash. That’s yet another step beyond the actions it took in the 2008 financial crisis.Elsewhere, oil fluctuated above $20 a barrel in Asia, kicking off a month which is likely to see demand for the fuel plummet further at a time when the world’s top exporters are pumping more in a damaging battle for market share.These are the main moves in markets:StocksFutures on the S&P 500 slid 2.7% as of 6:58 a.m. in London. The gauge fell 1.6% on Tuesday.Topix index tumbled 3.8% at the close.Australia’s S&P/ASX 200 Index rose 3.6%.Hang Seng Index dipped 1.9%.Shanghai Composite Index rose 0.3%.Euro Stoxx 50 futures sank 2.4%.CurrenciesThe yen was flat at 107.49 per dollar.The offshore yuan held at 7.0992 per dollar.The euro was at $1.1024, down 0.1%.BondsThe yield on 10-year Treasuries slid about four basis points to 0.63%.Australia’s 10-year bond yield fell eight basis points to 0.68%.CommoditiesWest Texas crude was little changed at $20.5 a barrel.Gold rose 0.5% to $1,585.56 an ounce.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/asia-stocks-start-quarter-mixed-214728869.html?.tsrc=rss
(Bloomberg) -- U.S. and European stock futures tumbled with Asian shares as investors took in worsening American coronavirus figures and assessed the latest manufacturing data from China. Treasuries climbed.Futures on the S&P 500 Index slid more than 2.5% after President Donald Trump warned of a “painful” two weeks ahead, with the country grappling to get the outbreak under control and New York City’s death toll now topping 1,000. Stocks in Japan hit session lows in the final hour of trading, down about 4%. Hong Kong shares were also lower, with two of the city’s largest lenders, Standard Chartered Plc and HSBC Holdings Plc, suspending dividend payments because of the virus. Chinese shares outperformed as a private reading on the country’s manufacturing sector beat expectations, rebounding in March.“In the U.S., the data remains fairly worrying and the peak may well be a few weeks on,” Bob Parker, an investment committee member at Quilvest Wealth Management, told Bloomberg TV. “The economic data is clearly starting to improve in March in China after a very weak January and February.”Equities are beginning the new quarter with more losses, hot on the heels of the worst quarter for global shares since the end of 2008. That’s enticed some investors back into equities, but with volatility elevated, many expect further declines.READ: Rogers, Gundlach Say the Worst of the Rout Has Yet to ComeThe coronavirus is guaranteed to throw the world into recession, and economists are becoming less convinced about the potential for a strong snapback in growth. Data on Wednesday showed the China Caixin manufacturing PMI rebounded to 50.1 in March, surging back into growth territory and joining the official Chinese measure that also beat consensus on Tuesday.“The Caixin data encompasses a much broader range of small and medium enterprises than the official data, and the fact that it remains above 50 is some reason for cheer that China remains on track to lead the world out of the pandemic slump,” Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., wrote in a note. “That is not to say that the world is out of the woods by any stretch of the imagination.”In its latest measure to combat the economic fallout from the pandemic, the Federal Reserve said Tuesday it was establishing a temporary repurchase agreement facility to allow foreign central banks to swap any Treasury securities they hold for cash. That’s yet another step beyond the actions it took in the 2008 financial crisis.Elsewhere, oil fluctuated above $20 a barrel in Asia, kicking off a month which is likely to see demand for the fuel plummet further at a time when the world’s top exporters are pumping more in a damaging battle for market share.These are the main moves in markets:StocksFutures on the S&P 500 slid 2.7% as of 6:58 a.m. in London. The gauge fell 1.6% on Tuesday.Topix index tumbled 3.8% at the close.Australia’s S&P/ASX 200 Index rose 3.6%.Hang Seng Index dipped 1.9%.Shanghai Composite Index rose 0.3%.Euro Stoxx 50 futures sank 2.4%.CurrenciesThe yen was flat at 107.49 per dollar.The offshore yuan held at 7.0992 per dollar.The euro was at $1.1024, down 0.1%.BondsThe yield on 10-year Treasuries slid about four basis points to 0.63%.Australia’s 10-year bond yield fell eight basis points to 0.68%.CommoditiesWest Texas crude was little changed at $20.5 a barrel.Gold rose 0.5% to $1,585.56 an ounce.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/asia-stocks-start-quarter-mixed-214728869.html?.tsrc=rss
