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Stocks Drop on Virus Jitters; Dollar Holds Gain: Markets Wrap
(Bloomberg) -- U.S. equity futures dipped and Asian stocks retreated amid renewed concern about the impact of the coronavirus as cases outside of China increased. The dollar and Treasuries held overnight gains.Shares in Korea and Hong Kong saw the steepest losses, with more modest declines in Australia, while China was flat. Japanese equities edged up. The won declined after South Korean export data fueled concern about the economy. Earlier, U.S. stocks closed lower and the Dollar Index climbed to the highest in almost three years as the rise in virus cases outside of China hit sentiment. The yen steadied around 112 per dollar and the offshore yuan held declines.Traders were on tenterhooks this week amid a spike in coronavirus infections outside China and a slew of fresh warnings from companies on the pathogen’s impact. That’s threatening gains that propelled global equities to a record high earlier this month and reigniting appetite for haven assets from Treasuries to the dollar. Two people evacuated to Australia from a cruise ship in Japan tested positive for the coronavirus.“It may be a much longer road,” Dan Farley, chief investment officer of the investment solutions group at State Street Global Advisors, told Bloomberg TV in Sydney about the virus impact. “We have to be very mindful that this is not an easily solvable issue and the impact on consumer demand for a number of different sectors is going to be something that we need to be watching out for.”Elsewhere, oil dipped after hitting the highest in almost four weeks in the wake of a surge in U.S. crude exports and a dramatic slowdown in the expansion of domestic inventories.Here are some key events coming up:Earnings season rolls on, with results from Deere & Co. set for Friday.Euro-area PMI and inflation data are also due Friday.Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.These are the main moves in markets:StocksFutures on the S&P 500 Index fell 0.4% as of 11:10 a.m. in Tokyo. The underlying gauge fell 0.4% on Thursday.Japan’s Topix index added 0.2%.Hong Kong’s Hang Seng declined 1.1%.Shanghai Composite was little changed.Australia’s S&P/ASX 200 Index fell 0.3%.South Korea’s Kospi index dropped 1.2%.CurrenciesThe yen was at 111.95 per dollar.The offshore yuan traded at 7.0430 per dollar.The euro bought $1.0791.BondsThe yield on 10-year Treasuries dipped to 1.50%.Australia’s 10-year yield fell four basis points to 0.96%.CommoditiesWest Texas Intermediate crude was at $53.78 a barrel.Gold added 0.2% to $1,623.14 an ounce.\--With assistance from Cormac Mullen, Michael G. Wilson, Andy Clarke and Paul Allen.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, Cormac Mullen, 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/asia-stocks-head-mixed-start-230743198.html?.tsrc=rss
(Bloomberg) -- U.S. equity futures dipped and Asian stocks retreated amid renewed concern about the impact of the coronavirus as cases outside of China increased. The dollar and Treasuries held overnight gains.Shares in Korea and Hong Kong saw the steepest losses, with more modest declines in Australia, while China was flat. Japanese equities edged up. The won declined after South Korean export data fueled concern about the economy. Earlier, U.S. stocks closed lower and the Dollar Index climbed to the highest in almost three years as the rise in virus cases outside of China hit sentiment. The yen steadied around 112 per dollar and the offshore yuan held declines.Traders were on tenterhooks this week amid a spike in coronavirus infections outside China and a slew of fresh warnings from companies on the pathogen’s impact. That’s threatening gains that propelled global equities to a record high earlier this month and reigniting appetite for haven assets from Treasuries to the dollar. Two people evacuated to Australia from a cruise ship in Japan tested positive for the coronavirus.“It may be a much longer road,” Dan Farley, chief investment officer of the investment solutions group at State Street Global Advisors, told Bloomberg TV in Sydney about the virus impact. “We have to be very mindful that this is not an easily solvable issue and the impact on consumer demand for a number of different sectors is going to be something that we need to be watching out for.”Elsewhere, oil dipped after hitting the highest in almost four weeks in the wake of a surge in U.S. crude exports and a dramatic slowdown in the expansion of domestic inventories.Here are some key events coming up:Earnings season rolls on, with results from Deere & Co. set for Friday.Euro-area PMI and inflation data are also due Friday.Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.These are the main moves in markets:StocksFutures on the S&P 500 Index fell 0.4% as of 11:10 a.m. in Tokyo. The underlying gauge fell 0.4% on Thursday.Japan’s Topix index added 0.2%.Hong Kong’s Hang Seng declined 1.1%.Shanghai Composite was little changed.Australia’s S&P/ASX 200 Index fell 0.3%.South Korea’s Kospi index dropped 1.2%.CurrenciesThe yen was at 111.95 per dollar.The offshore yuan traded at 7.0430 per dollar.The euro bought $1.0791.BondsThe yield on 10-year Treasuries dipped to 1.50%.Australia’s 10-year yield fell four basis points to 0.96%.CommoditiesWest Texas Intermediate crude was at $53.78 a barrel.Gold added 0.2% to $1,623.14 an ounce.\--With assistance from Cormac Mullen, Michael G. Wilson, Andy Clarke and Paul Allen.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, Cormac Mullen, 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/asia-stocks-head-mixed-start-230743198.html?.tsrc=rss
