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Stocks Mixed, With Scrutiny on China Virus Cases: Markets Wrap
(Bloomberg) -- Stocks in Asia were mixed as traders took in the latest China data on the coronavirus, which showed a daily increase in Hubei cases that’s smaller than yesterday’s, though still bigger than before the methodology changed.The yen was steady along with U.S. equity futures, while both global stocks and bond yields head for weekly advances on optimism about a v-shaped recovery from the virus. The yuan continues to trade stronger than 7 per dollar, while oil is above $51 a barrel in New York. Japanese shares fell and Korean stocks gained, while Hong Kong and Shanghai saw a muted open. Hubei, the province at the epicenter of the coronavirus, reported almost 5,000 new cases, a day after confirming nearly 15,000. Earlier, the World Health Organization said a surge in coronavirus diagnoses didn’t necessarily indicate a spike in infections, which had helped to lift risk appetite. E-commerce giant Alibaba Group warned that the disease is having a fundamental impact on China’s economy. “The difficulty with trading these things is timing and right here, right now, we are not through the woods yet with the coronavirus,” said Kyle Rodda, market analyst at IG Markets Ltd. “You look for those signals to suggest that effectively we are looking at that kind of v-shaped recovery that is still potentially on the cards.”Meantime, the Federal Reserve Bank of New York said it will shrink its repurchase-agreement operations more than analysts expected. Longer-dated Treasuries edged up, flattening the U.S. yield curve. These are the main moves in markets:StocksJapan’s Topix index fell 0.6% as of 10:44 a.m. in Tokyo.Hong Kong’s Hang Seng was up 0.3%.The Shanghai Composite rose 0.2%.South Korea’s Kospi index added 0.4%.Futures on the S&P 500 were flat. The gauge dipped 0.2% on Thursday.Australia’s S&P/ASX 200 Index rose 0.3%.CurrenciesThe yen was at 109.83 per dollar, little changed.The offshore yuan held at 6.9833 per dollar.The pound was at $1.3046 after rising 0.7%.The euro bought $1.0836, little changed.BondsThe yield on 10-year Treasuries fell one basis point to 1.61%.Australia’s 10-year yield rose two basis points to 1.06%.CommoditiesWest Texas Intermediate crude was little changed at $51.47 a barrel.Gold was flat at $1,577 an ounce.\--With assistance from Toshiro Hasegawa.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor 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/u-stock-futures-dip-fresh-235128231.html?.tsrc=rss
(Bloomberg) -- Stocks in Asia were mixed as traders took in the latest China data on the coronavirus, which showed a daily increase in Hubei cases that’s smaller than yesterday’s, though still bigger than before the methodology changed.The yen was steady along with U.S. equity futures, while both global stocks and bond yields head for weekly advances on optimism about a v-shaped recovery from the virus. The yuan continues to trade stronger than 7 per dollar, while oil is above $51 a barrel in New York. Japanese shares fell and Korean stocks gained, while Hong Kong and Shanghai saw a muted open. Hubei, the province at the epicenter of the coronavirus, reported almost 5,000 new cases, a day after confirming nearly 15,000. Earlier, the World Health Organization said a surge in coronavirus diagnoses didn’t necessarily indicate a spike in infections, which had helped to lift risk appetite. E-commerce giant Alibaba Group warned that the disease is having a fundamental impact on China’s economy. “The difficulty with trading these things is timing and right here, right now, we are not through the woods yet with the coronavirus,” said Kyle Rodda, market analyst at IG Markets Ltd. “You look for those signals to suggest that effectively we are looking at that kind of v-shaped recovery that is still potentially on the cards.”Meantime, the Federal Reserve Bank of New York said it will shrink its repurchase-agreement operations more than analysts expected. Longer-dated Treasuries edged up, flattening the U.S. yield curve. These are the main moves in markets:StocksJapan’s Topix index fell 0.6% as of 10:44 a.m. in Tokyo.Hong Kong’s Hang Seng was up 0.3%.The Shanghai Composite rose 0.2%.South Korea’s Kospi index added 0.4%.Futures on the S&P 500 were flat. The gauge dipped 0.2% on Thursday.Australia’s S&P/ASX 200 Index rose 0.3%.CurrenciesThe yen was at 109.83 per dollar, little changed.The offshore yuan held at 6.9833 per dollar.The pound was at $1.3046 after rising 0.7%.The euro bought $1.0836, little changed.BondsThe yield on 10-year Treasuries fell one basis point to 1.61%.Australia’s 10-year yield rose two basis points to 1.06%.CommoditiesWest Texas Intermediate crude was little changed at $51.47 a barrel.Gold was flat at $1,577 an ounce.\--With assistance from Toshiro Hasegawa.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor 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/u-stock-futures-dip-fresh-235128231.html?.tsrc=rss
