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U.S. Stocks Jump on Virus Drug Hopes; Oil Surges: Markets Wrap
(Bloomberg) -- U.S. stocks advanced amid renewed hopes for a drug to fight the coronavirus, helping investors shrug off data showing the biggest economic contraction since 2008 in the first quarter. Oil surged.The S&P 500 Index climbed more than 2% after Gilead Sciences Inc. said that its experimental drug helped Covid-19 patients recover faster. Big tech shares added to the rally, with Google parent Alphabet Inc. pacing gains after posting better-than-estimated sales.The Stoxx Europe 600 Index headed for a third straight advance. Italy’s bonds slipped after Fitch Ratings cut the nation’s assessment to the lowest investment grade. WTI oil futures rebounded after plunging 27% in two sessions. The dollar slipped.The U.S. gross domestic product report, showing the world’s largest economy shrank at a 4.8% annualized pace in the first quarter, landed just hours before Federal Reserve policy makers are set to weigh in on the economy at the end of their scheduled meeting.Meantime, investors are weighing plans by countries around the world to restart activity, with hard-hit nations like Spain saying they need at least eight more weeks to fully lift restrictions. Post-market earnings from megacaps like Facebook Inc. will also give more insight into the impact of the outbreak.“What’s really driving markets at this stage is any positive news of potential treatments and vaccines, because ultimately that is a game changer,” said Seema Shah, a global investment strategist for Principal Global Investors. “That’s what’s going to be pushing markets, plus anything with regards to the lockdown being lifted earlier.”Elsewhere, shares in Sydney outperformed, while they also rose in Seoul, despite a warning from Samsung Electronics Co. that profit may fall in the second quarter as the pandemic hits demand. Japan was shut for a holiday.South Africa’s rand led a rally in emerging-market currencies, which were headed toward their best gain in about a month.These are the main moves in markets:StocksThe S&P 500 Index increased 2.4% as of 11:15 a.m. New York time.The Stoxx Europe 600 Index advanced 1.5%.The MSCI Asia Pacific Index climbed 1%.The MSCI All-Country World Index gained 2%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%.The euro increased 0.3% to $1.0856.The British pound rose 0.1% to $1.2438.The Japanese yen strengthened 0.3% to 106.57 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.60%.Germany’s 10-year yield decreased two basis points to -0.50%.Britain’s 10-year yield was little changed at 0.28%.CommoditiesWest Texas Intermediate crude climbed 33% to $16.40 a barrel.Gold weakened 0.4% to $1,701.45 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-set-start-mixed-213232215.html?.tsrc=rss
(Bloomberg) -- U.S. stocks advanced amid renewed hopes for a drug to fight the coronavirus, helping investors shrug off data showing the biggest economic contraction since 2008 in the first quarter. Oil surged.The S&P 500 Index climbed more than 2% after Gilead Sciences Inc. said that its experimental drug helped Covid-19 patients recover faster. Big tech shares added to the rally, with Google parent Alphabet Inc. pacing gains after posting better-than-estimated sales.The Stoxx Europe 600 Index headed for a third straight advance. Italy’s bonds slipped after Fitch Ratings cut the nation’s assessment to the lowest investment grade. WTI oil futures rebounded after plunging 27% in two sessions. The dollar slipped.The U.S. gross domestic product report, showing the world’s largest economy shrank at a 4.8% annualized pace in the first quarter, landed just hours before Federal Reserve policy makers are set to weigh in on the economy at the end of their scheduled meeting.Meantime, investors are weighing plans by countries around the world to restart activity, with hard-hit nations like Spain saying they need at least eight more weeks to fully lift restrictions. Post-market earnings from megacaps like Facebook Inc. will also give more insight into the impact of the outbreak.“What’s really driving markets at this stage is any positive news of potential treatments and vaccines, because ultimately that is a game changer,” said Seema Shah, a global investment strategist for Principal Global Investors. “That’s what’s going to be pushing markets, plus anything with regards to the lockdown being lifted earlier.”Elsewhere, shares in Sydney outperformed, while they also rose in Seoul, despite a warning from Samsung Electronics Co. that profit may fall in the second quarter as the pandemic hits demand. Japan was shut for a holiday.South Africa’s rand led a rally in emerging-market currencies, which were headed toward their best gain in about a month.These are the main moves in markets:StocksThe S&P 500 Index increased 2.4% as of 11:15 a.m. New York time.The Stoxx Europe 600 Index advanced 1.5%.The MSCI Asia Pacific Index climbed 1%.The MSCI All-Country World Index gained 2%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%.The euro increased 0.3% to $1.0856.The British pound rose 0.1% to $1.2438.The Japanese yen strengthened 0.3% to 106.57 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 0.60%.Germany’s 10-year yield decreased two basis points to -0.50%.Britain’s 10-year yield was little changed at 0.28%.CommoditiesWest Texas Intermediate crude climbed 33% to $16.40 a barrel.Gold weakened 0.4% to $1,701.45 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-set-start-mixed-213232215.html?.tsrc=rss
