Chinese stocks tumbled Monday as investors got their first chance in more than a week to react to the coronavirus that is gripping the country, but action was muted in other markets that had already priced in some emerging risks.
In Asian trading, the benchmark Shanghai Composite Index closed 7.7% lower, with many stocks dropping by the maximum 10% that is allowed, including airlines and brokerages.
However, Hong Kong’s Hang Seng Index reversed earlier losses to gain 0.2% and India’s S&P BSE Sensex index rose by a similar amount. Japanese stocks fell by 1% and South Korea’s benchmark was essentially unchanged.
The number of confirmed infections across China has jumped sharply in recent days to total more than 17,000.
“Until the rate of new cases peaks, equities are in limbo—too late to sell, too early to buy,” said Sean Darby, global equity strategist at Jefferies.
Markets outside of China have already been battered by fears the spreading virus could damage global growth. The Hang Seng declined 5.9% last week, its worst weekly drop in two years. On Friday, the S&P 500 suffered its worst day since August, wiping out early year-to-date gains. S&P futures rose 0.8% in Sunday evening U.S. trading, pointing to a stronger session on Monday.
The yield on the benchmark 10-year U.S. Treasury was little changed at 1.52%, up 0.01 percentage point, according to FactSet. Brent crude oil drifted 0.2% lower to $56.49 a barrel and gold shed a similar amount, to $1,548.90 per ounce.
Write to Steven Russolillo at steven.russolillo@wsj.com and Xie Yu at Yu.Xie@wsj.com
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https://www.wsj.com/articles/global-markets-waver-as-coronavirus-fears-weigh-11580714268
2020-02-03 07:17:00Z
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