(Bloomberg) -- Stocks fell in Europe along with U.S. equity-index futures after Apple Inc. said quarterly sales would miss forecasts, spooking investors who had hoped for a limited economic impact from the deadly coronavirus. Treasuries rose as American markets re-opened after a holiday.
Tech companies led declines in the Stoxx Europe 600 index, with Apple suppliers Dialog Semiconductor Plc and Infineon Technologies AG slumping after the iPhone maker warned on both production and sales disruptions due to the epidemic. HSBC Plc and Glencore Plc also flagged virus risks in earnings reports, while BHP Group said commodity prices will take a hit if the fallout extends beyond the end of next month. Italy’s UBI jumped as much as 23% after Intesa Sanpaolo SpA launched an unsolicited bid for its smaller rival.
Equity benchmarks in Tokyo, Seoul and Hong Kong saw declines of over 1%, while stocks in Shanghai fluctuated. European bonds climbed, the offshore yuan weakened, and the yen ticked higher. Brent crude oil snapped a five-day rally.
Tuesday’s trading session saw renewed concerns about the coronavirus impact, even as the growth rate of cases in China’s Hubei province -- the epicenter of the disease -- continues to stabilize. It’s a turnaround from Monday, when sentiment was lifted by Chinese policy makers’ moves to support companies hit by the prolonged shutdown of large parts of the country. China’s stocks had recouped all of their losses following the Lunar New Year holiday.
“Sentiment toward global risk turned sour today,” said Dariusz Kowalczyk, an emerging-markets strategist at Credit Agricole SA. “We continue to believe that markets have not yet fully priced in the magnitude of the hit to China’s economy as a result of the Covid-19 outbreak.”
Elsewhere, the Australian dollar weakened after the Reserve Bank of Australia said it reviewed the case for a further rate cut at its last meeting, but didn’t go ahead.
Here are some key events coming up:
Earnings season rolls on, with results Tuesday from Walmart Inc.; Deere & Co. results are set for Friday.Germany’s ZEW survey of investor confidence is due Tuesday.Minutes of the most recent Federal Reserve meeting are published on Wednesday.Indonesia is expected to cut interest rates on Thursday, following emerging-market peers that have already moved.Group of 20 finance ministers and central bank chiefs are scheduled 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:
Stocks
The Stoxx Europe 600 Index sank 0.4% as of 8:14 a.m. London time.Futures on the S&P 500 Index dipped 0.3%.The MSCI All-Country World Index declined 0.2%.The U.K.’s FTSE 100 Index was little changed.
Bonds
The yield on 10-year Treasuries decreased three basis points to 1.55%.The yield on two-year Treasuries dipped two basis points to 1.41%.Germany’s 10-year yield declined two basis points to -0.42%.Britain’s 10-year yield dipped one basis point to 0.62%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.0829.The British pound decreased 0.1%.The Japanese yen appreciated 0.1% to 109.77 per dollar.
Commodities
West Texas Intermediate crude fell 0.7% to $51.40 a barrel.Gold strengthened 0.3% to $1,586.85 an ounce, the highest in more than two weeks.
--With assistance from Benjamin Dow.
To contact the reporters on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net;Robert Brand in Cape Town at rbrand9@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Yakob Peterseil
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https://finance.yahoo.com/news/asian-futures-mixed-yen-pares-220225867.html
2020-02-18 08:21:00Z
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