(Bloomberg) -- Stocks slipped and U.S. equity futures fluctuated on Monday as investors struggled to gauge the economic hit from the spreading coronavirus while preparing for more corporate earnings. Treasuries and European bonds edged higher.
Declines in travel and tech stocks pulled the Stoxx Europe 600 down. Ireland’s bank stocks slumped after polls put Sinn Fein in place for a possible role in government. Asia’s main stock gauges fell everywhere apart from Shanghai, as traders monitored the restart of Chinese factories and the possible chaos that may ensue as several hundreds of thousands of people begin returning to work at companies like Apple Inc. manufacturer Foxconn.
Contracts on the S&P 500 Index, Dow Jones Industrial Average and the Nasdaq 100 all swung between modest gains and losses. China’s yuan strengthened offshore. The dollar turned lower versus a basket of its major peers following three days of gains.
With cases of the coronavirus outside of China continuing to increase and various trade groups pulling back from international meetings, investors are scrambling to figure out whether the rate of growth for the virus is stabilizing. In the meantime, monetary authorities across emerging markets have stepped in. The People’s Bank of China moved to keep liquidity ample Monday through reverse-repurchase agreements.
“This coronavirus seems to be going on for longer, is infecting more people and the hit to growth will be longer,” Diana Mousina, an economist at AMP Capital Investors Ltd., told Bloomberg TV in Sydney. “You won’t be able to recoup all of the negative impacts in the first quarter.”
Earnings are due this week from major names like Alibaba Group Holding Ltd., Credit Suisse Group AG and Nestle SA.
Elsewhere, crude-oil futures fell in New York. Emerging-market currencies pared an earlier decline against the dollar.
Here are some key events coming up:
Earnings season continues with reports including: MGM Resorts and Cisco Systems on Monday; Softbank on Wednesday; Thursday will bring Alibaba, Nissan, Credit Suisse, Airbus, Nestle and AIG.Federal Reserve Chairman Jerome Powell delivers his semiannual testimony in Congress on Tuesday and Wednesday; ECB President Christine Lagarde speaks at the European Parliament in Strasbourg Tuesday.Thursday brings a gauge of underlying U.S. inflation, the core consumer price index. It’s expected to increase to 0.2% in January, a faster pace than in December.China and the U.S. on Friday lower tariffs on billions of dollars of respective imports, as part of the trade deal signed last month.
And these are the main moves in markets:
Stocks
The Stoxx Europe 600 Index fell 0.3% as of 9:05 a.m. London time.Futures on the S&P 500 Index were little changed.The MSCI Asia Pacific Index dipped 0.5%.The MSCI Emerging Market Index decreased 0.4%.
Currencies
The Bloomberg Dollar Spot Index fell 0.1%.The British pound was little changed.The euro was little changed at $1.095.The Japanese yen was little changed at 109.81 per dollar.The offshore yuan strengthened 0.3% to 6.9863 per dollar.
Bonds
The yield on 10-year Treasuries fell one basis point to 1.57%.Germany’s 10-year yield decreased one basis point to -0.40%.Britain’s 10-year yield gained less than one basis point to 0.572%.
Commodities
West Texas Intermediate crude fell 0.5% to $50.07 a barrel.Gold strengthened 0.2% to $1,573.02 an ounce.LME nickel climbed 2.2% to $13,050 per metric ton.
--With assistance from Sydney Maki and Cecile Vannucci.
To contact the reporters on this story: Todd White in Madrid at twhite2@bloomberg.net;Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editor responsible for this story: Sam Potter at spotter33@bloomberg.net
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https://finance.yahoo.com/news/stocks-start-week-caution-big-213747151.html
2020-02-10 09:12:00Z
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