U.S. Futures Fluctuate as Stocks Slide; Gold Gains: Markets Wrap - Yahoo Finance

U.S. Futures Fluctuate as Stocks Slide; Gold Gains: Markets Wrap

(Bloomberg) -- U.S. equity-index futures fluctuated while stocks in Europe and Asia dropped on Wednesday as investors fretted over fresh evidence of the widening coronavirus outbreak. Gold advanced and crude oil slid.

Contracts on the three main American equity gauges swung between losses and gains, a day after the S&P 500 Index fell 3% to cap its worst four-day slide since 2018. The Stoxx Europe 600 Index declined for a fifth session, its longest down streak since July, as Diageo Plc and Danone SA warned the virus outbreak will hit sales in China. The first cases in Greece and in South America were reported, while Spain locked down a resort hotel in the Canary Islands with about 1,000 guests and workers inside.

Stocks in Sydney and Seoul led declines in Asia, with the won falling back toward its weakest since 2016 as South Korea emerged as a hot spot for the contagion. Ten-year Treasury yields edged up from a record-low close set Tuesday, while a dollar gauge rose.

Risk assets are showing few signs of rebounding as coronavirus cases steadily climb outside the epicenter in China. South Korea said its national total rose to more than 1,000, while American health officials Tuesday warned that they expect the epidemic to spread in the U.S. Traders may be looking out for further signs of policy accommodation after American central bankers said they are closely monitoring the spreading virus, though it’s “still too soon” to say whether it will change the outlook.

“The ultimate impact remains entirely unknown at this stage,” said Eleanor Creagh, a Sydney-based strategist at Saxo Capital Markets. “And uncertainty is the enemy of conviction.”

Elsewhere, a gauge of high-yield credit risk for European issuers rose for a fifth day. Industrial metals and minerals mostly dropped, including copper and iron ore.

These are some key events coming up:

Earnings keep rolling in from companies including: Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.U.S. jobless claims, GDP and durable goods data are out Thursday.Japan industrial production, jobs, and retail sales figures are due on Friday.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index were little changed as of 7:24 a.m. New York time.Nasdaq 100 Index futures dipped 0.1%.The Stoxx Europe 600 Index declined 1.1%.South Korea’s Kospi Index fell 1.3%.The MSCI Asia Pacific Index sank 1.3%.

Currencies

The Bloomberg Dollar Spot Index increased 0.1%.The euro was little changed at $1.0887.The British pound decreased 0.6% to $1.2925.The Japanese yen weakened 0.3% to 110.50 per dollar.

Bonds

The yield on 10-year Treasuries increased one basis point to 1.37%.The yield on two-year Treasuries fell four basis points to 1.18%.Germany’s 10-year yield jumped two basis points to -0.49%.Britain’s 10-year yield decreased one basis point to 0.514%.

Commodities

West Texas Intermediate crude dipped 1.5% to $49.14 a barrel.Gold strengthened 0.6% to $1,644.82 an ounce.Iron ore sank 2.5% to $86.09 per metric ton.LME copper fell 0.9% to $5,635 per metric ton.

--With assistance from Andreea Papuc and Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

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2020-02-26 12:27:00Z
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