(Bloomberg) -- U.S. stocks sank, gold surged and Treasury yields fell as investors took a defensive stance amid renewed concern about the economic impact of the coronavirus as it spreads outside of China.
Chipmakers led losses as the S&P 500 Index headed for its first weekly decline since January after equities in Korea and Hong Kong dropped more than 1% on Friday. The Stoxx Europe 600 Index slumped, with automakers among the worst performers. The yield on 30-year Treasuries headed to a record low as manufacturing data in Australia and Japan added to worries about slower growth.
Investors were put on alert this week by a spike in infections outside China and a slew of fresh warnings by companies over the potential impact on business. Those reignited appetite for haven assets and reversed stock gains that had sent the S&P 500 Index to a record high on Wednesday.
“It may be a much longer road,” Dan Farley, chief investment officer of the investment solutions group at State Street Global Advisors, told Bloomberg TV in Sydney. “We have to be very mindful that this is not an easily solvable issue and the impact on consumer demand for a number of different sectors is going to be something that we need to be watching out for.”
Elsewhere, crude oil fell after hitting the highest in almost four weeks. The yen edged higher, recouping some if its biggest two-day decline since 2017. The dollar was little changed following a four-day winning streak. The euro strengthened after data showed economic activity in the common-currency area sped up unexpectedly.
Here are some key events coming up:
Group of 20 finance ministers and central bank chiefs are due 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 S&P 500 Index dropped 0.9% at 9:46 a.m. New York time.The Stoxx Europe 600 Index fell 0.3%.The MSCI Asia Pacific Index fell 0.6%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro edged up 0.2% to $1.0808.The British pound advanced 0.4% to $1.2934.The Japanese yen strengthened 0.2% to 111.93 per dollar.
Bonds
The yield on 10-year Treasuries declined three basis points to 1.49%.Germany’s 10-year yield rose one basis point to -0.44%.Britain’s 10-year yield was little changed at 0.58%.
Commodities
West Texas Intermediate crude sank 1.5% to $52.96 a barrel.Gold strengthened 1.3% to $1,640.21 an ounce.
--With assistance from Michael G. Wilson and Robert Brand.
To contact the reporters on this story: Constantine Courcoulas in Athens at ccourcoulas1@bloomberg.net;Brendan Walsh in Austin at bwalsh8@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Brendan Walsh, Todd White
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2020-02-21 13:32:00Z
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