(Bloomberg) -- U.S. stocks sank, gold surged and Treasury yields tumbled 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. The Stoxx Europe 600 Index slumped, with automakers among the worst performers, after equities in Korea and Hong Kong dropped more than 1%. The yield on 30-year Treasuries headed to a record low amid data showing U.S. business activity shrank in February for the first time since 2013 as the virus hit supply chains and made firms hesitant to place orders.
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 the deadly respiratory virus may have on business. The growing concerns reignited appetite for haven assets and reversed stock gains that had sent the S&P 500 Index to a record high on Wednesday.
“Investors have suddenly got cold feet and are running for the exits,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Bond yields and stock prices are back in sync today as the plunging markets mean the economic outlook is not looking as good this year as many thought.”
Elsewhere, crude oil fell after hitting the highest in almost four weeks. The yen strengthened, recouping some if its biggest two-day decline since 2017. The dollar slumped 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 1% at 10:57 a.m. New York time.The Stoxx Europe 600 Index fell 0.7%.The MSCI Asia Pacific Index fell 0.6%.
Currencies
The Bloomberg Dollar Spot Index fell 0.3%.The euro rose 0.6% to $1.085.The British pound advanced 0.6% to $1.2957.The Japanese yen strengthened 0.4% to 111.66 per dollar.
Bonds
The yield on 10-year Treasuries declined six basis points to 1.46%.The yield on 30-year Treasuries fell six basis points to 1.9%Germany’s 10-year yield was little changed at -0.45%.Britain’s 10-year yield fell one basis point to 0.56%.
Commodities
West Texas Intermediate crude sank 1.7% to $52.86 a barrel.Gold strengthened 1.5% to $1,643.01 an ounce.
--With assistance from Michael G. Wilson, Robert Brand, Constantine Courcoulas and Todd White.
To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Brendan Walsh
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stocks-head-mixed-start-230743198.html
2020-02-21 15:58:00Z
CBMiSmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9hc2lhLXN0b2Nrcy1oZWFkLW1peGVkLXN0YXJ0LTIzMDc0MzE5OC5odG1s0gFSaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvYXNpYS1zdG9ja3MtaGVhZC1taXhlZC1zdGFydC0yMzA3NDMxOTguaHRtbA
Bagikan Berita Ini
0 Response to "U.S. Stocks Fall, Gold Rallies on Bid for Safety: Markets Wrap - Yahoo Finance"
Post a Comment