(Bloomberg) -- U.S. stocks rallied with crude and copper, while Treasuries plunged as investors speculated the global economy can withstand the impact from the still-spreading coronavirus after China’s market sell-off eased.
The S&P 500 headed for its best two-day surge since October, with all 10 of 11 main sector groups advancing Tuesday. European equities jumped 1.4% and emerging-market shares rallied the most in five months. The risk-on mood gained steam after Shanghai stocks rebounded from a record $720 billion wipeout and the offshore yuan recouped the previous session’s decline. Treasuries slipped with gold. Oil jumped back over $50 a barrel and copper looked to halt a 14-day retreat. In company news, Tesla Inc. extended its torrid run with another 11% advance, while Alphabet Inc. slumped after delivering weak earnings.
Investors appear to be taking some comfort from the measures Beijing has taken to contain the virus to Hubei province and to support economic growth. Still, travel restrictions continue and business shut-downs mount, with Macau closing casinos for another two weeks. Bulls have focused on strong corporate earnings and assurances of support from central banks. Meanwhile, traders are also waiting for the outcome of the Iowa Caucuses, as the 2020 Democratic presidential race kicks off. Problems with the reporting process have delayed the results.
Here are some key events coming up:
The U.S. Democratic Party of Iowa on Tuesday will release results from caucuses, the opening event of its nomination race for the presidency.Euro-zone PMI data in its final version will be released Wednesday.The Reserve Bank of India’s interest rate decision is due Thursday.The U.S. employment report for January is set for Friday release.
These are the main moves in markets:
Stocks
The S&P 500 jumped 1.2%% as of 9:31 a.m. in New York.The Nasdaq 100 added 1.3%. The Stoxx Europe 600 Index surged 1.3%.The MSCI All-Country World Index rose 0.5%.The MSCI Asia Pacific Index surged 1.2%.
Currencies
The Bloomberg Dollar Spot Index decreased 0.1%.The British pound gained 0.2% to $1.302.The euro dipped 0.1% to $1.105.The Japanese yen weakened 0.4% to 109.08 per dollar.The offshore yuan strengthened 0.3% to 6.9944 per dollar.
Bonds
The yield on 10-year Treasuries gained five basis points to 1.58%.Germany’s 10-year yield climbed three basis points to -0.41%.Britain’s 10-year yield rose four basis points to 0.548%.
Commodities
West Texas Intermediate crude jumped 2.3% to $51.27 a barrel.Gold weakened 0.6% to $1,566.82 an ounce.LME copper surged 2.2% to $5,648 per metric ton.Arabica coffee surged 1.7% to $1 a pound.
--With assistance from Todd White, Andreea Papuc and Ziad Daoud (Economist).
To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net
To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Jeremy Herron
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https://finance.yahoo.com/news/asian-stocks-set-mixed-start-215610911.html
2020-02-04 14:32:00Z
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