(Bloomberg) -- Stocks turned lower in Europe and rose in Asia on Thursday as investors assessed government efforts to confront the coronavirus. U.S. equity futures gave back a chunk of Wednesday’s surge, while Treasuries rose.
The Stoxx Europe 600 Index reversed an early advance, with 17 of 19 industry groups falling. In Asia, the main benchmark was set to climb for a fourth day following Wednesday’s strong gains on Wall Street. Contracts on the S&P 500 retreated after California declared a state of emergency due to the virus. The underlying gauge had jumped more than 4% on Wednesday in the wake of Congress authorizing nearly $8 billion for virus prevention.
Australia’s finance minister said stimulus will come very soon as speculation grew that governments will do more to combat the economic impact of the outbreak. The Treasuries yield curve steepened on Wednesday, a sign investors see more U.S. stimulus coming.
Risk assets are still whip-sawing, with traders remaining on edge amid a rise in virus cases around the world and as many governments extend quarantines and travel restrictions. The S&P 500 has rallied about 6% this week, a rebound that began late Friday when the Federal Reserve pledged action. The gauge remains about 7.5% below last month’s all-time high.
Elsewhere, oil fluctuated amid a split between Saudi Arabia and Russia over whether deeper production cuts are required to offset the demand hit from the coronavirus epidemic. Emerging-market stocks rallied. Gold rose and the yen strengthened.
These are the main moves in markets:
Stocks
The Stoxx Europe 600 Index decreased 0.4% as of 9:21 a.m. London time.Germany’s DAX Index dipped 0.6%.Futures on the S&P 500 Index fell 1.4%.The MSCI Asia Pacific Index gained 1.3%.
Currencies
The Bloomberg Dollar Spot Index decreased 0.1%.The euro increased 0.1% to $1.1147.The British pound gained 0.2% to $1.29.The Japanese yen strengthened 0.4% to 107.09 per dollar.The South Korean Won strengthened 0.5% to 1,181.30 per dollar.
Bonds
The yield on 10-year Treasuries fell six basis points to 0.99%.The yield on two-year Treasuries declined five basis points to 0.64%.Germany’s 10-year yield rose one basis point to -0.63%.Japan’s 10-year yield increased one basis point to -0.112%.Australia’s 10-year yield increased six basis points to 0.784%.
Commodities
West Texas Intermediate crude climbed 0.1% to $46.84 a barrel.Iron ore gained 1.1% to $89.20 per metric ton.Gold strengthened 0.4% to $1,643.03 an ounce.
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/asia-extend-global-stock-rally-231651748.html
2020-03-05 09:28:00Z
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