(Bloomberg) -- U.S. stock futures swung between gains and losses on Tuesday and Treasuries advanced after Group of Seven finance ministers said they were ready to combat the impact of the coronavirus but held off any action for now. Risk assets had surged around the world in anticipation of a coordinated move.
Contracts on the S&P 500 pointed to a gain at the open, but at one point they had wiped out an increase of as much as 1.1% after officials released a statement following a conference call that also included central bankers. The index posted its biggest surge in 14 months Monday after the call was announced, rebounding from the worst week in a decade as the spread of the coronavirus threatened to upend global economic growth.
The Stoxx Europe 600 Index clung onto its gain as every sector in that region rallied. The euro weakened after data showed inflation slowing to a three-month low in February, in part due to slumping energy prices. West Texas oil extended its recent rebound to trade around $48 per barrel.
Policy makers and governments are contemplating action amid signs of mounting damage to the global economy from the spread of the coronavirus. The OECD has said that growth will sink to levels not seen in more than a decade and ever more businesses are warning about the impact of the illness. President Donald Trump said on Tuesday the Federal Reserve “should ease and cut rate big.”
“Markets will have to decide if the promise of concerted and possibly co-ordinated action from fiscal and monetary authorities will be enough,” said James Athey, senior investment manager at Aberdeen Standard Investments. “For most shocks you would probably say yes, but the scale, magnitude and sheer unknowable nature of this one makes that an open question.”
The governor of the Bank of England, Mark Carney, said it would take all necessary steps to help the economy. Australia lowered its benchmark by a quarter percentage point. Its currency rose, however, underscoring how traders’ expectations have rapidly shifted in recent days.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index increased 0.1% as of 8:19 a.m. New York time.The Stoxx Europe 600 Index surged 2%.The U.K.‘s FTSE 100 Index surged 1.6%.The MSCI Asia Pacific Index gained 0.1%.
Currencies
The Bloomberg Dollar Spot Index was little changed.The euro dipped 0.3% to $1.1106.The British pound gained 0.1% to $1.2773.The Japanese yen strengthened 0.5% to 107.79 per dollar.The offshore yuan weakened 0.2% to 6.9792 per dollar.
Bonds
The yield on 10-year Treasuries decreased three basis points to 1.13%.Germany’s 10-year yield gained three basis points to -0.60%.Britain’s 10-year yield climbed one basis point to 0.421%.
Commodities
Gold strengthened 0.9% to $1,603.46 an ounce.West Texas Intermediate crude gained 2.5% to $47.90 a barrel.
--With assistance from Sophie Caronello and Andreea Papuc.
To contact the reporter on this story: Michael Hunter in London at mhunter72@bloomberg.net
To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Ravil Shirodkar
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-gain-policy-support-214746726.html
2020-03-03 13:00:00Z
CBMiTWh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9hc2lhLXN0b2Nrcy1nYWluLXBvbGljeS1zdXBwb3J0LTIxNDc0NjcyNi5odG1s0gFVaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvYXNpYS1zdG9ja3MtZ2Fpbi1wb2xpY3ktc3VwcG9ydC0yMTQ3NDY3MjYuaHRtbA
Bagikan Berita Ini
0 Response to "Futures Gain While Stocks Jump; Treasuries Edge Up: Markets Wrap - Yahoo Finance"
Post a Comment