(Bloomberg) -- Asian equities rose with U.S. futures and China’s stocks stabilized after Monday’s slide as investors gauge efforts to contain the coronavirus and awaited potential responses from policy makers.
In a wild start to trading Tuesday, Chinese equities tumbled more than 2%, then recouped all that loss within minutes. South Korean shares outperformed in Asia, with Hong Kong, Japanese and Australian benchmarks seeing more modest gains. Oil recovered a slice of recent losses, and traded back above $50 per barrel. U.S. Treasury yields also edged up, while the dollar was flat. European futures gained.
China earlier set the daily yuan fixing at stronger than 7 per dollar, a sign of support for the exchange rate. Analysts are anticipating a series of measures to support economic growth as the hit to the country mounts. In the latest tally, China said its total death toll from the virus stood at 425 and cases rose to more than 20,000.
“We feel like the world is moving under our feet because the probability of containment, looking at statistics daily, is a little bit of a fool’s errand,” Richard Lacaille, chief investment officer at State Street Global Advisors.
Meanwhile, traders will also be watching the results of the Iowa Caucuses, as the 2020 Democratic presidential race kicks off. There have been problems with the reporting process that have delayed the results. The Australian dollar ticked higher after the central bank kept interest rates unchanged as expected.
Here are some key events coming up:
The Iowa caucuses are Monday, the first contest to choose a Democratic nominee to run against Donald Trump in November.The Reserve Bank of India’s interest rate decision is due Thursday.Friday has the U.S. employment report for January.
These are the main moves in markets:
Stocks
The MSCI Asia Pacific Index rose 1.2% as of 3:06 p.m. in Tokyo.Topix index rose 0.7% at the close.Australia’s S&P/ASX 200 Index rose 0.4%.South Korea’s Kospi gauge rallied 1.8%.Hong Kong’s Hang Seng Index rose 0.9%.Shanghai Composite Index rose 1.4% after dropping as much as 2.2%.S&P 500 futures rose 0.6%. The S&P 500 closed 0.7% higher Monday.Euro Stoxx 50 contracts rose 0.4%.
Currencies
The yen was at 108.82 per dollar, little changed.The offshore yuan rose 0.3% to 6.9952 per dollar.The euro traded flat at $1.1059.Bloomberg Dollar Spot Index dipped 0.1%.
Bonds
The yield on 10-year Treasuries edged up two basis points to 1.55%.Australia’s 10-year bond yield was flat at 0.92%.
Commodities
West Texas Intermediate crude rose 1.1% to $50.65 a barrel.Gold fell 0.2% to $1,572.76 an ounce.
--With assistance from Claire Ballentine.
To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@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.
Business - Latest - Google News
February 04, 2020 at 09:10AM
https://ift.tt/397CZTA
China’s Stocks Fluctuate; U.S. Futures Advance: Markets Wrap - Yahoo Finance
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "China’s Stocks Fluctuate; U.S. Futures Advance: Markets Wrap - Yahoo Finance"
Post a Comment