(Bloomberg) -- U.S. equity futures edged lower and European stocks fell as investors pored over the latest reports on the spread of the coronavirus beyond China and a batch of lackluster corporate earnings. The dollar jumped.
Contracts on the three major American stock gauges turned lower after Japan reported two deaths from the virus, with South Korea confirming its first fatality from the disease shortly after. Corporate earnings also underwhelmed, with ViacomCBS Inc. slipping in the premarket after its quarterly revenue missed estimates. Disappointing results from AXA SA and Telefonica SA dragged the Stoxx Europe 600 Index lower. In Asia, stock gains in Shanghai, Tokyo and Sydney were countered by declines in the rest of the major markets.
The yen extended its slump, weakening past 112 per dollar, with market participants ascribing a host of reasons, ranging from disappointing economic news to early positioning before the fiscal year-end next month. Treasuries climbed and gold jumped to a seven-year high.
While the number of new coronavirus cases in China continues to slow, those beyond the mainland are sparking more alarm. Earnings misses from some of the bigger corporate names are adding to the gloom, alongside fresh warnings from companies on the pathogen’s impact. The world’s largest container shipping firm A.P. Moller-Maersk A/S said 2020 will be marred by “considerable uncertainties” due to the outbreak’s impact on global trade. Air France-KLM guided earnings lower.
Here are some key events coming up:
Earnings season rolls on, with results from Deere & Co. set for Friday.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
Futures on the S&P 500 Index dipped 0.2% as of 7:18 a.m. New York time.The Stoxx Europe 600 Index decreased 0.4%.Nasdaq 100 Index futures dipped 0.2%.The MSCI Asia Pacific Index sank 0.5%.The MSCI World Index of developed countries decreased 0.1%.
Currencies
The Bloomberg Dollar Spot Index jumped 0.4%.The euro decreased 0.1% to $1.0794.The Japanese yen weakened 0.5% to 111.93 per dollar.The South Korean Won weakened 0.8% to 1,198.37 per dollar.
Bonds
The yield on 10-year Treasuries sank three basis points to 1.54%.Germany’s 10-year yield declined two basis points to -0.44%.Britain’s 10-year yield dipped two basis points to 0.583%.Japan’s 10-year yield climbed one basis point to -0.039%.
Commodities
West Texas Intermediate crude increased 0.3% to $53.45 a barrel.Gold strengthened 0.3% to $1,616.66 an ounce.LME aluminum declined 0.4% to $1,712.50 per metric ton.Iron ore rose 2.4% to $89.20 per metric ton.
--With assistance from Cormac Mullen and Adam Haigh.
To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Yakob Peterseil
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