(Bloomberg) – Stocks in Asia fell, although losses were smaller than those on Wall Street overnight, as investors continue to assess the impact of the stringent measures used to contain the coronavirus. US equity futures increased slightly.
Japan, China, Hong Kong and South Korea saw modest declines, while Sydney stocks lost about 3%. Futures on the S&P 500 advanced after another round of sharp declines. In the latest developments of the virus, deaths have increased in France and Spain, while Italy and Germany have decided to extend the lockdowns and Florida has ordered people to stay at home. New York Governor Andrew Cuomo said a model showed that the Covid-19 epidemic may not peak in the state until the end of April.
“The incremental news about the virus over the past 24 to 48 hours has been disappointing,” said John Bloom, fund manager at Mellon Investments Corp., on Bloomberg TV. “The global economy has hit a wall, there is a lot of uncertainty, which contributes to the volatility of the markets and the downward trajectory that we have seen in recent days. “
Last week’s rally in global stocks is threatened as companies decide to cut their dividends and more states in the US impose severe restrictions on the movement of people. Germany extends national lockout for another two weeks until April 19. The decline in the S&P 500 accelerated on Wednesday after US intelligence sources said that China had concealed the extent of the virus epidemic.
“The biggest economic blow on a monthly basis is likely to be in April,” said Abby Joseph Cohen, advisory director and senior investment strategist at Goldman Sachs, on Bloomberg TV. “This is going to be an ongoing health crisis in the United States”
Elsewhere, West Texas oil surpassed $ 21 a barrel after President Donald Trump’s commitment to meet quarantined producers Saudi Arabia and Russia to support the market failed to increase considerably the prices.
These are the main movements on the markets:
S&P 500 futures rose 0.9% at 10:25 a.m. in Tokyo. The S&P 500 lost 4.4%. Japan’s Topix index lost 1.2%. The Hong Kong Hang Seng slipped 1.1%. South Korea’s Kospi index fell 0.8%. Australia’s S & P / ASX 200 index slipped 2.7%. Futures on the Euro Stoxx 50 lost 1%.
The yen slipped 0.2% to 107.46 for the dollar. The offshore yuan traded at 7.1312 for the dollar. The euro bought $ 1.0947, down 0.2%.
The 10-year Treasury bill yield fell by 0.5 basis points to 0.57%. Australian 10-year bond yields added six basis points to 0.74%.
West Texas crude rose 3.8% to $ 21.08 a barrel, while gold slipped 0.5% to $ 1,584.25 an ounce.
bloomberg.com “data-reactid =” 38 “> For more articles like this, visit us at bloomberg.com
Subscribe now to stay one step ahead of the most trusted source of business information. “Data-reactid =” 39 “> Subscribe now to stay ahead with the most trusted source of business information.
© 2020 Bloomberg L.P.