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Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap – Yahoo Finance, Yahoo.com

Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap – Yahoo Finance, Yahoo.com

Bloomberg) – Chinese shares tumbled and the yuan weakened as traders returned from an extended holiday amid the worsening coronavirus outbreak. Support measures from China’s government helped stem losses somewhat in Asia, while U.S. futures rose and Treasuries slipped.

Stocks in Shanghai opened almost 9% lower, while local iron ore and copper futures fell by the daily limit. Equities came off their lows in Tokyo, Seoul and Sydney and fluctuated in Hong Kong. Oil and gold saw modest declines, while the yuan fell past the key 7-per-dollar level. The deadly outbreak showed no signs of slowing with China’s death toll reaching at least

Monday’s moves come on the back of turmoil last week that sent global equities to the worst week since August, amid concern growth will falter as the virus spreads. The People’s Bank of China cut rates as it injected cash into the financial system on Monday, part of a slew of measures to shore up their financial markets. “It’s not time to go back in and buy yet,” Andrew Harmstone, portfolio manager at Morgan Stanley Investment Management, told Bloomberg TV in Singapore. “We have to see more panic selling peak or some resolution of the virus” spreading, he said.

Elsewhere, the pound dipped as investors reacted to a report that UK Prime Minister Boris Johnson could walk away from talks over Britain’s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’s budget.

Here are some key events coming up:

first contest to choose a Democratic nominee to run against Donald Trump in November is the Iowa caucuses Monday.The US manufacturing gauge from the Institute for Supply Management is due Monday. There are also a slew of other PMIs, including India and Brazil.Tuesday brings a policy decision from the Reserve Bank of Australia. employment report for January.

These were the main moves in markets:

Stocks

The MSCI Asia Pacific Index fell 0.9% as of : 67 PM in Tokyo.Japan’s Topix index lost 0.7% .Shanghai Composite Index fell 8.1% .Hong Kong’s Hang Seng Index was little changed.South Korea’s Kospi index retreated 0.1% .Australia’s S & P / ASX 500 Index dropped 1.2% Futures on the S&P 823 added 0.6%. The index declined 1.8% on Friday.Euro Stoxx (contracts rose 0.1%.)

Currencies

The yen fell 0.2% to (per dollar.The offshore yuan fell 0.3% to 7.) per dollar.The euro bought $ 1. , down 0.1% .The pound lost 0.4% to $ 1.

Bonds

(The yield on

– year Treasuries ticked up two basis point to 1. %. Australia’s

– year yield dropped four basis points to 0. (%. Commodities

West Texas Intermediate crude lost 0.3% to $ 53 a barrel.Gold fell 0.5% to $ 1, . an ounce.

– With assistance from Haslinda Amin.

To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net

To Contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc

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Market Analysis Report (03 Feb 2020)