In Asian Equity Markets indices rose on Friday as investors digested Chinese official manufacturing data that met expectations amid coronavirus fears. Japanese stocks pared some of their earlier gains but remained in positive territory, with the Nikkei 225 up 1.03% as shares of index heavyweight and robotmaker Fanuc advanced 1.64%. South Korea’s Kospi, on the other hand, fell 0.24%. Meanwhile, Hong Kong’s Hang Seng index rose 0.22%. Shares in Australia also rose, with the S&P/ASX 200 up 0.19%.
In Currency Markets Asian currencies stopped their slide on Friday as confidence from the World Health Organization in China’s response to a new virus and upbeat data from the world’s second biggest economy tempered worries over a jump in new infections. The Australian and New Zealand dollars, which dipped on the news of rising deaths, recovered after the services data to hold steady. The Antipodean currencies have been pounded in recent weeks as investors pour out of assets exposed to the virus’ fallout in China.
In Commodities Markets oil prices jumped on Friday following sharp losses this week, as the World Health Organization (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of the coronavirus that originated in China last year. Brent crude futures jumped 90 cents to $59.19 a barrel, after falling 2.5% the previous session. Brent is still down 2.5% for the week. U.S. WTI futures were up by $1.03 to $53.17 a barrel. The contract fell 2.2% on Thursday and is now 1.9% lower for the week.
In US Equity Markets indices fell on Thursday as the coronavirus outbreak raised concerns about damage to the global economy, with what is shaping up to be a lackluster earnings season contributing to the decline. The S&P 500 lost 0.43%, to 3,259.26 and the Nasdaq Composite fell 0.41%, to 9,237.09. Microsoft Corp gained 2.31% after it beat expectations for quarterly earnings, driven by Azure cloud computing revenue growth. Tesla Inc jumped 11.01% after the maker of electric cars posted a second straight quarterly profit.
In Bond Markets U.S. Treasury yields fell to three-month lows on Thursday and a closely watched part of the yield curve inverted as concerns about the economic impact of a virus emanating in China weighed on risk appetite. Benchmark 10-year note yields fell as low as 1.534%, the lowest since Oct. 9. The closely watched yield curve between three-month bills and 10-year notes inverted for the second day this week, a bearish signal for the economy.