Europe Stocks Slip With U.S. Futures; Dollar Jumps: Markets Wrap - Yahoo Finance

(Bloomberg) -- European stocks fell and U.S. equity futures edged lower as investors pored over the latest reports about the spread of the coronavirus beyond China and a batch of lackluster corporate earnings. The dollar jumped.

The Stoxx Europe 600 Index slipped as South Korea reported its first fatality from the disease after cases there more than doubled. Earnings from some of the continent’s biggest companies also underwhelmed, from Belgian brewer Anheuser-Busch InBev SA to French insurer AXA SA and Telefonica SA of Spain. Futures on the S&P 500 Index turned lower after Japan reported two deaths from the virus. In Asia, gains in Shanghai, Tokyo and Sydney were countered by declines in rest of the major markets.

The yen extended its slump, weakening toward 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.

While the number of new coronavirus cases in China continues to come down, those beyond the mainland are sparking alarm. Earnings misses from some of Europe’s biggest names are adding to the gloom, with companies continue to warn on the virus’s impact. On Thursday, the world’s largest container shipping company 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

The Stoxx Europe 600 Index fell 0.3% as of 9:29 a.m. London time.Futures on the S&P 500 Index dipped 0.1%.Nasdaq 100 Index futures declined 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 increased 0.3%.The euro was unchanged at $1.0805.The Japanese yen weakened 0.4% to 111.80 per dollar.The South Korean Won depreciated 0.8% to 1,198.37 per dollar.

Bonds

The yield on 10-year Treasuries sank two basis points to 1.55%.Germany’s 10-year yield decreased one basis point to -0.42%.Britain’s 10-year yield was steady at 0.592%.

Commodities

West Texas Intermediate crude increased 0.3% to $53.46 a barrel.Gold weakened 0.1% to $1,610.60 an ounce.LME aluminum declined 0.4% to $1,712.50 per metric ton.Iron ore rose 2.4% to $89.15 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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2020-02-20 09:39:00Z
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