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Yahoo BusinessFeb 24, 2020
Oil Slides While Gold Heads to $1,700 as Virus Rocks Commodities
(Bloomberg) -- Renewed fears that the coronavirus will harm global growth rocked commodity markets again on Monday, with oil and metals prices tumbling while gold soared toward $1,700 an ounce amid a global flight to haven assets.As the deadly virus spreads more widely outside China, raising the threat of a global pandemic, finance chiefs and central bankers from the world's largest economies said they see downside risks to the world economy persisting.That's spurring fresh alarm in commodity markets that had started to recover from lows hit earlier in the month when China's virtual shutdown threw supply chains into chaos. With the International Monetary Fund cutting its global growth forecast and warning that it's also looking at more "dire" scenarios, investors are concerned that risks to raw material demand are worsening."With the volatility we're seeing in the coronavirus event, that's creating angst in the market on the back of growth and demand expectations and we've seen oil prices weaken," said David Lennox, a resource analyst at Fat Prophets in Sydney. "The converse of that is the same event is carrying investors toward a safe haven play and that's gold."Oil led the losses in Asian trade on Monday morning, tumbling more than 3% in London and New York. Until Friday, Brent crude had been in the longest run of gains in more than a year thanks to Chinese fiscal stimulus and new threats to supplies from Africa and Latin America.Industrial commodities are also getting hit hard, with copper sliding m

Google Business NewsFeb 23, 2020
Stock Futures Are Getting Hammered Because Coronavirus Is Still Spreading - Barron's
Stock Futures Are Getting Hammered Because Coronavirus Is Still Spreading  Barron'sDow set to drop more than 350 points at the open as coronavirus cases outside China surge  CNBCGlobal stocks fall as coronavirus continues to spread  CNNDow Futures Crash 520 Points as China Makes Shocking Coronavirus Confession  CCN.comU.S. stock

Yahoo BusinessFeb 23, 2020
GLOBAL MARKETS-Shares drop, gold surges as investors scurry for safety
Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven. In Italy, officials said a third person infected with the flu-like virus had died, while the number of cases jumped to above 150 from just three before Friday.


Yahoo BusinessFeb 23, 2020
Global shares drop, gold surges as investors scurry for safety
Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East. South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven. In Italy, officials said a third person infected with the flu-like virus had died, while the number of cases jumped to above 150 from just three before Friday.


Reuters BusinessFeb 23, 2020
Shares drop, gold surges as investors scurry for safety
Global shares and oil slid on Monday while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and the Middle East.

Yahoo BusinessFeb 23, 2020
Korea Confirms 161 New Cases as Outbreak Spreads: Virus Update
(Bloomberg) -- China's novel coronavirus outbreak is spreading further in countries outside of Asia, raising concerns about the prospect of a pandemic as trading in the region got underway for the week.South Korea said it had 161 additional virus cases, along with two more deaths, to bring the total death toll there to seven. The country had earlier raised its infectious-disease alert to the highest level after a 20-fold increase in cases.Europe's concerns were also heightened over the weekend, which saw Austria halt a train from Italy for fear of two infected passengers. This came after Italy -- now the virus's epicenter on the continent -- canceled the Venice Carnival and other events.Key DevelopmentsBREAKING: South Korea says 161 more cases; death toll at 7Cathay Pacific cuts further capacityChina cases rose to at least 76,936 with 2,442 fatalities over weekendItaly infections soarIMF's Georgieva says outbreak puts recovery at riskClick VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.Korea's Ruling Party Urges Extra Budget (7:37 a.m. HK)The Democratic Party of Korea assessed that the nation, which has hundreds of virus cases, will need more than 10 trillion won ($8.3 billion) in extra budget to support the economy and provide aid for losses related to the outbreak, according to the Seoul Shinmun newspaper, citing an unidentified party official.Cathay Slashes More Capacity (7:12 a.m. HK)Hong Kong carri

Yahoo BusinessFeb 23, 2020
How Strategists and Investors See Coronavirus Playing Out
(Bloomberg) -- A raft of new coronavirus cases in numerous countries outside China over the weekend has redoubled concern about the ability of the illness to spread, and potential economic impact.South Korea's Kospi dropped as much as 3.2% after the country's count of cases rose quickly to 763, and the government raised its infectious-disease alert to the highest level. Italy's government imposed a lockdown on an area of 50,000 people near Milan and took other measures as infections reached 140. Iran reported an eighth death with 43 cases. That's all on top of the impact on hardest-hit China, where millions of firms face potential collapse if banks don't act, though China's top leaders said in a statement after a meeting on Friday that they will exercise more flexibility in monetary and fiscal policy.Read: Hong Kong Sounds Warning; Italy Cancels Carnival: Virus UpdateHere's what strategists and investors are saying about the developments.Normal by July?"More near term panic will weigh on risk, but panic is necessary to increase containment odds. Credit markets appear to recognize that," said Dennis DeBusschere of Evercore ISI. "EISI's Survey team asked investors about the impact of the outbreak and the vast majority of respondents see both the risks as understated and expect U.S. Treasury yields were likely to decline by 25 basis points (to about 1.3%). 80% of investors expect supply chains to return to near-normal by July though." (The survey was published on Feb. 17.)Hard to Pick Bottom"With cases of

Yahoo BusinessFeb 23, 2020
Gold jumps over 2% as coronavirus spread spurs safe-haven demand
U.S. gold futures rose 1% to 1,665. "The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens," said Michael McCarthy, chief market strategist at CMC Market. Global equities extended losses as concerns about the spread of the virus beyond China grew with sharp rises in infections in Italy and Iran, while South Korea raised its infectious disease alert to its highest level.


RELATED ARTICLES
Oil prices fall 2% on demand concerns as coronavirus spreads outside China (Yahoo Business)

Reuters BusinessFeb 23, 2020
Oil prices skid on demand concerns as virus spreads globally
Oil prices tumbled nearly 3% towards a one-week low on Monday as the rapid spread of the coronavirus in several countries outside China left investors fretting about a hit to demand.
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