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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

Yahoo BusinessFeb 23, 2020
China's Coronavirus Cases Rise to 77,150
Feb.23 -- Chinese policy makers are pledging various measures to support the economy as the total number of cases rose to more than 77,000. Bloomberg's Tom Mackenzie reports on "Bloomberg Markets."


Yahoo BusinessFeb 23, 2020
China's Property Sector Faces Cash Crunch
Feb.23 -- China's debt-laden property developers are facing a cash crunch as the coronavirus outbreak brings the real estate market to its knees. The ramification are potentially huge for the overall economy, with the property sector directly accounting for about 7% of China's GDP. Bloomberg's Katrina Nicholas reports on "Bloomberg Markets: Asia."


CNBC BusinessFeb 23, 2020
BNP Paribas names the Asian stocks to buy during — and after — the coronavirus outbreak
Some Asian markets and sectors could be immune from the economic fallout resulting from the ongoing coronavirus outbreak, said BNP Paribas.

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.


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Stocks Slide as Virus Case Rise Heightens Concern: Markets Wrap (Yahoo Business)

Forbes HeadlinesFeb 23, 2020
Investors Are Suddenly Flocking To Safe Haven Assets As The Coronavirus Spreads
Ever since the new coronavirus reared its ugly head, the upbeat performance of global equities markets has confounded investors. Now suddenly, there is a rush to safety. Gold reached a 7-year high of over $1660.00 per troy ounce, bonds are surging, and Bitcoin is up 33% in 2020.

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.


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
China Will See Surge in M&A When Coronavirus Clears, Says PwC's Brown
Feb.23 -- David Brown, deals leader for Asia Pacific at PricewaterhouseCoopers LLP, discusses the M&A activity in China and how it's being impacted by coronavirus. He speaks with Haidi Stroud-Watts on "Bloomberg Markets: Asia."


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How Strategists and Investors See Coronavirus Playing Out (Yahoo Business)

Yahoo BusinessFeb 23, 2020
As Pandemic Looms, World's Top Disease Fighter Engages Xi
(Bloomberg) -- Tedros Adhanom Ghebreyesus has perhaps the most thankless job in global public health. As director-general of the World Health Organization, the former Ethiopian health minister is racing against time to prevent a dangerous new coronavirus in China from precipitating a worldwide pandemic.Yet containing and unlocking the secrets of a novel virus that emerged in Wuhan, once a flourishing mega-city of 11 million, is only part of the challenge. Tedros is also engaged in a delicate diplomatic dance with a Chinese government that's sensitive to perceived slights and a big financial supporter of countries across Africa, including Ethiopia, where he also served as foreign minister and a high-ranking member of its former ruling coalition.Tedros needs the support of China's all-powerful President Xi Jinping to increase on-the-ground access for the world's best infectious disease experts. Xi, meanwhile, is facing public anger over his government's handling of the crisis and has bristled at foreign criticism.As the world's first responder to public health crises, Tedros must "strike this complicated balance between being a member-state organization and being this evidence-based beacon on a hill," said Rebecca Katz, director of Georgetown University's Center for Global Health Science and Security. "It's not a job that I would want to do."The viral disease, known as Covid-19, has killed more than 2,400 people and reached four continents in less than two months. On Jan. 30, Tedros, after initially hesitating, d

FT.com - USFeb 23, 2020
Coronavirus latest: Rise in cases outside China rattles markets
Guo Shuqing's legacy will hinge on whether he can counter outbreak's economic impact

Yahoo BusinessFeb 23, 2020
The Australian Dollar Nears a Tipping Point Thanks to Ultra-Low Rates
(Bloomberg) -- A decade-long slide in Australian interest rates is threatening to turn one of the global currency market's most popular wagers on its head.Investors with an appetite for a little risk had a winner for years with a carry trade that saw them borrow trillions of yen at near-zero rates and use the money to buy Australian dollars. Holding onto the Aussie for as little as a few weeks could earn them enough interest to make the trade pay. Those brave enough to stick with it for months or more made huge profits.Not anymore.Foreign exchange traders are starting to look Down Under as a place to source cheap funds, not somewhere to invest them. It's quite a snub for a nation in its 29th year of economic expansion, and comes as policy makers struggle to counter the financial impact of drought, wildfires and the coronavirus."If you'd told me five years ago that the Aussie would become a nice funding currency, I'd have been laughing at the absurdity of the idea," said Shaun Roache, chief Asia-Pacific economist at S&P Global Ratings in Singapore. "It's a remarkable shift in mindset for markets."It's a far cry from the heyday of the currency in 2011, when much of the developed world was still clawing its way back from the global financial crisis. Australia had skirted recession, the local dollar was worth more than its U.S. namesake and the central bank's benchmark rate was a healthy 4.75%.It's now a record-low 0.75%, and tipped to go lower.While loans in yen and euros are still
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