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Yahoo BusinessJan 21, 2020
Stocks Decline With U.S. Futures; Treasuries Rise: Markets Wrap
(Bloomberg) -- European stocks dropped alongside U.S. equity futures on Tuesday, tracking broad declines across Asia amid a series of negative developments in Hong Kong and worries about a deadly virus in China.The Stoxx Europe 600 Index fell a second day, with banks among the biggest losers after UBS Group AG missed key profitability and cost targets. Retailers also retreated, with luxury stocks suffering on concern the outbreak of a new coronavirus in China will disrupt spending during a key holiday period. News of the illness spreading rattled Asian markets, with shares in Hong Kong hit particularly hard after a credit rating downgrade and a top official calling for new security legislation.Contracts on the three main U.S. equity benchmarks all pointed to a drop when Wall Street returns from the long weekend. The risk-off mood helped spur some traditional haven assets, with the yen and Treasuries advancing. The Chinese and South Korean currencies weakened. The pound turned higher after better-than-expected U.K. employment figures.Read more: China Virus Concern Hammers Asian Stock SentimentThe emergence of the illness in China is stirring memories of the SARS outbreak 17 years ago for some market watchers, though it's not yet as serious. Still, easing trade tensions, a solid start to earnings season and signs global growth is bottoming have all combined to stoke stocks to multiple records this month; for many investors it may be time for a pause."For the market, the more meaningful driver still remai

Yahoo BusinessJan 21, 2020
U.S. Stock Index Futures Decline Amid China Virus Worries
(Bloomberg) -- U.S. stock index futures indicated a negative start after the long weekend, mirroring a sell-off in global equity markets as concerns over the spread of a SARS-like virus from central China prompted investors to book recent gains.S&P 500 Index futures contracts expiring in March fell as much as 0.5% after multiple medical workers were reported to have been infected. Dow Jones Industrial Average contracts were down 0.3% while those on the Nasdaq 100 retreated 0.6%. U.S. markets were closed Monday for Martin Luther King Jr. Day.Asian Tourism, Consumer Stocks Slip Amid Concern of Virus ImpactAsian stocks sank as risk-off sentiment roiled markets and spurred a flight to quality across assets. Gold and the yen climbed and China's yuan weakened by the most in three months. In Europe, the Stoxx 600 fell 1%, with miners, banks and consumer-related stocks leading losses.Worries over the virus come ahead of the Lunar New Year holiday, a busy Chinese traveling period, said Laura Fitzsimmons, executive director at JPMorgan Chase & Co."When we compare this situation with previous virus outbreaks, the level of Chinese travel now is way, way bigger than what we had before," she told Bloomberg TV in Sydney. "How much that industry has grown, how many more are traveling now -- it really does make things on a much larger scale."READ: Here's What Market Watchers Are Saying About the Virus SpreadHong Kong's equity index market fell the most in Asia as concerns linked to the virus in China added to a downgrade b

Yahoo BusinessJan 21, 2020
China Virus Concern Hammers Asian Stock Sentiment on Holiday Eve
(Bloomberg) -- Financial markets in Asia reeled on concern a deadly virus emanating from China will spread through the region. Moves were exacerbated as traders closed out positions in the run-up to Lunar New Year holidays.Chinese shares in Hong Kong headed for their worst day since October 2018, while global traders offloaded more than 7 billion yuan ($1 billion) of mainland shares through exchange links. MSCI Inc.'s Asian gauge dropped 1%.The virus is another test for a bull run in global equities, which rose to record last week after shrugging off concerns of a wider conflict in the Middle East. Four people have died and a number of medical workers have been infected by the new illness, which emerged in the city of Wuhan. It has since been detected in people in Japan, Thailand, South Korea, as well as other parts of China."It is uncertain how the virus outbreak will develop in China during the holidays," said Jackson Wong, asset management director at Amber Hill Capital Ltd. "We are holding more cash and we are avoiding travel-related stocks and some technology stocks that had already jumped a lot earlier."The Hang Seng China Enterprises Index slumped more than 3% in Hong Kong, where equities were also hit after Moody's Investor Service dowgraded the city's rating and China's new top official in Hong Kong urged the city to enact national security legislation. The CSI 300 Index of stocks in Shanghai and Shenzhen dropped 1.7%.The reaction seeped into broader global markets. S&P 500 Index f
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