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Stocks Decline in Risk-Off Turn; Yen Rises: Markets Wrap (Yahoo Business)
Yahoo BusinessJan 20, 2020
Here's What Market Watchers Are Saying About the China Virus
(Bloomberg) -- Financial markets saw a flight from risk in Asia trading Tuesday amid growing concern about the outbreak of a virus originating in central China.Risk assets from Hong Kong and Chinese stocks to the Korean won tumbled, while havens such as the yen and Treasuries climbed following reports that multiple medical workers have been infected by the virus and the death count grew to four people. The moves come as hundreds of millions of Chinese prepared to travel across the country and globally for the Lunar New Year and a day after Moody's Investors Service downgraded Hong Kong by one notch due to the ongoing political turmoil there.Here are a selection of comments from market watchers on their concerns:Cash OutIn the wake of the downgrade, "investors would want to cash out before the holiday because there is so much bad news," said Jackson Wong, asset management director at Amber Hill Capital Ltd. "It is uncertain how the virus outbreak will develop in China during the holidays. We are holding more cash and we are avoiding travel-related stocks and some technology stocks that had already jumped a lot earlier."Vulnerable Currencies"The sell-off in Asian currencies was triggered by the offshore yuan move, which in turn could be due to concerns over the outbreak of coronavirus," says Khoon Goh, head of Asia research at Australia & New Zealand Banking Group in Singapore. "Given the recent strengthening in the yuan and the upcoming long Lunar New Year holiday, some profit taking and squaring up

Yahoo BusinessJan 20, 2020
Europe Stocks Slip; Crude Rises on Supply Concerns: Markets Wrap
(Bloomberg) -- European stocks declined on Monday and U.S. equity futures drifted lower as investors awaited a fresh batch of corporate earnings and some key central bank meetings this week. Crude oil rose following supply disruptions in Libya and Iraq.The Stoxx Europe 600 Index fell, dragged down by retailers and banks. Contracts on the main American equity benchmarks were modestly lower, though U.S. markets are closed Monday for the Martin Luther King Jr. holiday. Equities advanced in most Asian markets, though several saw thin volumes thanks to the American holiday. European bonds were mixed and range-bound, while the pound slipped ahead of U.K. jobs data due tomorrow.Brent crude jumped back above $65 a barrel as unrest hit key production regions. Iraq temporarily stopped output at an oil field on Sunday, while Libyan production almost ground to a halt after armed forces shut down a pipeline.Jitters in the oil market appear to be sapping some optimism after recent bullishness, spurred by the signing of the initial Sino-American trade deal and economic indicators from China and the U.S. providing signs the global outlook is improving. Investors now turn their attention back to corporate earnings after solid results from the biggest banks on Wall Street. Key central bank meetings in Europe and Japan are also on the agenda."We are entering 2020 on a more stable footing with economies globally stabilizing and looking like they're turning up, and the phase one trade deal," Anne Anderson, head of fixed
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