Monday, 24 February, 2020

Stocks jump as China markets reopen, dollar gains

A security officer wearing a face mask walks in front of the Shanghai Stock Exchange building in Shanghai Monday Feb. 3 2020. The Shanghai Composit Stock markets end fearful week with more losses
Cecil Little | 05 February, 2020, 00:33

While the S&P 500 Index bounced back from the worst week in six months, shares in Shanghai - which hadn't traded since holidays began January 23 - tumbled the most since 2015 as the nation's economy remained virtually shut down because of the virus.

The March crude contract was down 58 cents at US$51.56 per barrel and the March natural gas contract was up 1.2 cents at US$1.84 per mmBTU. All deaths have occurred in China, with the exception of a Chinese man who died in the Philippines after traveling from Wuhan, the epicenter of the outbreak.

Chinese stock markets will reopen Monday for the first time since January 23, resuming trading after the Lunar New Year holiday break. Futures for Japan's Nikkei were slightly higher but still about 500 points below where the index closed on Friday.

The benchmark Shanghai Composite Index dropped 7.7%, its biggest decline since 2015, wiping out $393 billion in market value.

Oanda's Edward Moya said: "US and European stocks are rebounding in early trade on expectations that the coronavirus was mostly contained to China and that central bank stimulus from the PBOC and the rest of the world will keep on propping up stocks".


Google parent Alphabet will report earnings later Monday, while Ford and Disney release results on Tuesday.

"Markets have previously reacted quite strongly when left-wing populist Democratic candidates have performed well", said Oliver Jones, market economist at Capital Economics. Readings above 50 indicate activity is expanding across the manufacturing sector, while those below 50 signal contraction. Yet, Atlanta Federal Reserve Bank President Raphael Bostic on Monday said his outlook for the US economy was unmoved by the virus.

At least 213 people have died and almost 10,000 people have been infected in China by the new coronavirus, while fresh cases were found overseas with more than 20 countries now affected.

Nike shares were also up after analysts UBS and JPMorgan hit the sportswear giant with a "buy" rating.

Crude oil is also in focus Monday amid reports that the major oil producers are considering deeper production cuts to combat the recent price slump.


The U.K. formally exited the EU Friday and entered into a transition period. The inverted yield curve, considered a precursor to a recession, is widening in the U.S.as yields on short-term government bonds soar above benchmark 10-year yields.

Adding to the growth concerns was U.

"This is just the beginning of help from the PBOC, but if we continue to see the virus have over 20% daily increases in both the death toll and number of cases, this will just become another dead-cat-bounce".

The pan-European STOXX 600 index rose 0.31%, while the major Wall Street indexes gained in a broad rally.

-Steven Russolillo, Xie Yu and Caitlin Ostroff contributed to this article.


Recommended

  • U.S. Coronavirus Quarantine And Travel Limits

    U.S. Coronavirus Quarantine And Travel Limits

    Hubei's provincial capital of Wuhan , where the virus is thought to have originated, reported 41 new deaths. The U.S. declared a public health emergency due to the new type of coronavirus epidemic.
    Boeing says total cost for 737 Max will surpass US$18 billion

    Boeing says total cost for 737 Max will surpass US$18 billion

    The new CEO is working to shore up confidence in Boeing , which repeatedly missed estimates for the Max's return past year . Analysts estimate that Boeing has been losing around $1 billion a month because of the 737 MAX grounding.
    President signs new North America trade agreement

    President signs new North America trade agreement

    "I just look forward to getting, getting through it responsibly and rapidly because it's so important for Canadians", he said . Trump has always been campaigning against NAFTA , which he said has led to the deployment of U.S. workforces overseas.
  • Huawei might be really done with Google Play Services

    Huawei might be really done with Google Play Services

    This is basically what the company said it would do around the time it first started talking about developing HarmonyOS . Fei was firm that Huawei has ruled out a return to Google's app and service ecosystem even if it was on the table.
    China completes first of two hospitals for coronavirus infected

    China completes first of two hospitals for coronavirus infected

    Sunnybrook Health Sciences Centre said he is now recovering at home along with his wife, who also became ill with the virus. After the case was confirmed, they went to Wuhan's Jinyintan Hospital where the team cared for them.
    The Grammy's Honor Two Stars We Lost Within A Year

    The Grammy's Honor Two Stars We Lost Within A Year

    He won the best rap performance for his song " Racks in the Middle ", a collaboration with Roddy Ricch and Hit-Boy. We lost Nipsey Hussle previous year at the age of 33 to a shooting outside his clothing store in Los Angeles.
  • High-profile Iowa poll wont be released

    High-profile Iowa poll wont be released

    They can either pick one of the "viable" candidates or team up to push one of the "non-viable" ones over the 15 percent threshold.
    The Meaning Behind Tom Brady's Mysterious Instagram Post

    The Meaning Behind Tom Brady's Mysterious Instagram Post

    Gruden has openly said that call still irritates him to this day, but he clearly doesn't hold it against Brady. Brady was a sixth-round pick with the Patriots in 2000 and has played all of his 20 seasons with the team.
    Ben Simmons' Fate Revealed for NBA All-Star Roster

    Ben Simmons' Fate Revealed for NBA All-Star Roster

    Each of the first three quarters will be worth $100,000, and the money will roll over to the next quarter in the event of a tie. If one team sweeps all four quarters, the opponents will still receive a minimum of $100,000.
  • Roku drops all Fox apps over carriage dispute

    Roku carries Fox apps, including Fox Now, Fox Sports , Fox News, Fox Business, Fox Soccer, Big Ten Network and Fox Nation. Roku gets a cut of ad revenue from those streamed in apps on their platform.
    Tottenham complete Bergwijn signing

    Tottenham complete Bergwijn signing

    Tottenham Hotspur signed a contract with Steven Bergwin until 2025 here on Wednesday. I believe in myself and I really know that I am not there yet.
    More Cdn coronavirus cases expected but risk 'remains low': Health officials

    More Cdn coronavirus cases expected but risk 'remains low': Health officials

    Ontario health officials have confirmed the second "presumptive" case of coronavirus. "We rest on the advice of the WHO ", Dr. Human coronaviruses can sometimes cause lower-respiratory tract illnesses, such as pneumonia or bronchitis.

Global death toll from new coronavirus outbreak rises to 362 As of early Tuesday, the coronavirus death toll in China stood at 425 with the number of confirmed cases exceeding 20,000. Australia, Italy, Japan, Russia and Singapore have announced similar travel restrictions as the U.S.

Disney+ Shares First Look at New Marvel Shows During the Super Bowl Disney+ Shares First Look at New Marvel Shows During the Super Bowl Last night, a number of big trailers dropped during the Super Bowl, including the first look at Marvel Studios' Disney Plus shows. Following the success of " The Mandalorian ", the company is hoping to replicate the success with the Marvel series.

House managers, Trump lawyers appeal to the other side in closing arguments House managers, Trump lawyers appeal to the other side in closing arguments And Murkowski answered "yes" when asked if she had decided how to vote on the two articles of impeachment , but did not elaborate. Schiff argued that if Trump is not stopped by the Senate, he will cheat in the November election. "He has not changed".

College campuses on edge due to coronavirus outbreak College campuses on edge due to coronavirus outbreak USA health officials on Saturday confirmed an eighth case of the virus, a person in MA who recently returned from Hubei province. A tourist from Wuhan tested positive for the virus on Wednesday and was being treated in isolation in hospital, officials said .

Corona beer shrugs off misinformation on coronavirus Corona beer shrugs off misinformation on coronavirus Until Feb. 5, flights will continue to operate, in order to ensure that passengers who want to leave China can do so. The main symptoms of the virus are fever and a cough on admission to hospital.

Mexico-Canada (USMCA) Trade Deal Will Be Good for Cummins Mexico-Canada (USMCA) Trade Deal Will Be Good for Cummins One of Trump's campaign promises was to get rid of the North American Free Trade Agreement signed in 1995. John Cornyn, R-Texas, who also voted in favor of the new deal once it was passed out of the U.S.

Bolton Lawyer Disputes NSC's Claim That Manuscript Includes Classified Info Bolton Lawyer Disputes NSC's Claim That Manuscript Includes Classified Info Bolton said he was directed to call Zelensky to pave the way for a meeting with Giuliani in a 10-minute conversation. The Trump administration has flagged what it considers classified material in the soon-to-be-published memoir.

The UK's New Regulations on Huawei Will Cost BT £500 Million The UK's New Regulations on Huawei Will Cost BT £500 Million Thierry Breton , Commissioner for the Internal Market, said: "Europe has everything it takes to lead the technology race". Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.

Thunder: Chris Paul posts tribute to Kobe Bryant Thunder: Chris Paul posts tribute to Kobe Bryant But coach Frank Vogel told reporters that the team wants to honor Bryant's memory when they hit the hardwood again. Sadri balled up a sheet of paper and mimicked Bryant's signature fade-away jumper while yelling " Kobe ".

Pep Guardiola ‘didn’t mean to cause offence’ to Manchester City fans Pep Guardiola ‘didn’t mean to cause offence’ to Manchester City fans You can also watch in-game clips in the live match blog on the Sky Sports website and app. Ilkay Gundogan scored from the resulting penalty and Bernardo Silva added a second.

Camila Cabellos tribute to father at Grammys leaves netizens teary eyed Camila Cabellos tribute to father at Grammys leaves netizens teary eyed The Havana singer, 22, walked the red carpet at the Staples Centre in Los Angeles with her father Alejandro Cabello on Sunday. The Mendes-Cabello thing went on as they flood the social media with their exchange of sweet -for lack of better term- words.

Trump team nears end of impeachment trial defense; Bolton controversy simmers Trump team nears end of impeachment trial defense; Bolton controversy simmers That could rob him of the chance to crow about exoneration in front of the assembled members of Congress. Schumer also indicated Democrats would reject any effort at a so-called witness swap with Republicans.

Kobe Bryant dead: Tell us your memories of the basketball legend Kobe Bryant dead: Tell us your memories of the basketball legend While most will remember Kobe Bryant as an NBA legend, many will also remember the basketball star as a family man. Donald Trump reacted Sunday to the "terrible news" that basketball star Kobe Bryant died in a helicopter crash .

White House to release Middle East plan on Tuesday White House to release Middle East plan on Tuesday But whether it truly will jumpstart the long-stalled effort to bring Israelis and Palestinians together is far from certain. The Palestinians, claiming the White House is unfairly biased toward Israel, have already said they won't accept the plan.

Afghanistan: 83 feared dead as plane crashes in Taliban-held Ghazni province Afghanistan: 83 feared dead as plane crashes in Taliban-held Ghazni province A passenger plane carrying dozens of people has crashed in Afghanistan's central province of Ghazni , officials say. An aircraft that crashed in Afghanistan on Monday was a small us military plane , USA officials told Reuters .