Bloomberg
Published Feb 09, 2020 10:44PM ET
Updated Feb 10, 2020 01:06AM ET
Asian Stocks Slip, Yuan Fluctuates on Virus News: Markets Wrap
(Bloomberg) -- Stocks slipped across the Asia Pacific on Monday as investors continued trying to gauge when economic activity might rebound after the hit from the coronavirus.
Benchmarks in Hong Kong, Shanghai, Tokyo and Seoul were lower, though moves eased following a report that Apple Inc (NASDAQ:AAPL).’s main manufacturer got a green light to resume some production. That reversed declines in U.S. equity futures, which traded slightly higher as of noon in Tokyo. The Australian dollar climbed and the yuan rose past 7 per dollar offshore. Treasuries were flat, while oil traded around $50 a barrel in New York.
With cases outside of China continuing to increase, investors will be monitoring whether the rate of change kicks up a gear. Meantime, monetary authorities across emerging markets have stepped in. The People’s Bank of China moved to keep liquidity ample Monday through reverse-repurchase agreements.
“This coronavirus seems to be going on for longer, is infecting more people and the hit to growth will be longer,” Diana Mousina, an economist at AMP Capital Investors Ltd., told Bloomberg TV in Sydney. “You won’t be able to recoup all of the negative impacts in the first quarter.”
Here are some key events coming up:
Stocks
Written By: Bloomberg
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