^N225 - Nikkei 225
| Previous close | 23,479.15 |
| Open | 23,427.77 |
| Volume | 0 |
| Day's range | 23,378.33 - 23,588.55 |
| 52-week range | 20,110.76 - 24,115.95 |
| Avg. volume | 59,944 |
- Bloomberg
Stocks Post Weekly Decline Amid Hunt for Safety: Markets Wrap
(Bloomberg) -- U.S. stocks sank, gold surged and Treasury yields tumbled as investors took a defensive stance amid renewed concern about the economic impact of the coronavirus as it spreads outside of China.Tech companies were particularly hard hit, sending the Nasdaq 100 down almost 2%. The S&P 500 Index posted its first weekly decline since January. The yield on 30-year Treasuries fell to a record low amid data showing U.S. business activity shrank for the first time since 2013 as the virus hit supply chains.Investors were put on alert this week by a spike in infections outside China and a slew of fresh warnings by companies over the potential impact the deadly respiratory virus may have on business. The growing concerns reignited appetite for assets seen as havens from the turmoil and reversed stock gains that had sent the S&P 500 Index to a record high Wednesday.“Investors have suddenly got cold feet and are running for the exits,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “Bond yields and stock prices are back in sync today as the plunging markets mean the economic outlook is not looking as good this year as many thought.”The Stoxx Europe 600 Index slumped, with automakers among the worst performers, after equities in Korea and Hong Kong dropped more than 1%. Crude oil fell after hitting the highest in almost four weeks.Elsewhere, the yen strengthened, recouping some if its biggest two-day decline since 2017. The dollar slumped after a four-day winning streak. The euro strengthened after data showed economic activity in the common-currency area sped up unexpectedly.Here are some key events coming up:Group of 20 finance ministers and central bank chiefs are due to meet Feb. 22-23 in Riyadh, Saudi Arabia, and are expected to discuss efforts to support growth amid the coronavirus threat.These are the main moves in markets:StocksThe S&P 500 Index dropped 1.1% at the close of trading in New York, leaving it down 1.3% this week.The Nasdaq 100 fell 1.9% Friday and 1.8% for the week.The Stoxx Europe 600 Index fell 0.5%.The MSCI Asia Pacific Index fell 0.5%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The euro rose 0.6% to $1.0848.The British pound advanced 0.6% to $1.296.The Japanese yen strengthened 0.5% to 111.59 per dollar.BondsThe yield on 10-year Treasuries declined five basis points to 1.47%.The yield on 30-year Treasuries fell five basis points to 1.91%Germany’s 10-year yield rose one basis point to -0.43%.Britain’s 10-year yield was little changed at 0.57%.CommoditiesWest Texas Intermediate crude sank 0.8% to $53.34 a barrel.Gold strengthened 1.5% to $1,644.38 an ounce.\--With assistance from Michael G. Wilson, Robert Brand, Constantine Courcoulas and Todd White.To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Brendan WalshFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- FX Empire
Some Asian Countries on Brink of Recession as Virus Spreads Outside China
Japan and Singapore are on the brink of recession and South Korea on Friday said its exports to China slumped in the first 20 days of February as the outbreak upends global supply chains.
- Yahoo Finance UK
Stocks fall as Bank of Japan warns of ‘grave’ coronavirus concern
Asian and European stocks sunk on Friday as the Bank of Japan governor issued warnings about the economic impact of the coronavirus.
- Bloomberg
Asian Traders Bracing for Further Volatility as Virus Spreads
(Bloomberg) -- A tentative recovery in Asian risk assets came to an abrupt end this week as the coronavirus spread outside China, and option markets suggest traders are bracing for more downside ahead.Expected price swings in Korean stocks and the won jumped to five-month highs as new cases surged in the country. The yen slumped to its weakest in 10-months against the dollar, yet Japan’s currency-sensitive stocks finished the week lower.“The sudden jump in infections in other parts of Asia, notably in Japan and South Korea, has sparked renewed concerns,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. in Singapore. “This points to a new phase in the outbreak, and one which will see continued disruption and more economic impact than previously thought.”The rapid shift in sentiment marks a change from earlier in the month when investors adopted a buy-the-dip mentality as the pace of new cases declined in China. The MSCI Asia Pacific Index erased about half its virus-related losses from late January in the first two weeks of February.Now stocks are falling again as infections multiply outside of China and worries are growing the outbreak is entering a concerning next phase. Traders are bracing for more downside and measures of expected price swings are pushing higher.The Kospi 200 Volatility Index rose as much as 9% Friday to its highest since August, as South Korea reported more coronavirus cases that brought its total past 200. Japanese stocks closed mostly lower, erasing an early advance on yen weakness, and the Nikkei Stock Average Volatility Index hit its highest in more than two weeks.It doesn’t help that the concerns are mounting on a Friday, ahead of markets being shut for the weekend -- a situation that often makes traders nervous holding open positions because of the chance for potentially negative news to come out. Japan’s markets are also shut on Monday.“We have seen weekly seasonality recently where people look to cover risk ahead of the weekend to be prudent,” said Damien Loh, chief investment officer at Ensemble Capital Pte in Singapore. “I think this is partly the case.”Meanwhile, in the heart of the outbreak, Chinese stocks saw modest gains as the number of new infections continued to slow. But it’s still the elephant in the room.“Given the situation we are in, volatility is to be expected until we understand the impact on the Chinese economy when numbers come out next month,” said Justin Tang, head of Asian research at United First Partners in Singapore. “The light at the end of the tunnel is that workers are returning back to their posts.”\--With assistance from Cormac Mullen, Lilian Karunungan and Chester Yung.To contact the reporters on this story: Joanna Ossinger in Singapore at jossinger@bloomberg.net;Ishika Mookerjee in Singapore at imookerjee@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, ;Tan Hwee Ann at hatan@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
Japan to limit foreign ownership in 12 sectors - sources
Japan is finalising a plan that will tighten scrutiny of foreign investment in 12 key sectors, four government sources with knowledge of the matter told Reuters. The industries would include sectors like defence, nuclear power, aerospace, utilities, gas, cyber security and telecommunications, two of the sources said, confirming a report by the Nikkei newspaper. Under the plan, foreign investors purchasing a stake of 1% or more in certain Japanese companies will be subject to pre-screening, as against 10% now.
- Reuters
Stocks scale fresh peaks on slowing virus, dollar gains
The dollar gained while several U.S. and European equity indexes scaled fresh peaks on Wednesday after China reported another decline in new coronavirus cases and on expectations of Chinese stimulus to counter a slowdown in growth. China is widely expected to cut its benchmark lending rate on Thursday, according to a survey of traders and analysts, after the country's central bank lowered the interest rate on medium-term loans earlier this week. The death toll from the coronavirus climbed above 2,000, but the number of newly reported cases fell for a second day to the lowest since January.
- Reuters
Apple may miss mass production schedule for new, cheaper iPhone: Nikkei
Apple warned on Monday it was unlikely to meet its March quarter sales forecast due to the coronavirus outbreak. Mass production of the model was expected to start by the end of February, but it could now be delayed until sometime in March, the Nikkei reported, citing sources. The company had asked suppliers to ready up to 15 million units of the cheaper model for the first half of 2020, the Nikkei reported late last month.
- FX Empire
Asia Pacific Shares Tumble on Apple Guidance Reduction, HSBC Pre-Tax Profit Miss
Apple Inc. said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. Europe’s largest bank, HSBC, reported a 33% fall in 2019 pre-tax profit to $13.35 billion after it took a goodwill impairment of $7.3 billion.
- Yahoo Finance UK
Global stocks sink as Apple warns of coronavirus impact
Stocks broadly fell after Apple warned coronavirus would cause it to miss sales targets and constrain the supply of iPhones.
- Bloomberg
Yen Pares Loss on Apple Announcement, Pound Falls: Markets Wrap
(Bloomberg) -- The Japanese yen pared its earlier decline after Apple Inc.’s announcement that it would miss revenue guidance for the March quarter because of the coronavirus outbreak in China. The pound fell after Prime Minister Boris Johnson’s envoy attacked the EU’s stance ahead of trade talks.Elsewhere, European equities climbed alongside U.S. index futures on Monday following China’s pledges to support its economy in the face of the coronavirus outbreak. Carmakers led a modest gain in the Stoxx Europe 600 Index, while HSBC Holdings Plc climbed before reporting earnings Tuesday. Health-care giant Bayer AG dropped after losing its first U.S. trial over the herbicide dicamba. Contracts on the three main American indexes increased, though Wall Street was shut for a holiday and Treasuries didn’t trade. European bonds were mixed. The euro pared an earlier gain after closing at its lowest since early 2017 on Friday, while the dollar was steady against a basket of its biggest peers. Global iPhone supply will be temporarily constrained as conditions in China return to normal more slowly than expected, Apple said in a statement on Monday. The announcement followed China’s plans to reduce corporate taxes and fees, which helped push up the benchmark CSI 300 Index. The index has now recouped its losses from an almost 8% tumble when trading resumed after the Lunar New Year break. The momentum failed to buoy other Asian markets, however, as stocks dipped in Seoul and Sydney while Japan’s Topix Index dropped after news the country’s economy shrank the most since 2014 last quarter.Investors in risk assets are beginning the week on the front foot after China’s central bank also said it will let banks run up more non-performing loans. Bloomberg Economics estimated the country’s economy ran at just 40% to 50% capacity in the past week, underscoring the short-term damage done by the coronavirus. Cathay Pacific Airways Ltd., which counts on China and Hong Kong for about half of its revenue, gave a “significant” profit warning and blamed the pathogen.“If the Chinese economy does recover and you’ve added all this fiscal and monetary stimulus into it as well, the situation could be that you have much stronger emerging markets into the second half,” Sunny Bangia, a fund manager at Antipodes Partners Ltd., said on Bloomberg TV. “A lot depends on how this virus gets contained and if it can morph into something more minor.”Hubei, the province at the epicenter of the outbreak, reported 1,933 new cases, slightly higher than a day earlier. Concern also built around reports that more than 3,000 travelers on two coronavirus-stricken Carnival Corp. cruise ships are returning home, fanning out to more than 40 countries. Singapore’s government cut its growth forecasts, citing uncertainty over the length and severity of the outbreak. The country is expected to unveil a large stimulus package to mitigate the economic hit.Elsewhere, Bitcoin fell as much as 8.4% from Friday, slipping back below $10,000. WTI crude oil held at about $52 a barrel.Here are some key events coming up:Earnings season rolls on with results from companies including: Glencore Plc, HSBC Holdings Plc and Walmart Inc. on Tuesday; Deere & Co. results are set for Friday.Germany’s ZEW survey of investor confidence is due Tuesday.Minutes of the most recent Federal Reserve meeting are published on Wednesday.Indonesia is expected to cut interest rates on Thursday, following emerging-market peers from Brazil to South Africa which have lowered borrowing costs already this year.These are the main moves in markets:StocksThe Stoxx Europe 600 Index advanced 0.3% as of 4:40 p.m. New York time.Futures on the S&P 500 Index increased 0.2%.Nasdaq 100 Index futures climbed 0.4%.The MSCI Asia Pacific Index fell 0.3%.The MSCI World Index was little changed.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The pound fell 0.3% to $1.3003The euro was little changed at $1.0835.The yen weakened 0.1% to 109.88 per dollar.The offshore yuan strengthened 0.1% to 6.9845 per dollar.BondsGermany’s 10-year yield was unchanged at -0.403%.Britain’s 10-year yield advanced one basis point to 0.639%.France’s 10-year yield declined one basis point to -0.165%.Japan’s 10-year yield slipped one basis point to -0.033%.CommoditiesWest Texas Intermediate crude gained 0.5% to $52.33 a barrel.Gold weakened 0.2% to $1,581.13 an ounce.LME aluminum decreased 0.1% to $1,721 per metric ton.Iron ore advanced 1.2% to $88.80 per metric ton.\--With assistance from Andreea Papuc and Adam Haigh.To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Yakob Peterseil, Sebastian BoydFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Yahoo Finance UK
What to Watch: Shoe Zone warns over stores, stimulus lifts markets and Laura Ashley woes
A daily overview of the top business, market and economic stories you should be watching today in the UK and abroad.
- FX Empire
Asian Markets: China Shares Rise on Fresh Stimulus Measures; Japan Bracing for Recession
The Shanghai Index rose after China’s central bank cut the interest rate on its medium-term lending on Monday. The Nikkei 225 Index stumbled after official data showed the economy shrank in October-November at the fastest pace since the second quarter of 2014.
- Reuters
Chinese support measures buoy world stocks
Global shares were buoyant on Monday as the promise of further policy stimulus from China to counteract the economic hit from a coronavirus outbreak calmed nervous investors. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.14% to near last week's peak of 558.30, its highest since late January. The gains were led by China, whose blue-chip index climbed 2.25% after the country's central bank lowered a key interest rate and injected more liquidity into the system.
- Bloomberg
U.S. Woman From Cruise Falls Ill as 2,200 Head Home: Virus Update
(Bloomberg) -- The illness of an 83-year-old U.S. cruise-line traveler with the coronavirus has raised concern as more than 2,200 passengers and crew head home after being trapped at sea for almost two weeks.The first coronavirus death outside Asia, a Chinese tourist in France, and new cases in Japan, Singapore, Thailand and Malaysia suggest no let up in the outbreak.The UN’s top doctor warned the virus is unpredictable as he called for nations to get all units of government involved.Key DevelopmentsChina’s total people affected: 66,492; deaths: 1,523WHO says virus path ‘impossible to predict’Westerdam passengers blocked from leaving MalaysiaU.S. senators urge emergency funding for responseEurope Suffers First Virus Death as Fatalities Move Beyond AsiaU.S. plans to evacuate Americans on board the Diamond Princess cruise shipU.K. releases eight of nine infected patientsLocking People Up to Stop Virus Spread Could Prompt Legal FightsClick VRUS on the terminal for news and data on the novel coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here.WHO Chief Urges Broader Response (3:45 p.m. NY)World Health Organization Director-General Tedros Adhanom Ghebreyesus urged the international community on Saturday to make their response to the coronavirus government-wide.“This is not a job for health ministers alone. It takes a whole-of-government approach,” he said in a speech at the Munich Security Conference. “That approach must be coherent and coordinated, guided by evidence and public health priorities.”The WHO chief again praised China, saying the steps taken by the Beijing government are encouraging.“China has bought the world time. We don’t know how much time,” he said. “We’re encouraged that outside China, we have not yet seen widespread community transmission.”Liner Passengers Can’t Leave Malaysia (2:45 p.m. NY)Some passengers from the Westerdam luxury liner were blocked from leaving Malaysia after an 83-year-old U.S. woman from the ship tested positive for the coronavirus, the Dutch RIVM National Institute for Public Health and the Environment said by phone.The travelers who left when the ship docked in Cambodia and headed to Malaysia were denied boarding an Amsterdam-bound flight from Kuala Lumpur, according to the Dutch foreign ministry. Two were Dutch citizens, both RIVM and the foreign ministry said. They remained in Malaysia, along with a group of Dutch citizens that may have had contact with the infected woman, who also remains in the country. The RIVM estimates 11 people weren’t able to board.Holland America, which operates the liner, on Saturday said everyone on the ship was tested on Feb. 10 and none had an elevated temperature, and during the cruise “no indication” of the coronavirus was evident.The ship with more than 2,200 passengers and crew was allowed by Cambodia to dock in the port city of Sihanoukville on Friday after being turned away by countries including Japan and Thailand over fears it harbored the coronavirus. The company said 236 customers and 747 crew remained on the ship on Saturday after many took charter flights to Phnom Penh to start trips home.A number of Dutch citizens are home and will be monitored daily by local authorities. The Holland America line ship had 91 Dutch passengers, a spokesman for the RIVM said.Democrats Urge Extra U.S. Virus Funds (12:30 p.m. NY)The Trump administration was “strongly urged” by Senate Democrats to seek emergency funding to fight the coronavirus, and in a letter released Saturday they criticized officials for not being forthcoming about the costs of U.S. action.A decision this month by Health and Human Services Secretary Alex Azar to shift $136 million to the Centers for Disease Control and Prevention and other units showed a “need for more resources,” senators led by Patty Murray of Washington state wrote to the White House, even as administration officials “continue to assert that there are already sufficient resources.”Emergency funding would cover states’ costs to implement federal orders such as travel screening and quarantines, the lawmakers said.Ship Passengers to Be Isolated in U.S. (11:30 a.m. NY)The approximately 400 U.S. citizens aboard the quarantined Diamond Princess in Japan, who are to be evacuated by the State Department, will be housed separately from other Americans who earlier returned from China and are under 14-day isolation orders.The ship’s passengers will be screened for the coronavirus before they leave the ship in Yokohama, before takeoff, during the flight and when they land at Travis Air Force Base in California, the Centers for Disease Control and Prevention said Saturday. Screening will continue for passengers transferred to Lackland base in Texas.Canada Sends 3 to Diamond Princess (11 a.m. NY)Canada’s Public Health Agency is sending three officials to assess the situation on Carnival Corp.’s Diamond Princess, quarantined in Yokohama, as more passengers are diagnosed with the coronavirus. The ship is the largest infection cluster outside China.Global Affairs Canada is working with Japan to determine next steps, spokesperson Barbara Harvey said in an email on Saturday.Some 3,500 people are on the ship. An additional 67 cases have been found, the Japanese health minister said, pushing total infections to almost 300.Westerdam Passenger Has Virus (9:55 a.m. NY)An 83-year-old U.S. citizen has been diagnosed with the coronavirus after traveling on the Westerdam, a Holland America Line ship that finally docked in Cambodia after being spurned by multiple countries.The woman and her husband were among 145 passengers who flew to Malaysia on Friday, the country’s health ministry said in a statement. She was found with symptoms and sent to a hospital where she’s in isolation in stable condition. Her 85-year-old husband tested negative but placed under observation.The Westerdam, a luxury liner, arrived in Sihanoukville early Thursday with more than 2,200 passengers and crew.Virus Path ‘Impossible to Predict’ (9:45 a.m. NY)All nations must be ready to handle coronavirus cases and prepared to prevent further transmission, according to the head of the World Health Organization.“It’s impossible to predict what direction this epidemic will take,” WHO Director-General Tedros Adhanom Ghebreyesus said in a statement at the Munich Security Conference.“We’re concerned by the continued increase of the number of cases in China,” he added, saying there has been a “lack of urgency” from the international community in funding a response.“Most of all, we’re concerned about the potential havoc this virus could wreak in countries with weaker health systems,” Tedros said. “We must use the window of opportunity we have to intensify our preparedness.”U.K. Releases All But One Patient (8:30 a.m. NY)The U.K. discharged all but one of the nine patients being treated for the coronavirus after twice testing negative, the government said Saturday. A center in Milton Keynes, north of London, still has 100 people, the NHS said.All 94 people being kept in in quarantine in Wirral after returning from China also have been released, according to the statement.5 New Singapore Cases (8 a.m. NY)Singapore confirmed five new cases of the coronavirus, all linked to previous cases, the Ministry of Health said Saturday, increasing the total people infected to 72.Epidemic Poses ‘Severe Challenges’ to China (6:44 a.m. NY)“The epidemic has posed a severe challenge to China’s economic and social development,” Chinese Foreign Minister Wang Yi said at the Munich Security Conference. “Nonetheless, the difficulties will be temporary and short-lived. With its strong resilience and vitality, the Chinese economy is well-positioned to overcome all risks and challenges. The fundamentals sustaining sound economic growth have not changed and will not change.”Death in France First From Disease in Europe (6:15 p.m. HK)An 80-year-old Chinese tourist died in Paris, becoming the first fatality of the coronavirus in Europe, France’s health ministry said. The man’s daughter, 50, was also infected and remains in a hospital in Paris. There are now 10 remaining cases in France and four of those have been released from hospital after recovering from the virus, Health Minister Agnes Buzyn said on Saturday.China is Testing Vaccines on Animals (5 p.m. HK)China is testing some vaccines against the coronavirus on animals, Zhang Xinmin, an official with the science and technology ministry, said at a press conference on Saturday. Vaccine research has been given top priority by the central government and the ministry has coordinated with several departments to find a solution.Earlier, China said it’s administering its centuries-old traditional medicine along with Western medicines on patients affected by the coronavirus disease. Traditional Chinese Medicine, or TCM as the method is called, was applied on more than half of confirmed cases in Hubei. To read the full story, click here.Why Reports of Drugs for Coronavirus Are Premature: QuickTakeU.S. to Evacuate Citizens from Diamond Princess (4 p.m. HK)The State Department will evacuate its citizens and their families from the virus-hit Diamond Princess cruise ship that’s been quarantined in Japan, the American embassy in Japan said. The ship is the largest infection cluster outside China, with an additional 67 cases reported on Saturday.Chartered aircraft will bring American passengers and crew back to the U.S., where they will be quarantined for two weeks. The Centers for Disease Control and Prevention said the liner has appropximately 400 U.S. citizens.To read the full story, click here.Isolation in Beijing (3:30 p.m. HK)The city of more than 21 million residents told people to quarantine themselves at home for two weeks in the latest attempt to keep the deadly coronavirus from spreading. New arrivals should stay at home for observation for 14 days because it’s sometimes unclear to authorities which provinces they may have visited or transited in, He Qinghua, an official with the ministry of public health, told reporters. He did not specify who exactly the quarantine would apply to.To read full story, click here.Lunar New Year Travel Market Plunged (3:15 p.m. HK)Air, rail and road travel market got slammed during the peak Lunar New Year season as fears about the spreading coronavirus prompted people to abandon trips.Passenger travel would likely fall 45% on-year during the 40-day travel season that ends Feb. 18, the transport ministry said. Between Jan 25. and Feb. 14, airlines carried an average of 470,000 people a day, only a quarter of last year’s volume. Passengers from Feb. 15-23 were only a tenth of the peak period.Read full story here.Cash is Quarantined Too (1:45 p.m. HK)China cut off the transfer and allocation of old bank notes across provinces, and between cities most affected by the deadly outbreak, according to Fan Yifei, deputy governor of the People’s Bank of China. The central bank also ramped up measures to sanitize old money to reduce contagion risks and added 600 billion yuan ($85.9 billion) of new cash for Hubei, the epicenter of the coronavirus, he said.WHO is Arriving in Beijing (1:30 p.m. HK)The World Health Organization and other international experts will arrive in Beijing this weekend. They will visit three provinces and cities to learn about virus protection and control measures and will make suggestions, the National Health Commission said on its website.PBOC Says Virus Won’t Cause Large Price Increases (11:44 a.m. HK)The virus outbreak is putting pressure on price stability because production has been delayed, but it won’t lead to large-scale inflationary pressures, China’s central bank said.The People’s Bank of China’s stance is unchanged and it will maintain prudent monetary policy, Deputy Governor Fan Yifei said in Beijing Saturday. The central bank is confident the effects of the outbreak can be dealt with, and the economy can be kept stable, according to a statement released before the briefing.New Zealand Extends Travel Restrictions (9:45 a.m. HK)New Zealand said temporary restrictions on travel from China have been extended for a further eight days, calling it “a precautionary approach” and a matter of public health. The country is preventing foreign nationals traveling from, or transiting through, mainland China from entering, and the position will be reviewed every 48 hours.Most Critical Time, says Health Commission Official (9:15 a.m. HK)China is entering the most critical time in its fight to contain the spreading coronavirus, Wang Hesheng, deputy director of the National Health Commission, said during a televised briefing from Wuhan. While Wang didn’t elaborate on the comment, outside of Hubei, the number of new confirmed cases have declined for the past 10 days, according to Liang Wannian, an expert at the NHC. Several other provinces have sent 217 medical teams to Wuhan as of Feb. 14, Wang said.Apple to Reopen Shanghai Store (9 a.m. HK)Apple Inc. would open one of the seven stores it has in Shanghai starting today, according to a company statement. The maker of iPhones had earlier said it will reopen stores in Beijing, according to an earlier announcement.Trump Says Xi ‘Working Very Hard’ (5 a.m. HK)President Donald Trump said Chinese leader Xi Jinping is “working very hard” on controlling the outbreak.“It’s a tremendous problem. But they’re very capable and they’ll get to it,” Trump said at a Washington event Friday with Border Patrol agents, noting he has spoken with Xi.Of Americans with the virus, “many of them are getting better. Some are fully recovered already. So we’re in very good shape,” he said.Wuhan Sharply Tightens Lockdown of Residents (1 p.m. NY)Wuhan tightened its quarantine on residents and said people will be confined to their neighborhoods except to seek medical care, work to fight the outbreak or keep vital services going. Wuhan has opened quarantine centers to house thousands of patients and others with symptoms, and Hubei province, where the city is located, has announced thousands of new cases a day, according to a statement.Wuhan residents will now be allowed to leave residential compounds only for medical care. Other cities that have put lockdowns in place have allowed people to leave every few days to buy food. Neighborhoods will be barricaded off to keep people from getting in or out, and non-residents won’t be able to enter neighborhoods that aren’t theirs.Researchers Publish New Images of the Virus (9:54 a.m. NY)U.S. researchers published new images of the coronavirus, some of the most detailed visuals yet of the pathogen.The images were released Thursday by the U.S. National Institute of Allergy and Infectious Diseases. They were made with scanning and transmission electron microscopes.To see more of the images, click here.\--With assistance from Pavel Alpeyev, Chelsea Mes, Yinan Zhao, Niu Shuping, Iain Rogers, Michael Bellusci and Wout Vergauwen.To contact Bloomberg News staff for this story: Jing Yang in Shanghai at jyang251@bloomberg.net;Dong Lyu in Beijing at dlyu3@bloomberg.net;Steve Geimann in Washington at sgeimann@bloomberg.netTo contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Anand KrishnamoorthyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Bloomberg
U.S. Stocks End Week at Record After Strong Earnings, Fed Signal
(Bloomberg) -- Nothing has been able to stop the streak of records in U.S. stocks.During a week when the coronavirus threatened to become a pandemic that thwarts global growth, the S&P 500 Index advanced four out of five days, posting three records along the way. Investors found comfort in solid economic data, better-than-expected earning reports and a signal that the Federal Reserve stands ready to act if needed.The benchmark for American equities jumped 1.6% in the week, ending at an all-time high. All 11 groups advanced, led by companies that pay high dividends as bond yields remained persistently low. Nvidia Inc. had its best week since 2017 after fourth-quarter results beat expectations. U.S. markets are closed Monday for a holiday.While uncertainty about the deadly virus that’s put China’s economy in a halt remained high, Fed Chairman Jerome Powell said the central bank is monitoring the fallout from the pandemic. Adding to investor optimism data showing retail sales strengthened for a fourth consecutive month, putting consumers on track to support further economic growth.“What we’re seeing here with the new highs in the market is optimism that coronavirus will not hit global GDP perhaps as much as initially expected,” said Jeff Zipper managing director at U.S. Bank Private Wealth Management, which has about $181 billion in assets under management. “Then you have earnings coming in better-than-expected. And then you have a Fed on the sidelines which has helped the market.”Economic data Friday showed retail sales rose in January for a fourth straight month as cheaper prices at the gas pump encouraged Americans to spend on other goods, underscoring steady consumer spending. Next week, Walmart Inc. is set to give investors an insight into the state of the consumer. Machinery giant Deere & Co. is also set to issue an update on its quarterly results.Oil rose above $52 a barrel in New York, and the dollar kept close to its level versus a basket of peers. Gold gained and the yen held steady. The Stoxx Europe 600 Index closed lower Friday but was also up for the week. The euro steadied near a 2017 low after data showed the region’s economy grew a scant 0.1% in the fourth quarter, matching forecasts. Major Asian equity markets climbed except for those in Tokyo and Mumbai.“As virus concerns continue to linger, and presumably will be a focal point in the near future, U.S. retail health is largely immune from the virus, so we likely won’t see any impact on this data, especially this early,” said Mike Loewengart, vice president of investment strategy at E-Trade Financial. “What’s really important for investors to remember is that fundamentals are strong and our economy still continues to grow -- debunking expectations of 2020 stagnation, at least for now.”While Beijing reported a smaller increase in virus cases in the epicenter of Hubei versus the previous day, they were still more than before counting methodology was changed. That’s clouded the picture of the outbreak in a week that’s seen Chinese airlines put workers on leave and firms such as drugmaker AstraZeneca Plc warn of a tougher outlook because of the disease.Nonetheless, investors anticipate a possible V-shaped economic recovery from the virus, even as the effects continue to be felt. Nearly 86,000 domestic and international flights in and out of China were canceled from Jan. 23 to Feb. 11. That’s 34% of scheduled services.Hubei reported almost 5,000 new cases, a day after confirming nearly 15,000. The death toll in China was at 1,380, lower by more than 100 to account for some double-counting. The World Health Organization has said the surge in diagnoses didn’t necessarily indicate a spike in infections.These are the main moves in markets:To contact the reporters on this story: Elena Popina in Hong Kong at epopina@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Andrew DunnFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
MGM Resorts-led consortium named as lead bidder for Osaka casino project
A consortium led by U.S. entertainment giant MGM Resorts International has been named as the lead bidder for an integrated casino complex in Osaka, the local government said on Friday. Japan is planning to approve the construction of several integrated resorts - Las Vegas-style complexes that include casinos, shopping arcades and conference centres - to boost tourism after the Tokyo Olympics end in August. The government has authorised licences for three resorts and is expected to receive official bids next year from regions vying to build the facilities, potentially including Japan's three largest cities, Tokyo, Yokohama and Osaka.
- Yahoo Finance UK
What to Watch: AstraZeneca warns on coronavirus, RBS rebrand and markets' stimulus hopes
A daily overview of the top business, market and economic stories you should be watching today in the UK and abroad.
- FX Empire
Asian Stocks Mostly Higher; Singapore PM Sees Possible Recession from Coronavirus Impact
On Friday, Singapore Prime Minister Lee Hsien Loong said the coronavirus’ economic impact on the island nation’s economy has already exceeded that of SARS in 2003, according to a report by local publication The Straits Times.
- Bloomberg
U.S. Stocks Fade After Fed Announces Repo Cuts: Markets Wrap
(Bloomberg) -- U.S. equities had a turbulent Thursday, fluctuating between gains and losses on mixed news about the coronavirus outbreak, only to fade after the Federal Reserve Bank of New York said it will further shrink repurchase agreement operations.The Fed news late in the trading day erased what had been a small gain for S&P 500 Index, which closed lower for the first time this week. The benchmark had bounced back from session lows after the World Health Organization said a surge in coronavirus diagnoses didn’t necessarily indicate a spike in infections.China recently deployed a revised methodology to diagnose the virus, sending the number of confirmed cases soaring, but many of those cases could be days or weeks old, according to the WHO. Traders are still trying to gauge the outbreak’s effect on the economy.“It’s too early to tell the overall impact on U.S. markets. We seem to continue to be strong and U.S. consumers continue to be strong,” Chris Gaffney, president of world markets at TIAA, said by phone. “The question now is, how quickly can the virus get under control and can China limit the extent and get things back to normal as quickly as possible?”The New York Fed said it would shrink repo operations starting with Friday’s overnight offering. The Fed has been conducting repo offerings and Treasury-bill purchases in a bid to keep control of short-term interest rates and bolster bank reserves. The efforts had calmed markets since a September spike. Treasuries trimmed their gains for the day.The euro traded near the lowest since 2017, while the U.K. pound gained and gilts retreated after Sajid Javid quit as Chancellor of the Exchequer. The FTSE 100 Index also declined.Earlier, stock gauges in Japan, Shanghai, Hong Kong and South Korea all declined, though shares in Australia edged higher. Oil climbed even as the International Energy Agency said the coronavirus means global demand will drop this quarter for the first time in over a decade.Here are some key events coming up:China and the U.S. on Friday are scheduled to lower tariffs on billions of dollars of respective imports as part of the trade deal signed last month.These are the main moves in markets:\--With assistance from Chester Yung, Cormac Mullen, Livia Yap, Adam Haigh and Yakob Peterseil.To contact the reporter on this story: Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Andrew DunnFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Yahoo Finance UK
What to Watch: Coronavirus hits oil and stocks, Barclays shock, and Centrica
A daily overview of the top business, market and economic stories you should be watching today in the UK and abroad.
- FX Empire
Global Equity Markets Lower on Coronavirus Fears; China Makes Moves to Boost Economy
Global equity markets are down on Thursday as investors trim positions in risky assets and move money into the safety of the Japanese Yen.
- Yahoo Finance UK
Markets sink again as coronavirus death toll leaps
Chinese authorities confirmed 242 deaths after changing how the virus is diagnosed, knocking markets off record highs.
