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(Bloomberg) -- Technology shares rallied on the back of upbeat earnings and after the U.S. and France struck a deal on a global framework for digital taxation. Oil tumbled on concern the market is oversupplied.The Nasdaq Composite Index headed for a record and the S&P 500 climbed after France agreed to delay collecting a tax on multinational digital companies, possibly averting a transatlantic trade war. China moved to contain the spread of deadly virus that had rattled international markets, though stocks came off their highs of the day as the country raised the death toll to 17. IBM Corp. rallied after revenue beat estimates. Tesla Inc.’s market value soared past $100 billion, topping Volkswagen AG for the first time.With stocks trading near records, investors are on alert for any developments that could derail the momentum and had taken a cautious stance amid concern the virus could turn into a global pandemic that dents economic growth. A sense that China is coming to grips with containing the illness gave traders the chance to hunt for bargains following yesterday’s declines.“The market seemingly wants to look at the positive and recover quickly as soon as it gets a chance,” Ann Miletti, head of active equities at Wells Fargo Asset Management, said in an interview at Bloomberg’s New York headquarters. “Clearly fiscal and monetary policy set us up pretty well for the growth that we will likely see in earnings for 2020.”Elsewhere, Chinese shares eked out a gain and the yuan steadied after Beijing said it will start a nationwide screening effort to tackle the outbreak of the Wuhan virus. The Stoxx Europe 600 Index dipped as Italian banks slumped amid a fresh bout of political turmoil.West Texas oil fell below $58 a barrel as ample global supplies offset the loss of exports from Libya.Here are some events to watch out for this week:Companies including Texas Instruments Inc., Intel Corp. and Procter & Gamble Co. will post results.Policy decisions are due from central banks in Indonesia and the euro region.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.These are the main moves in markets:StocksThe S&P 500 Index increased 0.3% as of 2:02 p.m. New York time.The Stoxx Europe 600 Index fell 0.1%.The MSCI Asia Pacific Index jumped 0.7%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The British pound jumped 0.6% to $1.3122.The euro was little changed at $1.1087.The Japanese yen was little changed at 109.89 per dollar.BondsThe yield on 10-year Treasuries was little changed at 1.77%.Germany’s 10-year yield dipped one basis point to -0.26%.Britain’s 10-year yield was little changed at 0.63%.CommoditiesWest Texas Intermediate crude dropped 2.3% to $57.01 a barrel.Gold slipped 0.1% to $1,557.16 an ounce.\--With assistance from Christopher Anstey, Andrew Janes, Adam Haigh, Todd White, Robert Brand, Sheela Tobben and Vildana Hajric.To contact the reporter on this story: Sarah Ponczek in New York at email@example.comTo contact the editors responsible for this story: Sam Potter at firstname.lastname@example.org, ;Jeremy Herron at email@example.com, 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.
Seoul shares ended sharply higher after data showed South Korea’s government spending surge helped the economy post its fastest quarterly growth in more than two years.
Asian stock markets were largely unfazed Wednesday by the rising global concerns over an outbreak of a coronavirus that can cause deadly pneumonia, despite investor worry over the impact the health emergency may have on travel and tourism ahead of the Lunar New Year that starts Saturday.
China's swift reaction to the coronavirus outbreak, as well as a series of stronger-than-expected U.S. earnings last night, has Wall Street futures, as well as global stocks, on the rebound Wednesday.
(Bloomberg) -- U.S. equities fell on reports that a deadly respiratory illness that originated in China had migrated to the U.S., spurring concern about the potential economic impact.Industrial and consumer shares were among the worst performers as the S&P 500 Index pulled back from a record. That followed retreats in Asia and Europe, with Hong Kong the hardest hit. Luxury stocks posted their biggest drop since October on worries the virus will disrupt spending during a key Chinese holiday period. Banks declined after UBS Group AG missed profitability targets; Boeing slumped on speculation its 737 Max jet wouldn’t be cleared to fly until mid-year.The risk-off mood helped support some traditional haven assets, and the yen and Treasuries advanced.Read more: China Virus Concern Hammers Asian Stock SentimentThe emergence of the illness in China -- and concerns it will now spread outside the country -- stirred memories of the SARS outbreak 17 years ago for some market watchers, though it isn’t yet as serious. The developments provided an excuse for investors who bid up U.S. stocks to record highs last week to take a pause and assess the outlook for global growth and corporate profits as earnings season picks up.“History tells us that most of these situations can be contained,” said Sameer Samana, senior global market strategist for Wells Fargo Investment Institute. “What we would watch for is does it become a big enough issue that it actually starts to change consumer behavior?”Elsewhere, Germany’s DAX Index briefly surpassed the peak reached two years ago. The Stoxx Europe 600 Index posted a second day of losses. The Bank of Japan kept policy unchanged as expected, though raised its economic growth forecast for 2020. Crude held below $60 a barrel as ample global supplies offset the loss of exports from Libya.Here are some events to watch out for this week:Companies including IBM, Procter & Gamble and Hyundai will post results.Policy decisions are due from central banks in Canada, Indonesia and the euro zone.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, is underway in Davos, Switzerland.These are the main moves in markets:StocksThe S&P 500 Index fell 0.3% at the close of trading in New York.The Stoxx Europe 600 Index sank 0.1%.The MSCI Asia Pacific Index fell 1.2%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro slipped 0.1% to $1.1088.The British pound gained 0.3% to $1.3045.The Japanese yen climbed 0.3% to 109.81 per dollar.BondsThe yield on 10-year Treasuries dipped five basis points to 1.77%.Germany’s 10-year yield fell three basis points to -0.25%.Britain’s 10-year yield fell two basis points to 0.63%.CommoditiesWest Texas Intermediate crude slumped 0.3% to $58.34 a barrel.Gold fell 0.1% to $1,558.62 an ounce.\--With assistance from Livia Yap, Eric Lam, Ranjeetha Pakiam, Cormac Mullen, Todd White, Sam Potter and Claire Ballentine.To contact the reporter on this story: Sarah Ponczek in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, 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.
The International Monetary Fund trimmed its outlook for global growth. And Davos—the global financial fete—is under way in Switzerland. But it is the coronavirus in Asia that has stocks moving.
Stocks in Hong Kong led losses regionally among major Asian markets on Tuesday after ratings agency Moody’s cut its rating for the city to Aa3 from Aa2 on Monday.
The Bank of Japan kept its policy unchanged on Tuesday and said it expects the government’s fiscal stimulus to help the economy grow slightly faster than previously projected.
Risk assets took a hit across the globe on Tuesday, while the Japanese yen and U.S. Treasury prices gained, as financial markets reacted to mounting concern about a new strain of flu-like virus out of China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people and which China initially covered up.
Chinese pharmaceutical stocks skyrocketed Monday as China reported more than 100 new cases of pneumonia caused by a new strain of coronavirus.
Japanese stocks edged higher Monday as investors looked for trading clues ahead the Bank of Japan’s start to its two-day policy meeting.
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The United States removed China from a list of countries considered currency manipulators just two days before top trade negotiators for Washington and Beijing signed a key “Phase One” trade deal, the Treasury Department announced on January 13.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Stocks extended this week’s relentless push to all-time highs as positive U.S. and China economic data, low interest rates and easing trade tensions propelled investor optimism. The dollar strengthened and gold climbed.The benchmark S&P 500 Index, along with the tech heavy Nasdaq Composite, set record highs for an eighth consecutive trading session. Boeing Co. slumped after a Fitch downgrade, weighing on the Dow Jones Industrial Average. The Stoxx Europe 600 Index closed at a record, posting its biggest gain since mid-December.“The headwinds of last year have dissipated and we’ve gotten more clarity on the backdrop. That clarity is helping to solidify marginal improvement in risk assets,” said Jack Janasiewicz, a portfolio manager at Natixis Investment Managers Solutions, which oversees $1 trillion “The big one is going to earnings, and so far so good.”The longest-dated Treasuries dipped after the U.S. announced plans for a new 20-year bond. The dollar increased against its major peers including the euro and pound, with the latter reversing gains while gilts turned higher after U.K. retail sales data disappointed.Investors in risk assets headed into the weekend looking confident after the completion of an initial Sino-American trade deal and solid results from the biggest banks on Wall Street. U.S. markets are closed Monday for the Martin Luther King Jr. holiday. The earnings season continues to ramp up next week with Procter & Gamble Co. and Intel Corp. reporting, but for now most economic data is supporting sentiment: China GDP was in line with estimates, while housing starts surged in the U.S.“At this stage of the game we’ve got a Fed that’s committed to staying on hold, you’ve got a belief that there’s a signal of easing, and some improvement in the economic data globally,” Kathy Jones, chief fixed income strategist at Charles Schwab, said on Bloomberg Television. “That’s helping propel markets.”Elsewhere, oil slumped for a second week as optimism following the signing of the America-China trade agreement offset signs that supplies remain plentiful.Emerging-market equities also climbed for a seventh week of gains.These are the major market moves: \--With assistance from Elena Popina.To contact the reporter on this story: Sarah Ponczek in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Dave LiedtkaFor 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.
Carlos Ghosn’s saga could see few foreigners willing to take up positions in Japanese companies, top-level recruitment executives and analysts say.
Other Chinese economic data released alongside the GDP numbers showed growth in industrial output and retail sales for the month of December. Analysts read the data from Beijing positively, although there was still some caution about the partial trade deal with the U.S.
Benchmarks in Shanghai, Tokyo and Hong Kong advanced after the U.S. benchmark S&P 500 index hit a new high and Google parent Alphabet passed $1 trillion in market value.
China's economy grew at the weakest pace in three decades last year, data Friday confirmed, but solid December activity readings and bets on fresh stimulus from Beijing are helping Wall Street look to fresh record highs Friday.
(Bloomberg) -- For a fresh perspective on the stories that matter for Australian business and politics, sign up for our new weekly newsletter.The record-setting rally in U.S. equities accelerated in the wake of Wednesday’s China trade deal and signs consumer demand remains strong. Bond yields rose.All three main U.S. stock benchmarks surged to all-time highs after setting multiple records earlier this week, with technology and financial shares leading the surge. Alphabet Inc.’s market valuation hit $1 trillion for the first time. Banks and chipmakers rallied after solid earnings reports from Taiwan Semiconductor Manufacturing Co. and Morgan Stanley. Treasuries fell after data showed U.S. retail sales strengthened in December, while the dollar gained.“The consumer is really in positive shape,” said Ryan Detrick, senior market strategist at LPL Financial. “Then when you factor in the alleviation of the U.S.-China tensions, the market is in a pretty good spot.”The Senate approved President Donald Trump’s U.S.-Mexico-Canada free trade agreement, handing the president a major political win on the same day senators were sworn in as jurors in his impeachment trial.The formal signing of a phase one deal between the world’s two biggest economies has put the trade war on hold as far as many investors are concerned. Assuming the detente lasts, traders will be seeking fresh catalysts, most likely in economic data and the ramp-up of earnings season.“The question is if we can keep up the momentum,” said Mike Loewengart, vice president of investment strategy at E*Trade Financial. “Up next, housing, an economic bellwether, which will provide yet another data point of how our economy closed out the year.”West Texas crude fluctuated in a narrow range before pushing higher.Elsewhere, the Stoxx Europe 600 Index closed at a record high after swinging between gains and losses. The euro erased earlier gains, while most European bonds edged up. The ruble slipped in the wake of Russian President Vladimir Putin’s call for sweeping constitutional changes and subsequent replacement of his long-serving prime minister.Meanwhile, soybeans slumped overnight after China signaled purchases would be based on demand, rather than a pre-set amount.Here are some events to watch for this week:China GDP, along with key monthly data for December, come on Friday.A final reading on the euro-zone’s December inflation is also due on Friday.There are some of the main moves in markets:\--With assistance from Cecile Gutscher.To contact the reporters on this story: Claire Ballentine in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave LiedtkaFor 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.
The Australian share market surged into record territory on Thursday, passing the 7000-point milestone for the first time ever. The Bank of Japan is expected to keep monetary policy steady next week.