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Stock Sell-Off Deepens; Bond Yields See Record Low: Markets Wrap
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Stock Sell-Off Deepens; Bond Yields See Record Low: Markets Wrap
(Bloomberg) -- The wrenching stock sell-off extended on Thursday, sending a global benchmark heading for its lowest close since October, and government bond yields sank to record levels.The MSCI All-Country World Index fell for a sixth straight day, with Japan leading losses at over 2.5% down. Futures on the S&P 500 tumbled 1.5%, after declines in the index had eased some on Wednesday. The yen rose, and 10-year U.S. and Australian yields hit fresh record lows Thursday. With the number of coronavirus cases mounting outside China, investors have yet to see the signs of a peak that had helped spur a recovery in Chinese shares. Oil dropped further.U.S. health authorities on Wednesday said they found the first case of coronavirus that does not have ties to a known outbreak. In South Korea, the number of cases rose above 1,500; the U.S. urged travelers to reconsider any trips to the country. On the corporate-news front, Microsoft Corp. joined those warning that the virus is impacting its supply chain.Global shares are down about 7% from the peak reached earlier this month.“We continue to keep an eye on contagion to new regions and new containment measures that could add to growth fears, especially in Europe or the U.S.,” said Esty Dwek, head of global market strategy at Natixis Investment Managers. “We had reduced our allocation to equities in anticipation of higher volatility and we believe this is likely to continue.”These are some key events coming up:Earnings keep rolling in from companies including: Baidu Inc., Best Buy Co., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday, and London Stock Exchange Group Plc on Friday.U.S. jobless claims, GDP and durable goods data are out Thursday.Japan industrial production, jobs, and retail sales figures are due on Friday.These are the major moves in markets:StocksFutures on the S&P 500 were down 1.4% as of 2:11 p.m. in Tokyo. The index dropped 0.4% on Wednesday.Japan’s Topix index fell 2.3%Hong Kong’s Hang Seng lost 0.8%.The Shanghai Composite rose 0.6%.Australia’s S&P/ASX 200 Index declined 0.8%.South Korea’s Kospi Index lost 1%.Euro Stoxx 50 futures retreated 2.6%.CurrenciesThe yen added 0.3% to 110.13 per dollar.The offshore yuan dipped 0.1% to 7.0281 per dollar.The euro climbed 0.3% to $1.0910.BondsThe yield on 10-year Treasuries declined about four basis points to 1.30%.Australia’s 10-year yield slid about six basis points to 0.86%.CommoditiesWest Texas Intermediate crude was at $47.98 a barrel, down 1.6%.Gold was up 0.6% to $1,650 an ounce.\--With assistance from Nancy Moran, Namitha Jagadeesh and Cormac Mullen.To contact the reporters on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.net;Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Ravil ShirodkarFor 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.
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