Coronavirus News Asia

Wrap: Asian markets wary ahead of earnings

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Trade of the Day:

·        Stocks, futures down as investors pause ahead of earnings season, economic data

·        Oil pauses after recent rally

·        US Treasuries catch haven bid

Financial markets retreated on Wednesday ahead of the earnings season and release of key economic data. The Stoxx Europe 600 index fell 1.4% and S&P futures were 1.4% lower.

“The kickoff of the earnings season will start to fill out some details within the outlines of the dire stream of recent macro numbers. Companies will still have a hard time giving guidance until they get a better sense of how quickly the coronavirus is contained, but they will at least offer a sense of how much pain they can withstand,” Christopher Smart, Chief Global Strategist & Head of the Barings Investment Institute, said.

“The hardest part today is judging how soon people learn to live with a lower, but still lingering risk of infection. More testing, better treatment and progress toward a vaccine will all help, but what’s so hard to assess now is how quickly they will get back to restaurants, theatres and hotels.”

In stocks, Japan’s Nikkei 225 eased 0.45%, Australia’s S&P ASX 200 fell 0.39%, China’s CSI300 edged down 0.74% and Hong Kong’s Hang Seng index fell 1.2%. Regionally the MSCI Asia Pacific index retreated 0.5%.

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