SYDNEY - Asian share markets battled to regain their footing on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of ever more cases and mounting deaths.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 per cent, but was still down almost 4 per cent on the week so far. Its 2.3 per cent dive on Thursday had been the sharpest one-day loss in six months. Tedros Adhanom Ghebreyesus, WHO director-general, said the greatest worry was the potential for the virus to spread to countries with weaker health systems.
That helped Wall Street recoup its losses so the Dow finished up 0.43 per cent, while the S&P 500 gained 0.31 per cent and the Nasdaq 0.26 per cent. After the bell, NASDAQ futures pushed 1.3 per cent higher on the Amazon results. "Based on the patterns observed from other epidemics, we assume that the outbreak will likely run its course over 2-3 months, meaning the hit to activity happens in the current quarter" JPMorgan analysts said in a note.BONDS CAN'T BE BEAT The drum beat of bad news kept safe-haven bonds well bid, with yields on US 10-year Treasuries down 9 basis points for the week so far and near four-month lows.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »