Global stocks steady as caution on China virus continues; euro hits seven-week low after ECB By Reuters


© Reuters. An investor uses his mobile phone in front of a stock quotation board at a brokerage office in Beijing

By Tomo Uetake

TOKYO (Reuters) – Stocks made a barely positive start in early Asian trade on Friday after the world’s health body called it a little too early to declare a coronavirus outbreak a global emergency.

But worries over rapid spread of the deadly virus kept investors on guard as millions of Chinese travel during the Lunar New Year holiday period.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose a marginal 0.1%, while Japan’s stood flat and Australian stocks added 0.4%.

Trade in Asia is already slowing down for the Lunar New Year holiday, with financial markets in China, Taiwan and South Korea closed on Friday.

Key indices on Wall Street bounced from lows after the World Health Organisation (WHO) said the latest coronavirus did not yet constitute a global public health emergency.

The rose 0.2% to a record closing high, while the added 0.1% and the eased 0.1%.

The WHO called a new coronavirus that has killed 18 people in China and infected around 650 globally “an emergency in China” on Thursday, but stopped short of declaring the epidemic of international concern.

“Investors are worried that the outbreak of coronavirus will dampen consumption in China when the Chinese economy has been already cooling down,” said Yasuo Sakuma, chief investment officer at Libra Investments.

In the currency market, the concerns about the virus supported the yen.

The Japanese currency traded at 109.53 yen per dollar, having risen to a two-week high of 109.26 on Thursday.

The euro fell to a seven-week low versus the dollar of $1.1036 overnight after the European Central Bank left its policy rates unchanged but President Christine Lagarde struck a slightly dovish tone than some had expected.

Coronavirus fears continued to weigh on commodity prices.

U.S. West Texas Intermediate (WTI) crude futures were up a marginal 0.05% at $55.61 a barrel, after hitting $54.77 in the previous session, the lowest level since Nov. 20.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Virus fears keep stocks red; ECB gets ready to rethink


LONDON (Reuters) – World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China.

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

With millions of Chinese preparing to travel for the Lunar New Year, the potential the disease to spread, along with the tendency of traders to reduce their exposure before holidays, left markets struggling.

Safe options like Japan’s yen and government bonds rose, while European stocks followed Asia lower [.EU]. The threat to airline travel and an increase in supply pushed oil prices to seven-week lows.

“Ultimately, the coronavirus is a slow-burning but important story for markets that is likely to last for months rather than just a few days,” said TD Securities’ European head of currency strategy, Ned Rumpeltin. “And the natural go-to currencies when there are headlines like these are the yen and the Swiss franc.”

The Swiss franc rose to a near three-year high against the euro overnight CHF, but it was trading little changed as the focus in Europe turned to its central banks.

Norway’s central bank had already left its interest rates unchanged. The European Central Bank holds its first meeting of the year later on Thursday, where it’s expected to outline its first formal policy review in 17 years.

It will probably last for most of the year and span topics from the inflation target to digital money and the fight against climate change.

“Quite a lot has happened in the last 17 years,” Rumpeltin said. “They are due for a rethink.”

WUHAN BAN

As the virus took hold, MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.07%. Chinese shares .CSI300 dropped 3.1%, the biggest daily decline since May, when U.S. President Donald Trump’s threats of additional tariffs on Chinese goods rocked financial markets.

Hong Kong .HSI shares ended down 1.5% and Japan’s Nikkei index .N225 slid 1%.

Among major currencies, the Chinese yuan fell to a two-week low, on course for its worst week since August. The Japanese yen climbed 0.2% to secure a third day of gains.

Gold and U.S. Treasuries also rose as China blocked travel to and from Wuhan, the city where the coronavirus outbreak originated. Gold later recovered in Europe.

Deaths in China from the coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed. The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002-2003, another coronavirus that broke out in China and killed nearly 800 people worldwide.

“The coronavirus has introduced some caution,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “There is no reason to expect a global pandemic now, but there is some repricing in financial markets.”

Reporting by Marc Jones, editing by Larry King



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Israel stocks higher at close of trade; TA 35 up 0.83% By Investing.com


© Reuters. Israel stocks higher at close of trade; TA 35 up 0.83%

Investing.com – Israel stocks were higher after the close on Wednesday, as gains in the , and sectors led shares higher.

At the close in Tel Aviv, the added 0.83% to hit a new all time high.

The best performers of the session on the were Shapir Engineering Industry (TASE:), which rose 11.67% or 278.00 points to trade at 2660.00 at the close. Meanwhile, OPKO Health Inc (TASE:) added 5.10% or 27 points to end at 558 and Liveperson (TASE:) was up 4.13% or 600 points to 15120 in late trade.

The worst performers of the session were Isramco Negev 2 LP (TASE:), which fell 2.44% or 1.4 points to trade at 55.9 at the close. Delek Drilling LP (TASE:) declined 2.13% or 18 points to end at 828 and Israel Corp (TASE:) was down 1.75% or 1170 points to 65730.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 252 to 146 and 28 ended unchanged.

Shares in Shapir Engineering Industry (TASE:) rose to all time highs; up 11.67% or 278.00 to 2660.00. Shares in Liveperson (TASE:) rose to all time highs; rising 4.13% or 600 to 15120. Shares in Israel Corp (TASE:) fell to 52-week lows; falling 1.75% or 1170 to 65730.

Crude oil for March delivery was down 2.60% or 1.52 to $56.86 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March fell 2.11% or 1.36 to hit $63.23 a barrel, while the February Gold Futures contract fell 0.03% or 0.45 to trade at $1557.45 a troy ounce.

USD/ILS was up 0.16% to 3.4605, while EUR/ILS rose 0.20% to 3.8367.

The US Dollar Index Futures was up 0.04% at 97.333.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



‘Semi-Truce’ Trade Deal Roils Markets From Stocks to Soybeans By Bloomberg



(Bloomberg) — The U.S. and China signed a partial trade deal that confirms a cease-fire in the spat that has roiled financial markets for three years.

While the broad terms of the 94-page agreement have been known since last year’s handshake deal, the text brought some clarity to markets that remained on edge. Credit card stocks, for example, were among the biggest gainers after the likes of Visa and Mastercard moved a step closer to gaining access to China’s $27 trillion payments market.

Commodity markets got some numbers on China’s commitments to buy agricultural products, but doubts remain. Currency traders assessed the section that reaffirmed existing G-20 commitments, and investors in tech stocks pored over details on intellectual property concessions. Here’s a round-up of how Wall Street reacted to the signing:

Equities

U.S. stocks powered to fresh highs, only to pare the gains as President Donald Trump held forth for over an hour before signing the deal. The S&P 500 was higher by 0.1% as of 3:16 p.m. in New York.

“It only modestly moves the needle in the right direction,” David Sowerby, portfolio manager at Ancora Advisors said. “It’s maybe best described as a semi-truce. It removes some level of uncertainty that existed before.”

“This is going to be a pretty forgettable event because we’ll be so focused on the next economic report, the next earnings report,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “This is not a temporary crisis or issue and now it’s over. Everyone’s gotten used to the fact that this is a chronic issue.”

Credit Card Firms

Within the equity market, U.S. credit card companies emerged as winners amid signals the path to Chinese customers may be easing. China said it won’t take longer than 90 days to consider applications from providers of electronic-payments services. It’s a positive sign for U.S. firms that have been trying to gain access to mainland China.

Visa Inc (NYSE:). Gained 2% as of 2:32 p.m., while Mastercard Inc (NYSE:) was up 1.6% and American Express Co (NYSE:). Rose 0.7%.

Currencies

The yuan rose to the strongest since July ahead of the signing and was little changed in the wake of it, as investors doubted the deal provided any real mechanism to enforce currency provisions.

“It still remains to be seen on enforcement of the exchange rate component and the deal overall,” Torsten Slok, chief economist at Deutsche Bank AG (DE:), said. “So we have to stay tuned with regard to the yuan.”

“The pact seems to contain nothing that would keep the U.S. Treasury from labeling China as a manipulator again in the future,” said John Velis, a strategist at Bank of New York Mellon (NYSE:). “The lack of detail on enforcement could also be a source of volatility.”

The foreign-exchange part of the U.S.-China trade agreement provides “nothing new on disclosure” and “that’s disappointing,” said Brad Setser, who worked at the U.S. Treasury during President Barack Obama’s administration and is now at the Council on Foreign Relations. “If there is any real substance to this deal, it isn’t in the text but rather an informal commitment by China not to guide the yuan down from its already depreciated levels versus the dollar so long as the truce holds.”

Semiconductors

Chipmakers fell Wednesday. The group had been among the most sensitive to any trade-related headlines, from tariffs to steps to thwart China’s Huawei Technologies Co. The U.S. signaled on Tuesday that Huawei remains in its sights.

“Tech remains an issue,” Dave Lutz, managing director of JonesTrading, said. Semiconductors are “at ground zero for that. Huawei looms. We act against Huawei, and that’s probably not going to help sentiment in Semis.”

Soybean Futures Tumble

U.S. farmers bore the brunt of China’s retaliation during the three-year spat, and Trump sought to secure increased levels of purchase commitments from China. The deal indicated China will step up purchases of agricultural goods, but the nation said it would do so according to demand. Soybean prices slumped.

“The Chinese will buy according to their need, but they’ll need a lot, make no mistake about it,” said Sal Gilbertie, president and co-founder of Teucrium Trading. “The markets may have been anticipating an immediate burst of buying but this is more of a buy-the-rumor, sell-the-fact.”

Emerging Markets

The deal did little to alter views on emerging-market assets, which have been rallying since last year’s detente in the trade war amid expectations for a pickup in global demand.

“It’s all baked in the cake,” Sacha Tihanyi, deputy head of emerging-markets strategy at TD Securities in New York said. With continued tariffs and little urgency for a phase-two deal, “there’s probably more risk of downside surprises on the trade front with China than upside. It puts a stamp on what the markets moved on already.”

Looking Ahead to Phase Two

Trump said negotiations of the next phase will begin immediately, and investors remained on edge over whether that could entail fresh tariffs or raise other uncertainties for businesses and investors. For now, those talks look set to start on a good footing.

“The implication is that at least it sets a better mood, whether it gets done,” Donald Selkin, chief market strategist at Newbridge Securities Corp., said. “At least it sets a framework perhaps for a better tone going into stage two but there’s a lot of uncertainty. There’s a lot in phase one that is not as clear as it’s supposed to be.”

“It’s a real positive,” said Matt Forester, chief investment officer at BNY Mellon Lockwood Advisors. “There are pieces to the agreement that maybe were not expected in the markets especially around intellectual property and technology transfer. Now the question is going to be whether they will actually be able to reach purchase commitments. But that there is an agreement to try reach those is a good thing.”



Stocks pinned near record highs ahead of U.S.-China trade deal


LONDON (Reuters) – World stock markets were flat on Monday, hovering just below record levels ahead of the expected signing of a Phase 1 China-U.S. trade deal, although markets have yet to see details of the agreement.

After rising in early trade, European shares were last down 0.2% by midday. Germany’s DAX fell 0.3%, France’s CAC 40 gained 0.05% and Britain’s FTSE 100 added 0.19%. The pan-European STOXX 600 index fell 0.22%. [.EU]

U.S. S&P 500 e-mini stock futures were looking more bullish, rising 0.31% to 3,274.8, just short of record highs.

MSCI’s All Country World Index, which tracks shares across 47 markets, was up 0.02%, just short of a record high hit last week.

Tensions between the U.S. and Iran after the U.S. killing of a top Iranian general put investors on guard against risk last week, knocking global stocks off a record high set in the first trading week of the year. But with no further escalation in conflict and focus shifting toward this week’s trade deal, markets have rebounded.

“Last week there was a lot of focus on the conflict between Iran and the U.S. However, the ‘modest’ Iranian response to the killing of Suleimani and even some more conciliatory comments from Trump have taken the U.S.-Iran conflict more or less away from the financial agenda,” said Arne Rasmussen, chief analyst at Danske Bank in a note to clients.

China’s commitments in the Phase 1 trade deal with the United States were not changed during a lengthy translation process and will be released this week as the document is signed in Washington, U.S. Treasury Secretary Steven Mnuchin said on Sunday.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.64%, touching its highest level since June 2018.

South Korea’s trade-sensitive Kospi added 1.04% and Hong Kong’s Hang Seng was up 1.11%, while Taiwan shares increased 0.74% in the first trading day after Taiwan re-elected President Tsai Ing-wen by a landslide on Saturday.

Mainland Chinese shares lagged the regional index after China’s major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019.

The benchmark Shanghai Composite Index was up 0.19% in the afternoon, turning around from losses earlier in the session.

Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter.

Japan’s Nikkei was closed for a holiday. It fell sharply early last week when Iran attacked bases hosting U.S. military in Iraq, only to rally almost a thousand points when the two countries stepped back from hostilities.

The main event of the week will be the signing of the Phase 1 trade deal between the United States and China on Wednesday. The Trump administration has invited at least 200 people to the White House for the ceremony.

“A calmer geopolitical backdrop and the signing of the U.S.‑China Phase 1 agreement is, on balance, favorable for global growth,” said Joseph Capurso, an FX strategist at CBA.

“However, the 86-page Phase 1 agreement has not yet been made public. There are doubts how comprehensive the deal is, and whether the Phase 1 agreement will be implemented in full by both governments.”

Washington has reserved the right to re‑impose tariffs if it judges China is not abiding by the deal.

Xie said China’s fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures.

PERFECT FOR RISK

Wall Street slipped and bonds rallied on Friday when data showed U.S. nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft.

“This is the perfect employment report for the Fed to continue to run the economy ‘hot’, as views on the natural rate of unemployment continue to drop,” said Alan Ruskin, Deutsche Bank’s global head of FX strategy. “This is perfect for risky assets.” 

The euro was flat on Monday at 1.1121, up from a $1.1083 low on Friday. Support comes in around $1.1060, while the recent peak at $1.1239 marks stiff resistance.

The dollar was firm on the yen at 109.84 but faces tough resistance around 109.70 where rallies have repeatedly failed in the past couple of months.

Against a basket of currencies, the dollar was 0.14% higher at 97.488, well within the recent trading range of 96.355 to 97.817.

The pound slipped 0.86% to $1.2963 after Bank of England policymaker Gertjan Vlieghe said he will vote for a cut in interest rates later this month, barring an “imminent and significant” improvement in the growth data.

FILE PHOTO: Pedestrians leave and enter the London Stock Exchange in London, Britain August 15, 2017. REUTERS/Neil Hall

Spot gold slipped 0.6% to $1,552.30 per ounce, having hit a seven-year top last week of $1,610.90 at the height of Iran-U.S. tensions.

Oil prices were slightly firmer after suffering their first weekly loss since late November. [O/R]

Brent crude futures were down 0.25% at $64.82 a barrel, while U.S. crude fell 0.15% to $58.96 a barrel.

Reporting by Ritvik Carvalho; additional reporting by Wayne Cole and Andrew Galbraith in Shanghai and Sydney, editing by Ed Osmond



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Israel stocks lower at close of trade; TA 35 down 0.06% By Investing.com


Israel stocks lower at close of trade; TA 35 down 0.06%

Investing.com – Israel stocks were lower after the close on Sunday, as losses in the , and sectors led shares lower.

At the close in Tel Aviv, the declined 0.06%.

The best performers of the session on the were Liveperson (TASE:), which rose 4.29% or 580 points to trade at 14090 at the close. Meanwhile, International Flavors & Fragrances Inc (TASE:) added 2.86% or 1220.00 points to end at 43840.00 and Shapir Engineering Industry (TASE:) was up 2.08% or 47.00 points to 2310.00 in late trade.

The worst performers of the session were Delek Drilling LP (TASE:), which fell 5.22% or 49 points to trade at 890 at the close. Delek Group (TASE:) declined 4.81% or 2690 points to end at 53200 and Bezeq Israeli Telecommunication Corp Ltd (TASE:) was down 2.37% or 6.1 points to 251.5.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 198 to 190 and 34 ended unchanged.

Shares in Shapir Engineering Industry (TASE:) rose to all time highs; rising 2.08% or 47.00 to 2310.00.

Crude oil for February delivery was down 0.74% or 0.44 to $59.12 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March fell 0.46% or 0.30 to hit $65.07 a barrel, while the February Gold Futures contract rose 0.57% or 8.90 to trade at $1563.20 a troy ounce.

USD/ILS was up 0.25% to 3.4671, while EUR/ILS rose 0.41% to 3.8560.

The US Dollar Index Futures was down 0.09% at 97.075.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. Stocks Fall, Bonds Rise After Jobs Report: Markets Wrap By Bloomberg



(Bloomberg) — U.S. stocks fell from near records, while Treasuries rose after the latest jobs report delivered mixed signals on the strength of the economy. The dollar declined versus major currencies.

The S&P 500 edged lower after hiring data fell short of estimates and wage growth was the weakest in more than a year. The benchmark is still on track for a weekly advance as the situation in the Middle East held a tenuous calm. Boeing (NYSE:) Corp. slumped, helping to pull down the .

Treasuries pushed higher as the wage figures erased any inflation worries. Futures traders maintained the amount of easing they expect from the Federal Reserve.

The jobs data ultimately did little to alter investor views on the strength of the economy or the Fed’s next step. With stocks near all-time highs, markets continue to look past the flare-up in tensions with Iran and focus on the potential for a pickup in global economic growth.

“This is the opposite of a game-changer. It’s very consistent with everyone’s views going into this report, the Fed stays on hold and the economy is slowing down,” said Nela Richardson, an investment strategist at Edward Jones. “We’re consistent on the overall view the Fed stays pat on short-term rates this year. If anything, this report tilts the Fed a little bit towards being more accommodative, not less.”

Elsewhere, European shares rose, while bonds in the region advanced. Gold turned gained, while West Texas oil dropped below $59 a barrel.

These are moves in major markets:

Stocks

  • The S&P 500 Index fell 0.2% as of 3:11 p.m. New York time.
  • The Index fell 0.1%.
  • Germany’s gained 0.3%.

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1%.
  • The British pound dropped 0.1% at $1.3059.
  • The euro rose 0.1% at $1.1112.
  • The Japanese yen weakened 0.1% to 109.63 per dollar.

Bonds

  • The yield on 10-year Treasuries fell three basis points to 1.82%.
  • Britain’s 10-year yield fell five basis points to 0.773%.
  • Germany’s 10-year yield declined two basis points to -0.198%.

Commodities

  • West Texas Intermediate crude dropped 0.9% to $59.05 a barrel.
  • Gold rose rose 0.4% at $1,560.30 an ounce.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.46% By Investing.com


© Reuters. U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.46%

Investing.com – U.S. stocks were lower after the close on Friday, as losses in the , and sectors led shares lower.

At the close in NYSE, the lost 0.46%, while the index lost 0.29%, and the index fell 0.27%.

The best performers of the session on the were Pfizer Inc (NYSE:), which rose 1.54% or 0.60 points to trade at 39.49 at the close. Meanwhile, Coca-Cola Company (NYSE:) added 0.34% or 0.19 points to end at 55.53 and UnitedHealth Group Incorporated (NYSE:) was up 0.31% or 0.91 points to 295.13 in late trade.

The worst performers of the session were Boeing Co (NYSE:), which fell 1.91% or 6.42 points to trade at 329.92 at the close. The Travelers Companies Inc (NYSE:) declined 1.53% or 2.11 points to end at 135.51 and Dow Inc (NYSE:) was down 1.32% or 0.69 points to 51.50.

The top performers on the S&P 500 were Nektar Therapeutics (NASDAQ:) which rose 24.69% to 26.92, Lennar Corporation (NYSE:) which was up 3.52% to settle at 59.72 and Tyson Foods Inc (NYSE:) which gained 3.04% to close at 91.92.

The worst performers were Harley-Davidson Inc (NYSE:) which was down 3.92% to 34.84 in late trade, IPG Photonics Corporation (NASDAQ:) which lost 3.13% to settle at 135.27 and Arconic Inc (NYSE:) which was down 3.09% to 28.85 at the close.

The top performers on the NASDAQ Composite were CounterPath Corp (NASDAQ:) which rose 296.00% to 3.920, Origin Agritech Ltd (NASDAQ:) which was up 44.63% to settle at 10.240 and China SXT Pharmaceuticals Inc (NASDAQ:) which gained 42.46% to close at 1.0700.

The worst performers were Portola Pharmaceuticals Inc (NASDAQ:) which was down 40.34% to 14.76 in late trade, Energy Focu (NASDAQ:) which lost 37.31% to settle at 0.58 and RumbleON Inc (NASDAQ:) which was down 26.03% to 0.60 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1523 to 1281 and 99 ended unchanged; on the Nasdaq Stock Exchange, 1547 fell and 1113 advanced, while 61 ended unchanged.

Shares in CounterPath Corp (NASDAQ:) rose to 52-week highs; gaining 296.00% or 2.930 to 3.920. Shares in Portola Pharmaceuticals Inc (NASDAQ:) fell to all time lows; down 40.34% or 9.98 to 14.76. Shares in Origin Agritech Ltd (NASDAQ:) rose to 52-week highs; gaining 44.63% or 3.160 to 10.240. Shares in RumbleON Inc (NASDAQ:) fell to 3-years lows; losing 26.03% or 0.21 to 0.60.

The , which measures the implied volatility of S&P 500 options, was up 0.16% to 12.56.

Gold Futures for February delivery was up 0.57% or 8.90 to $1563.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.74% or 0.44 to hit $59.12 a barrel, while the March Brent oil contract fell 0.46% or 0.30 to trade at $65.07 a barrel.

EUR/USD was up 0.14% to 1.1121, while USD/JPY fell 0.03% to 109.47.

The US Dollar Index Futures was down 0.09% at 97.075.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Oil slumps, stocks soar as Mideast conflict worries fade


NEW YORK (Reuters) – Oil prices tumbled and equity markets soared on Wednesday after U.S. President Donald Trump said an Iranian missile strike on bases in Iraq had not harmed U.S. troops and damage was minimal, showing Tehran wanted to de-escalate the Middle East standoff.

Iran fired missiles at military bases housing American troops in Iraq in retaliation for last week’s slaying by U.S. drones of Iranian commander Qassem Soleimani, a strike that raised fears of an escalating regional conflict.

“Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world,” Trump said in an address to the nation.

The S&P 500 and Nasdaq stock indexes hit record highs after Trump’s remarks and crude oil prices slumped, with U.S. benchmark West Texas Intermediate posting a 10% slide from a peak following the Iranian attack to after Trump spoke.

Gold had surged past $1,600 for the first time in nearly seven years in earlier trade before discarding gains as fears of a larger conflict abated, leading investors to move out of safe-haven assets as risk appetite returned.

The safe-haven yen fell from three-month highs against the dollar and the Swiss franc, another safe haven, also retreated. Brent oil futures slid off a four-month peak hit in frenzied early trade soon after the Iranian attack.

“Once Trump spoke and suggested that this is basically done for now, risk took off. We’re back to the all-time highs in the S&P and accordingly, so-called safe assets sold off,” said Jacob Oubina, senior U.S. economist at RBC Capital Markets.

Iran’s long-term goal of a sphere of influence might be jeopardized if it attacks too aggressively, said John Vail, chief global strategist at Nikko Asset Management in Tokyo.

“The impact on global risk assets will probably moderate from here as we are likely past the worst part of the crisis,” Vail said in an e-mail. “Neither side wants a war.”

Investors are betting on a de-escalation in Middle East tensions, said Sebastien Galy, senior macro strategist at Nordea Asset Management in Luxembourg.

FILE PHOTO: A man walks through the rain on Wall St. outside the New York Stock Exchange (NYSE) in New York, U.S., October 9, 2019. REUTERS/Brendan McDermid/File Photo

MSCI’s broad gauge of stocks across the globe gained 0.31%, while bourses in Paris, Frankfurt and Milan rebounded.

The pan-European STOXX 600 index rose 0.17% and emerging market stocks lost 0.15%.

On Wall Street, the Dow Jones Industrial Average rose 259.14 points, or 0.91%, to 28,842.82. The S&P 500 gained 27.79 points, or 0.86%, to 3,264.97 and the Nasdaq Composite added 94.44 points, or 1.04%, to 9,163.02.

Spot gold fell more than 1% to $1,554.35 an ounce, having soared to $1,610.90 earlier in the session, its highest since March 2013.

U.S. gold futures settled 0.9% lower at $1,560.20.

A report showing a surprise build in U.S. stockpiles helped crude prices to fall.

The U.S. Energy Information Administration (EIA) said crude inventories rose by 1.2 million barrels during the week ended Jan. 3. [EIA/S] Analysts had expected a decline.

Brent futures fell $2.83 to settle at $65.44 a barrel and U.S. WTI crude settled down $3.09 at $59.61 a barrel. WTI futures earlier hit $65.65, the highest since late April.

U.S. Treasury yields rose after yields on the 10-year U.S. Treasury note overnight dropped to 1.705%, their lowest in more than a month, as worried investors bought U.S. government debt in a safe-haven move after the Iranian attack.

Benchmark 10-year notes last fell 14/32 in price to yield 1.872%, nearly 20 basis points above the low it hit overnight following the Iranian strike.

Slideshow (3 Images)

The dollar index, tracking the unit against six major peers, rose 0.3%, with the euro down 0.37% to $1.111.

The Japanese yen weakened 0.70% versus the greenback at 109.20 per dollar.

Reporting by Herbert Lash, additional reporting by Kate Duguid in New York; Editing by Bernadette Baum and Nick Zieminski



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Stocks Pare Losses as Iran Says Attack Concludes: Markets Wrap By Bloomberg



(Bloomberg) — Asian stocks and U.S. equity futures pared losses and came off its highs after Iran assured that its strike on U.S. facilities in Iraq Wednesday didn’t mean it was seeking a war, and President Donald Trump declared “all is well.”

Traders coped with a volatile session, with futures on the S&P 500 Index tumbling as much as 1.7% in the wake of Iran’s rocket attack on two U.S.-Iraqi airbases. Japan’s stocks slid as much as 2.4% at one point, and crude oil soared 4.7% in New York; gold punched through $1,600 an ounce for the first time since 2013. Hopes that hostilities might be done for now then triggered a reversal of much of those moves. U.S. futures were down just 0.2% by 1 p.m. in Tokyo, with oil up 1.4%.

Wednesday’s action paralleled market moves on Friday and Monday. Investors dumped risk assets and flocked to havens Friday after the U.S. killed a top Iranian military leader. Then those moves reversed on Monday, even amid warnings against retaliation.

Further volatility came on news of the crash of a Boeing (NYSE:) 737 jet after take-off in Iran. U.S. stock futures slid and the yen rose, though those moves also faded after a report that the crash was due to a technical issue.

Key now is whether geopolitical risks can subside enough for attention to shift back toward the economic outlook. The U.S.-Iran tensions are developing against a backdrop of an improving picture for global trade, with a Sino-American trade deal expected to be signed next week. Manufacturing meantime remains weak, while job markets are solid across major economies.

“Though we’ll see the market react to the latest strike today, we don’t see that as a long-term risk-off theme,” said Chen Haoyang, a managing director at Shanghai Leader Capital Co. “We are and have been long on gold for the past year as we have been taking a cautious view towards the global economy, with the debt cycle nearing its end. Because we already have so much exposure we are not adding more with these new developments.”

Read here for more on the ongoing market impact:

  • Buy the Dip, Wait and See, Add Hedges: Investors on Iran Strike
  • Global Market Reaction to Iran Rocket Attack in Four Charts
  • Gold Surges Above $1,600 as Iran Attacks Spark Flight to Havens

Here are some events to watch for this week:

  • Trump said he would make a statement on Wednesday morning in wake of the Iran attack.
  • Federal Reserve officials Richard Clarida, John Williams (NYSE:), James Bullard and Charles Evans speak on Thursday.
  • The U.S. monthly employment report is due Friday.

These are moves in major markets:

Stocks

  • Futures on the S&P 500 Index were down 0.3% as of 1:02 p.m. in Tokyo.
  • Japan’s index fell 1.1%, after losing as much as 2.4% earlier.
  • Hong Kong’s retreated 0.8%.
  • dipped 0.6%.
  • Australia’s S&P/ASX 200 Index was down 0.2%.
  • South Korea’s Kospi index fell 0.7%.
  • MSCI Asia Pacific Index dropped 0.6%.

Currencies

  • The yen rose 0.1% to 108.37 per dollar.
  • The traded little changed at 6.9426 per dollar.
  • The euro was flat at $1.1155.

Bonds

  • The yield on 10-year Treasuries declined about three basis points to 1.79%.
  • Australia’s 10-year yield fell about four basis points to 1.18%.

Commodities

  • West Texas Intermediate crude was up 1.3% at $63.51 a barrel after rising as much as 4.7%.
  • Gold rose 1% to $1,590.26 an ounce.
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