Stocks Drop With Oil; Dollar Halts Four-Day Slide: Markets Wrap - Yahoo Finance

Stocks Drop With Oil; Dollar Halts Four-Day Slide: Markets Wrap

(Bloomberg) -- Stocks retreated along with crude oil, and the dollar snapped a four-day slide as investors took in weekend developments that underscored a long road ahead to defeat the coronavirus.

Still, the risk-off moves were more contained than in the past three Mondays, when futures on the S&P 500 Index hit limit-down early on. Today they were down less than 2%. Japan’s Topix underperformed as a majority of its members traded without the right to the latest dividend. The yen advanced along with sovereign bonds, while crude oil in New York dropped below $20 at one point. The yuan dipped as China’s central bank lowered short-term funding rates and injected cash into its financial system.

Singapore’s dollar fluctuated after the monetary authority there -- which uses the exchange rate as its main policy tool -- announced a modest easing, reducing the slope of its currency band to zero while affirming the current level. Emerging currencies including South Africa’s rand and Mexico’s peso tumbled amid concerns about debt downgrades.

The latest news on the coronavirus underlined how, while policy makers the world over have dramatically stepped up their efforts to prevent the health crisis from becoming a financial one, the health situation itself does continue to deteriorate.

The top American infectious disease expert said deaths from the coronavirus in the world’s largest economy may reach 200,000. Australia limited public gatherings to just two people.

“The assumption that we can turn a switch in a month or two and everything is going to be okay is a faulty opinion,” David Kotok, chief investment officer at Cumberland Advisors Inc., told Bloomberg TV. “We are waiting to see the closer timetable of treatment, testing, and vaccine -- that’s very important to us.”

Quarter-end strains could add to investor nervousness on Monday and Tuesday as financial firms rein in collateral lending to shore up balance sheets, while Japanese banks face their fiscal year-end. The MSCI gauge of global equities is down about 23% since the start of the year, on course for its worst quarter since the end of 2008.

These are the main moves in markets:

Stocks

Japan’s Topix index fell 3.9% as of 11:02 a.m. in TokyoFutures on the S&P 500 declined 1.2%. The S&P 500 fell 3.4% on Friday.Hong Kong’s Hang Seng Index fell 1.5%.The Shanghai Composite lost 1.4%.South Korea’s Kospi slid 2.1%.Australia’s S&P/ASX 200 Index added 2.4%.

Currencies

The yen rose 0.6% to 107.32 per dollar.The offshore yuan dropped 0.3% to 7.1073 per dollar.The euro declined 0.3% to $1.1111.The Aussie slipped 0.4% to 61.47 U.S. cents.

Bonds

The yield on 10-year Treasuries dipped three basis points to 0.65%.Australian 10-year yields plunged about 15 basis points to 0.77%.

Commodities

West Texas Intermediate crude was down 4.3% to $20.60 a barrel.Gold dipped 0.7% to $1,617 an ounce.

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