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Markets Hover Near Records Despite Growing Coronavirus Outbreak

The coronavirus outbreak has closed factories, curbed spending and disrupted supply chains in the world’s second-largest economy. But U.S. stocks have held close to records. The market’s resilience has surprised many money managers, especially given how quickly the epidemic has spread and how difficult they say it has been to assess the accuracy of information coming out of China. “We’re surprised at how sanguine the market is,” said Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Group Inc.’s private wealth-management group, adding that “realistically, the data are very, very uncertain.” ...

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European shares steady as GDP numbers loom

European shares traded sideways on Friday as investors awaited fourth-quarter GDP data from across the euro zone, and another jump in coronavirus cases followed World Health Organization (WHO) assurances that the trajectory of the outbreak had not changed. Among big movers was British drugmaker AstraZeneca, which sank more than 5% and was on track for its worst day since mid-2017 after it fell short on quarterly earnings and warned the coronavirus was liable to hurt sales for months. Royal Bank of Scotland Group PLC also dropped to the bottom of ...

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Global Stocks Drop as China Sees Jump in Virus Cases

Global stocks fell following a jump in the number of new coronavirus cases in the Chinese province at the epicenter of the outbreak. Futures tied to the Dow Jones Industrial Average dropped 0.7% a day after all three major U.S. indexes closed at a record. The Stoxx Europe 600 retreated 0.9%, and the Shanghai Composite Index closed down 0.7%. A nearly 10-fold increase in newly confirmed infections in Hubei raised the prospect of a longer period of economic disruption in China than investors previously anticipated, weighing on stock markets that ...

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Coronavirus outbreak won’t shake China’s economic fundamentals

President Xi Jinping’s comments on the Chinese economy have boosted confidence that the world’s second-largest economy will come through the novel coronavirus epidemic with great resilience, potential and leeway. Xi said the fundamentals of China’s long-term economic development remain unchanged and the epidemic’s impact on the economy is short-lived, during an inspection tour of the epidemic prevention and control work in Beijing on Monday. He made the comments as China’s economy comes under pressure from factories suspending production and reduced consumer spending amid the country’s quarantine measures in the battle ...

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Jump in coronavirus cases yanks rally into reverse

A sharp rise in the number of coronavirus deaths and infections unnerved world markets on Thursday, as traders halted the rally in stocks and retreated to the safety of government bonds and gold. China’s Hubei province, where the virus is believed to have originated, reported 242 new deaths, double the previous day’s toll and the fastest rise since the pathogen was identified in December. It also confirmed 14,840 new cases, though it was amplified significantly by a switch to using quicker computerised tomography (CT) scans – which reveal lung infections ...

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Barren streets but bustling stock markets in virus-stricken China

Shops, restaurants and cinemas may be deserted in many parts of virus-plagued China, but online trading forums, internet roadshows and analyst calls are teeming with investors who have driven up stock trading volumes to nine-month highs. Strategists are busy meeting anxious investors online to dispense tips on how to trade the coronavirus, while fund managers aggressively pitch products via live video streaming, with face-to-face conferences banned and many offices still closed. The virus has been a blow to China’s already-slowing economy, prompting Beijing to boost financial support to avoid a ...

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Deglobalisation – The Impact For Stock Markets

People invest in stock markets because they have historically gone up. The long-term return from the stock market is a little over 5%, higher than that of bonds or cash. To what extent has globalisation played a role in this? And therefore, does its reversal suggest tougher times ahead for investors? The KOF Globalisation Index shows globalisation gradually gathering pace through the 1970s and 1980s, only to see huge gains in the 1990s and through the early part of the 21st century. The 1990s were certainly a buoyant time for ...

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Investors charge back into stocks on signs coronavirus spread is slowing

A drop in the number of new coronavirus cases and the Federal Reserve chairman’s optimistic view of the economy lifted world stocks for a third day on Wednesday and sparked a 2% rally in oil prices, on hopes the epidemic’s effects would be contained. China reported its lowest number of new coronavirus cases since late January, lending weight to a prediction from its senior medical adviser that the outbreak might be over by April. Those reports encouraged investors to get back into equities at the expense of bonds, gold and ...

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European shares hit record high as drop in new virus cases spurs risk-taking

European shares hit a record high for the second straight session on Wednesday, as a drop in new coronavirus cases prompted buying in China-focused stocks, even as investors remained wary of the epidemic’s economic impact. The pan-European STOXX 600 index rose as much as 0.4% to a fresh peak of 430.29. A drop in new virus cases on Tuesday as well as optimism over China’s liquidity measures had seen gains in China-sensitive stocks. “There is a risk-on-and-on-and-on sentiment at this moment… Markets have swallowed the coronavirus issue with ease and ...

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Global Stocks Rise as Rate of New Coronavirus Cases Slows

Global stocks rose as the rate of new coronavirus cases in China slowed, bolstering investors’ hopes that authorities there and in the U.S. will take the necessary steps to contain the outbreak and shield the world economy. Futures tied to the Dow Jones Industrial Average rose 0.2%, a day after the index closed near a record high. The Stoxx Europe 600 index rose 0.7%, hitting an all-time high, and the Hang Seng Index jumped 1.4% in Hong Kong, snapping two days of losses. Yields on U.S. and European government bonds ...

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European shares hit record high as new coronavirus cases slow; Travel stocks lead

European shares hit a record high on Tuesday as the number of new coronavirus cases slowed in China and the country’s factories slowly returned to work, easing some concerns of a long-drawn impact to the global economy. The pan-European STOXX 600 index rose as much as 0.9% to a record high of 428.30. The index has seen several volatile weeks following the news of the virus outbreak. Markets have been weighing the economic impact even as China infused liquidity in an attempt to soften the blow on the world’s second-largest ...

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Coronavirus uncertainty subdues global shares, dollar eases after rally

Global shares sank on Monday as the death toll from a coronavirus outbreak exceeded the SARS epidemic of two decades ago, though Chinese shares rose as authorities lifted some work and travel curbs, helping businesses to resume operations. The dollar took a breather, edging lower against a basket of peers after gaining over 1% last week. The greenback gained last week as a strong U.S. employment report stood in contrast to both the expected economic hit to China from the virus and weakness in the euro zone from weak German ...

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Virus uncertainty weighs on global shares, dollar takes breather

Global shares fell on Monday as the death toll from a coronavirus outbreak exceeded the SARS epidemic of two decades ago, though Chinese shares rose as authorities lifted some work and travel curbs, helping businesses to resume operations. The dollar took a breather, trading flat against a basket of peers after gaining over 1% last week. The greenback gained as a strong U.S. employment report stood in contrast to both the expected economic hit to China from the virus and weakness in the euro zone from weak German industrial numbers ...

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From black swan to bubble: investors weigh coronavirus risks

When worries over the coronavirus shook U.S. stocks out of a period of quiet trading last week, investors wondered if the outbreak was the “Black Swan” event that would trigger a sharp decline. Less than a week later, talk has turned instead to a market melt-up. After that brief swoon, the market made a roaring recovery, and there were also rallies in Tesla Inc, bitcoin and other assets often seen as barometers for risk appetite. The sharp snapback has revived concerns among some investors that market participants are growing overly ...

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Markets could see a turbulent week as investors watch coronavirus, economy and Fed testimony

The uncertainty around the coronavirus could continue to carry more weight in markets than corporate earnings or the consumer inflation and spending data expected in the week ahead. Fed Chairman Jerome Powell testifies Tuesday and Wednesday in his bi-annual appearance before Congress, and investors are watching to see if Powell looks ready to move away from the Fed’s neutral stand on interest rates. Trading was volatile in the past week, with stocks sharply higher four of the five days as investors viewed the virus’ progress to be less rapid than ...

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