Wednesday, February 1, 2023
  • Home
  • Marketing Strategies
  • Privacy Policy
  • Contact Us
Business News
  • Home
  • Personal Finance
  • Business Trends
  • Business Ideas
  • Marketing Strategies
  • Stock Market
No Result
View All Result
Business News
Home Business Trends

Asian Stocks Rebound From Early Losses as Virus Toll Grows

citof_l7l8ib by citof_l7l8ib
February 21, 2020
in Business Trends
0
Asian Stocks Rebound From Early Losses as Virus Toll Grows
0
SHARES
63
VIEWS
Share on FacebookShare on Twitter

By YURI KAGEYAMA, AP Business Writer

Shares rebounded in Asia on Friday after an early sell-off, though Japan’s benchmark declined as investors reacted to news of a growing number of cases of a new virus among the local population.

Related posts

US Consumer Prices up 0.1% in January; Gasoline Prices Fall

US Consumer Prices up 0.1% in January; Gasoline Prices Fall

February 21, 2020
Spain Disputes Tech Show Was Canceled for Health Motives

Spain Disputes Tech Show Was Canceled for Health Motives

February 21, 2020

The Nikkei 225 fell 0.6% in morning trading to 23,683.44. Australia’s S&P/ASX 200 gained 0.4% to 7,134.70. South Korea’s Kospi advanced 0.5% to 2,243.36 and Hong Kong’s Hang Seng jumped 0.6% to 27,902.12. The Shanghai Composite index gained 0.6% to 2,923.90.

India’s Sensex added 0.2% to 41,561.86. Shares were higher in Taiwan and Southeast Asia.

Investors had largely set aside worries about the economic impact of the virus outbreak the past two weeks. Markets rallied this week partly because the number of new cases appeared to be slowing. But those hopes were dashed by sharp increases in both the number of cases and newly reported deaths Thursday after the hardest-hit province of Hubei began counting doctors’ diagnoses without waiting for laboratory results in hopes of getting patients treated faster.

In Japan, concern rose after the government reported another case, a Japanese man in his 70s, a day after it reported its first death from the virus. Japan now has 252 confirmed cases, including 218 from a cruise ship that has been quarantined in Yokohama. Officials said there were signs the virus was spreading within the local population.

Overnight on Wall Street, the S&P 500 index dropped 0.2%, to 3,373.94 and the Dow Jones Industrial Average slid 0.4% to 29,423.31. The Nasdaq edged 0.1% lower, to 9,711.97. The Russell 2000 index of smaller company stocks rose 0.3% to 1,693.74.

The virus has added a whole universe of uncertainty to the outlook for many industries.

“We’re in a data-dearth period in the sense that we’re not really going to know fully the effects of the impact of that on Asian and Chinese growth, as well as global growth, for at least several weeks,” said Lisa Erickson, head of traditional investments at U.S. Bank Wealth Management. “You’re just going to see some back-and-forth movement (in the market) until that time.”

The reclassification of the COVID-19 cases in Hubei brought a huge increase in the global tally, complicating efforts to understand the trajectory of the outbreak.

But Stephen Innes chief market strategist at AxiCorp, said he believes the economic impact from the virus outbreak would likely be limited and the disease might be contained by March.

“The market impact was little more than a pause in the general bullish upward trend rather than risk-off,” he said, referring to the reaction to the higher case numbers.

Businesses have already been hurting due to the outbreak and more of them are warning that the effects will linger through the year.

Organizers of the world’s biggest mobile technology fair cancelled the event, set to take place in Spain, because of health and safety concerns. Europe has had a scattered number of cases, mostly connected to Chinese travel.

Travel-related companies fell broadly Thursday, shedding some of their gains from earlier in the week. Airlines helped pull industrial sector stocks lower. United Airlines fell 1.5%.

MGM Resorts International, which gets about 20% of its revenue from the gambling haven of Macau, pulled its profit forecast for 2020. The stock lost 5.5%. Cruise line operator Carnival slid 2%.

Technology and health care stocks were among the biggest decliners, along with companies that rely on consumer spending. Cisco Systems fell 5.2%, Mylan slid 2.3% and Hanesbrands dropped 2.6%.

Household goods makers, utilities, real estate companies and communication services stocks notched gains.

Fashion company Ralph Lauren warned that the viral outbreak cut into fourth-quarter sales by an estimated $55 million to $70 million. The stock fell 0.6%.

Alaska Air Group bucked the trend, adding 1.5% after the airline said it will cooperate more closely with American Airlines on West Coast service. The airlines asked for government permission to expand revenue-sharing to cover international flights in Seattle and Los Angeles.

ENERGY:

Benchmark crude oil rose 5 cents to $51.47 a barrel in electronic trading on the New York Mercantile Exchange. It rose 25 cents to settle at $51.42 a barrel on Thursday. Brent crude oil, the international standard, was 1 cent higher at $56.35 a barrel.

CURRENCIES:

The dollar slipped to 109.80 Japanese yen from 109.82 yen on Thursday. The euro weakened to $1.0840 from $1.0843.

___

AP Business Writers Alex Veiga and Damian J. Troise contributed.

Tags: Associated PressBusiness IdeasBusiness NewsBusiness PlanningCollections BusinessCollections Top NewsCollections USFinance Ideas
Previous Post

Global Shares Steady but Virus Concerns Keep Buying in Check

Next Post

7 Best Auto Stocks of 2020

Next Post
7 Best Auto Stocks of 2020

7 Best Auto Stocks of 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Top Stocks to Buy in 10 Different Sectors

Top Stocks to Buy in 10 Different Sectors

3 years ago
Trump Fed Nominee Shelton Faces Skepticism at Senate Hearing

Trump Fed Nominee Shelton Faces Skepticism at Senate Hearing

3 years ago
90% of Well Rested Supervisors Say Good Night’s Sleep Positively Affects the Workplace

90% of Well Rested Supervisors Say Good Night’s Sleep Positively Affects the Workplace

3 years ago
5 Marijuana Companies Poised for an IPO

5 Marijuana Companies Poised for an IPO

3 years ago

FOLLOW US

BROWSE BY CATEGORIES

  • Business Ideas
  • Business Trends
  • Marketing Strategies
  • Personal Finance
  • Stock Market

BROWSE BY TOPICS

Amazon.com Apple Inc. Associated Press Banking and Credit Best Stocks Business Growth Business Ideas Business News Business Planning Business Trends Collections Business Collections Political Collections Top News Collections US Collections World Debt Facebook Finance Ideas Financial Advisors financial literacy Geoff Williams Google interest rates investing Investing 101 John Divine loans Local Marketing Management news Marketing Strategies Marketing Tips Maryalene LaPonsie money personal budgets personal finance picks Small Business Trends stock market Stock Market News stock portfolio student loans Susan Johnston Taylor Susannah Snider technology Wayne Duggan

POPULAR NEWS

  • 20 Things Your Business Still Doesn’t Get About Hyperlocal Marketing

    20 Things Your Business Still Doesn’t Get About Hyperlocal Marketing

    0 shares
    Share 0 Tweet 0
  • US Consumer Prices up 0.1% in January; Gasoline Prices Fall

    0 shares
    Share 0 Tweet 0
  • Spain Disputes Tech Show Was Canceled for Health Motives

    0 shares
    Share 0 Tweet 0
  • 5 Reasons Your Local SEO Company Isn’t Providing Results

    0 shares
    Share 0 Tweet 0
  • Why Hyperlocal Advertising Works So Well for Local Businesses

    0 shares
    Share 0 Tweet 0
Business News

Citof.com is a collection of innovative and powerful news brands that deliver compelling, Push the latest news, videos, and photos on finance, industry trends, money, and more.

Follow us on social media:

Recent News

  • 20 Things Your Business Still Doesn’t Get About Hyperlocal Marketing
  • US Consumer Prices up 0.1% in January; Gasoline Prices Fall
  • 5 Reasons Your Local SEO Company Isn’t Providing Results

Category

  • Business Ideas
  • Business Trends
  • Marketing Strategies
  • Personal Finance
  • Stock Market

Recent News

20 Things Your Business Still Doesn’t Get About Hyperlocal Marketing

20 Things Your Business Still Doesn’t Get About Hyperlocal Marketing

February 21, 2020
US Consumer Prices up 0.1% in January; Gasoline Prices Fall

US Consumer Prices up 0.1% in January; Gasoline Prices Fall

February 21, 2020
  • Home
  • Advertise
  • Privacy Policy
  • Contact Us

© 2020 Small Business News. All rights reserved

No Result
View All Result
  • Home
  • Personal Finance
  • Business Trends
  • Business Ideas
  • Stock Market
  • Marketing Strategies

© 2020 Small Business News. All rights reserved

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In