(Bloomberg) -- U.S. equity futures rose and European stocks drifted following steep losses at the end of last week and as investors digested the latest developments in the coronavirus outbreak. Shares plunged in China as markets there reopened after a long holiday.
Contracts on the three main American equity indexes all advanced in the wake of Friday’s declines. Gains in technology and travel shares offset losses for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8% and fluctuated in Hong Kong. The deadly outbreak, which is still largely centered in China, showed no signs of slowing with the nation’s death toll exceeding 360.
The dollar strengthened, while Treasuries slipped. Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading after dropping for 13 sessions.
Investors shifted gears on Monday on the back of turmoil that sent global equities to the worst week since August amid concern economies will falter as the virus spreads. The People’s Bank of China cut rates as it injected cash into the financial system on Monday, part of a slew of measures to shore up their financial markets.
Elsewhere, the pound dipped as investors reacted to a report that U.K. Prime Minister Boris Johnson could walk away from talks over Britain’s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’s budget and amid plans to allow foreign investors greater access to government securities.
Here are some key events coming up:
The first contest to choose a Democratic nominee to run against Donald Trump in November is the Iowa caucuses Monday.The U.S. manufacturing gauge from the Institute for Supply Management is due Monday. There are also a slew of other PMIs, including India and Brazil.Tuesday brings a policy decision from the Reserve Bank of Australia, and the Reserve Bank of India’s interest rate decision is due Thursday.Friday has the U.S. employment report for January.
--With assistance from Haslinda Amin and Adam Haigh.
To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net
To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil
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2020-02-03 09:32:00Z
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