· Investors were spooked by a pickup in coronavirus cases in South Korea and triggered a sell-off on the stock market, CNBC’s Jim Cramer said Thursday.
“Breathers like this one can extend the life of a rally,” the “Mad Money” host said. “But without good news on the virus, I’m pretty certain that we’ll have more breathers down the pike, so be prepared.”
· Asian shares were under water on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of U.S. assets, lofting the dollar to three-year highs.
Corporate earnings are increasingly under threat as U.S. manufacturers, like many others, scramble for alternative sources as China’s supply chains seize up.
Equities lagged badly, with MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.8% on Friday in nervous trade.
· Japanese shares ended lower on Friday as mounting coronavirus cases in China and other Asian countries eclipsed the boost from a weaker yen, with many investors closing their positions ahead of a long weekend.
Investors also dumped shares that appeared vulnerable to further spread of the pathogen, such as transport services, and instead picked up stocks of internet services firms.
The Nikkei share average dropped 0.39% to 23,386.74, while the broader Topix ticked down 0.03% to 1,674.00. On the week, the Nikkei was down 1.27% and the Topix fell 1.70%.
· China stocks climbed on Friday, with Shanghai on course for their best week since last April, as the central bank signalled further support for the economy pressured by the fast-spreading coronavirus outbreak.
At the midday break, the Shanghai Composite index was up 0.5% at 3,044.11 points. The index climbed 4.4% so far this week, poised for its largest weekly gain since April 2019.
The blue-chip CSI300 index also climbed 0.5% on Friday, and was up 4.4% week-on-week, on track for its best week since last June.
· European stocks declined Friday morning, as investors monitor the latest developments in the coronavirus outbreak.
The pan-European Stoxx 600 fell 0.6% in early trade, basic resources shedding 1% to lead losses as all sectors and major bourses slid into negative territory.
Reference: CNBC, Reuters
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