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Global stocks mostly slip as virus weighs on companies Stocks wobble in early trading as investors turn cautious
(about 2 hours later)
TOKYO — Global shares mostly dipped Thursday as several companies estimated that the outbreak of the new coronavirus in China will weigh on their earnings. NEW YORK — U.S. stocks edged slightly lower in early trading Thursday as investorsbecame more cautious following a record-setting day for major indexes.
France’s CAC 40 edged down 0.2% to 6,099 and Germany’s DAX fell 0.2% to 13,765. Britain’s FTSE 100 was flat at 7,458. Dow and S&P 500 futures were both down 0.2%. The virus outbreak originating in China remains a lingering concern as more companiessay they’ll be affected. The world’s biggest shipper, A.P. Moller Maersk, expects a profit hit in 2020. Air France also expects earnings to suffer and Australia’s Qantas is slashing flights to Asia.
Companies including the world’s biggest shipper, A.P. Moller Maersk, and Air France detailed the costs of the virus. The French airline said it would cost it as much as $220 million in operating earnings. Technology and health care companies fell. Nvidia slipped 1.7% and UnitedHealth Group fell 1.6%.
The impact is not easing, with Australia’s Qantas saying it would slash flights to Asia. Bond prices rose, sending yields lower. The yield on the 10-year Treasury slipped to 1.54% from 1.57%.
The Shanghai benchmark, however, jumped 1.8% after China’s central bank cut interest rates to help ease credit for companies stricken by the virus outbreak. Companies that rely on consumer spending held up better than most. Industrial companies also fared well. E-Trade soared after agreeing to be acquired by Morgan Stanley.
China’s central bank cut its one-year loan prime rate to 4.05% from 4.15% on Thursday, a move aimed at mitigating the economic damage from the COVID-19 sickness that is spreading mostly in China. The 5-year loan prime rate was cut to 4.75% from 4.80%. A medium-term rate was cut earlier in the week, raising hopes for further monetary stimulus. KEEPING SCORE: The S&P 500 index rose 0.1% as of 10:07 a.m. Eastern time. The Dow Jones Industrial Average and the Nasdaqwere little changed. The Russell 2000 index of smaller company stocks rose 0.2%.
Japan’s benchmark Nikkei 225 gained 0.3% to finish at 23,479.15, shedding bigger early gains. Australia’s S&P/ASX 200 added 0.3% to 7,162.50. and the Shanghai Composite index picked up 1.8% to 3,030.15. But South Korea’s Kospi lost 0.7% to 2,195.50. Hong Kong’s Hang Seng dipped 0.2% to 27,609.16, while India’s Sensex was little changed at 41,330.57. OVERSEAS: Markets in Asia were mixed. The Shanghai benchmarkjumped1.8% after China’s central bank cut interest rates to help ease credit for companies hurt by the virus outbreak. European marketsmostly fell.
The U.S. market open is likely to affect sentiment after indexes this week shook off virus-induced concerns to breach record highs. RICH CRUST: Domino’s Pizza jumped 23.8% after the company delivered better-than-expected fourth-quarter profit and surprisingly good sales. The company handily beat a key sales measure as it faces increasing competition from food delivery companies like DoorDash. .
Low rates have been a key underpinning for the strong U.S. stock market, which has rallied even though growth in corporate profits has been weak. The Fed released minutes Wednesday afternoon from its last policy meeting, where officials said they see the current level of monetary policy “as likely to remain appropriate for a time,” at least until data on the economy shows a change in momentum. BIG DEAL: E-Trade surged 24% after Morgan Stanley said it will buy the online brokerage firm for $13 billion, one of the biggest deals on Wall Street since the financial crisis. Morgan Stanley fell 4.1%. The deal comes less than a year after a vicious fight for customers resulted in discount brokers like E-Trade slashing or eliminating fees. Rival Charles Schwab is in the process of buying TD Ameritrade.
ENERGY: Benchmark crude oil added 49cents to $53.78a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.20 overnight. Brent crude oil, the international standard,was up 30 cents at $59.42 a barrel. EARNINGS: Investors continued digesting a steady flow of corporate earnings. Zillow Group jumped 19% and Avis Budget Group also soared 19%after reportingsolid financial results. Online postage provider Stamps.com surged 47% after blowing away analysts’ forecasts. ViacomCBS plunged 17.9% and Boston Beer slid 5.9% after reporting disappointing results.
CURRENCIES: The dollar rose to111.96Japanese yen from 110.34 yen on Wednesday. The euro weakened slightly to$1.0790from $1.0805.
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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.