2020/01/27

Stocks Tumble With Oil; Yen Climbs With Treasuries: Markets Wrap

Stocks and crude oil tumbled, and havens including the yen and Treasuries jumped, as fears deepened about the rising impact of the deadly coronavirus. With no sign of the disease’s containment, traders rushed out of risk assets. Contracts on the S&P 500 Index fell more than 1% before paring losses and Japan’s Topix slid. Futures on Chinese shares fell more than 5% as the country extended its Lunar New Year holiday. Oil dropped over 2% in New York, while 10-year Treasury yields sank to the lowest since October. The moves come on a day with limited trading options in Asia, as markets are shut in locations including China, Hong Kong, South Korea and Australia, due to holidays.- Bloomberg