Eq­uity fu­tures, stocks rally glob­ally af­ter halt in China sell-off

Muscat Daily - - BUSINESS -

Lon­don, UK – US eq­uity fu­tures jumped with Euro­pean stocks on Tues­day af­ter a sell-off in Chi­nese shares ended and as in­vestors weighed the lat­est ef­forts to con­tain the deadly coro­n­avirus.

Con­tracts on the three main US stock in­dexes each ad­vanced more than 1 per cent. Min­ing and en­ergy shares led a 1.2 per cent jump in the Stoxx Europe 600 In­dex af­ter BP Plc’s earn­ings beat and as West Texas In­ter­me­di­ate oil re­cov­ered from a four-day los­ing streak.

Ear­lier eq­ui­ties re­bounded from Shang­hai and Hong Kong to Seoul and Taipei in the wake of Mon­day’s record US$720bn wipe­out in China. The off­shore yuan re­couped the pre­vi­ous ses­sion’s de­cline while the yen weak­ened. Trea­suries slipped with gold. A dol­lar gauge edged lower af­ter gain­ing the most since Septem­ber on Mon­day.

In­vestors are weigh­ing China travel re­stric­tions and busi­ness shut-downs along­side mea­sures Bei­jing is in­tro­duc­ing to sup­port growth as the hit to the coun­try’s econ­omy mounts.

Else­where, an MSCI gauge of emerg­ing-mar­ket stocks headed for its best ad­vance since Septem­ber. A bench­mark of de­vel­op­ing-coun­try cur­ren­cies also surged.

In the cur­rency mar­kets, Bloomberg dol­lar spot in­dex de­creased 0.1 per cent, while Bri­tish pound gained 0.2 per cent against dol­lar. The Ja­panese yen weak­ened 0.3 per cent to 109.06 per dol­lar, while off­shore yuan strength­ened 0.3 per cent to 6.9943 per dol­lar.

In the cur­rency mar­kets, Bloomberg dol­lar spot in­dex de­creased 0.1%


A woman walks past a stocks board in Hong Kong

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