(Bloomberg) -- Asian stocks pared losses and U.S. futures rose Monday, despite an opening slide in Chinese shares as traders returned from an extended holiday. Support measures from the nation’s government saw Treasuries slip alongside the yen, though the yuan weakened past the key 7-per-dollar level.
Stocks in Shanghai had opened 9% lower amid the worsening coronavirus outbreak, while local iron ore and copper futures fell by the daily limit. Equities came off their lows in Tokyo, Seoul and Sydney and reversed losses in Hong Kong. Oil pared a decline and gold dipped. Meanwhile, the deadly outbreak showed no signs of slowing with China’s death toll reaching at least 360.
Monday’s moves come on the back of turmoil last week that sent global equities to the worst week since August amid concern growth will falter as the virus spreads. The People’s Bank of China pledged 150 billion yuan ($21.7 billion) in liquidity in a slew of measures to shore up their financial markets.
“It’s way too early to dismiss this outbreak as just a brief interruption of constructive markets,” said Erik Nielsen, group chief economist at UniCredit Bank AG in London. “If the outbreak does not dissipate soon, the authorities in both China and elsewhere are likely to extend travel bans, people will stay at home, and the increase in uncertainty will cause consumers to delay consumption and firms to defer investment.”
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.
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.Friday has the U.S. employment report for January.
These were the main moves in markets:
Stocks
Japan’s Topix index lost 0.7% as of 11:25 a.m. in Tokyo.Shanghai Composite Index fell 7.5%.Hong Kong’s Hang Seng rose 0.2%.South Korea’s Kospi index retreated 0.1%.Australia’s S&P/ASX 200 Index dropped 1.1%.Future on the S&P 500 added 0.6%. The index declined 1.8% on Friday.
Currencies
The yen fell 0.2% to 108.52 per dollar.The offshore yuan fell 0.1% to 7.0069 per dollar.The euro bought $1.1083, down 0.1%.The pound lost 0.2% to $1.3177.
Bonds
The yield on 10-year Treasuries ticked up one basis point to 1.52%.Australia’s 10-year yield dropped three basis points to 0.92%.
Commodities
West Texas Intermediate crude lost 0.4% to $51.36 a barrel.Gold fell 0.4% to $1,582.79 an ounce.
To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen
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