Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

Global Stocks on Track for Worst Quarter Since 2008 Despite Daily Gains

share with twitter share with LinkedIn share with facebook
share via e-mail
03/31/2020 | 03:54am EDT

By Joanne Chiu

U.S. stock-index futures inched higher, as equity markets in Europe rose along with some Asian benchmarks, as investors continued to parse the impact of policy interventions.

European markets opened higher Tuesday. The pan-continental Stoxx Europe 600 rose 1.6%, while other major regional benchmarks also climbed: the German Dax rose 1.9% and the French CAC 40 rose 1.7%.

With trading under way for the last day of March, global stocks were poised to close out their worst quarter since the depths of the financial crisis, with the coronavirus pandemic chilling economic activity and rattling investor confidence.

Oil prices crept higher Tuesday after registering fresh multiyear lows.

Yields on European sovereign bonds also mainly climbed in what some analysts said was a sign of easing pressures on financial market conditions following policy interventions from central banks and governments.

The German 10-year benchmark bund rose to negative 0.487% Tuesday from negative 0.538%.

The yield on the 10-year U.S. Treasury note, a security that is seen as a haven, rose to 0.685%, according to Tradeweb, from 0.667% Monday. Yields move in the opposite direction of prices.

Some regional markets rallied. New Zealand rose more than 2% while South Korea's Kospi Composite gained 1.5%. Hong Kong's Hang Seng Index advanced around 0.7%.

Elsewhere, performance was weaker. China's Shanghai Composite was little changed, Japan's Nikkei 225 shed 0.9% and Australia's benchmark index erased earlier gains to close 2.2% lower.

Tai Hui, chief market strategist for Asia Pacific at J.P. Morgan Asset Management, said many investors were in a wait-and-see mode, as the U.S., Europe and many Asian countries have rolled out very sizable fiscal stimulus packages. "Whether we need more depends on whether the pandemic will force a longer period of social distancing and lockdown,' he said.

The decline in Sydney helped the S&P/ASX 200 conclude its worst-ever quarter, FactSet data showed, dropping more than 24%. The Nikkei 225 and the Kospi, which both lost about 20% in January through March, recorded their worst quarterly performance since 2008.

Gauges of business activity showed factories, service industries and construction rebounded in China in March. The official manufacturing purchasing managers index rose to 52.0 in March, up from a record low of 35.7 in February, and slightly ahead of consensus forecasts. The 50 mark separates expansion from contraction.

However, China's statistics bureau said the reading only reflects work resumption from February and it doesn't mean economic activity has returned to normal. The equivalent measure for nonmanufacturing industries rose to 52.3.

"The challenge has shifted from supply chains and domestic demand to external demand as the U.S. and Europe are going through probably their deepest contraction in history in the next few months," said Mr. Hui. "That is going to have a knock-on effect on Chinese exports."

The Dow Jones Industrial Average and S&P 500 both rose more than 3% on Monday, with news on progress of medical measures to combat the novel coronavirus helping lift some stocks. Abbott Laboratories said U.S. authorities had approved an emergency-use coronavirus test, while Johnson & Johnson said it had made progress on a vaccine to prevent Covid-19, the disease caused by the virus.

West Texas Intermediate, the main U.S. crude gauge, rebounded more than 6.5% to $21.39 a barrel, after it settled at an 18-year low Monday. Brent crude, the global oil benchmark, rose 2.9% to $27.19 a barrel.

The WSJ Dollar Index, which tracks the greenback against 16 other currencies, was little changed at 93.82. It has declined about 2.6% in the last five days as a surge in demand for dollars has abated.

Write to Joanne Chiu at joanne.chiu@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ASX LIMITED -0.46% 88.18 End-of-day quote.12.46%
CAC 40 -1.59% 4695.44 Real-time Quote.-20.19%
DAX -1.65% 11586.85 Delayed Quote.-11.08%
DJ INDUSTRIAL -0.07% 25383.11 Delayed Quote.-10.48%
EURO / US DOLLAR (EUR/USD) 0.26% 1.10998 Delayed Quote.-1.74%
HANG SENG -0.60% 22977.4 Real-time Quote.-18.00%
KOSPI COMPOSITE INDEX 0.29% 2038.37 Real-time Quote.-7.57%
NASDAQ 100 1.47% 9555.524843 Delayed Quote.7.83%
NASDAQ COMP. 1.29% 9489.872484 Delayed Quote.4.42%
NIKKEI 225 -0.18% 21877.89 Real-time Quote.-7.36%
S&P 500 0.48% 3044.31 Delayed Quote.-6.22%
S&P/ASX 200 -1.63% 5755.7 Real-time Quote.-12.46%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Markets"
04:19pWALL STREET STOCK EXCHANGE : Stocks End May With Big Monthly Gains
DJ
03:31pWALL STREET STOCK EXCHANGE : Stocks Poised for Big Monthly Gains
DJ
03:19pWALL STREET STOCK EXCHANGE : Stocks Turn Higher as U.S.-China Tensions Simmer
DJ
12:30pEUROPE : European shares retreat as Trump's China response awaited
RE
11:43aWALL STREET STOCK EXCHANGE : Stocks Slip as U.S.-China Tensions Simmer
DJ
10:10aWALL STREET STOCK EXCHANGE : U.S. Stocks Waver as U.S.-China Tensions Simmer
DJ
09:56aWALL STREET STOCK EXCHANGE : U.S. Stocks Waver as U.S.-China Tensions Simmer
DJ
08:58aGlobal Stocks Slide as U.S.-China Tensions Simmer
DJ
08:02aGlobal Stocks Slide as U.S.-China Tensions Simmer
DJ
07:05aGlobal Stocks Slide as U.S.-China Tensions Simmer
DJ
Latest news "Markets"