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March 2, 2020, 7:44 a.m. EST

Asian markets come charging back as Bank of Japan pledges support

Nikkei rebounds, while indexes in mainland China surge

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By Associated Press

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Bond prices soared again as investors sought safety and became more pessimistic about the economy’s prospects. That pushed yields to more record lows. The yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -2.15%  on the 10-year Treasury note, a benchmark for home mortgages and many other loans, was at 1.07% on Monday, from 1.14% Friday and 1.30% late Thursday. That’s a record low, according to Tradeweb.

Crude oil prices also rebounded Monday. U.S. benchmark crude gained 2.8%, or $1.30, to $46.09 per barrel in electronic trading on the New York Mercantile Exchange. It sank 4.9% on Friday over worries that global travel and shipping will be severely crimped, hurting demand for energy. The price of benchmark U.S. crude fell 15% last week.

Brent crude , the international standard, jumped 2.6% to $51.37 per barrel.

The virus hit China in December and shut down swaths of that nation by late January. China is still the hardest hit country and has most of the 86,000 cases world-wide and related deaths. Its spread far beyond China has caused panic, dashing hopes for containment.

Nearly 60 nations representing every continent, except Antarctica, have confirmed cases.

The latest data show China’s manufacturing plunged in February as antivirus controls shut down much of the world’s second-largest economy.

A monthly purchasing managers index released Monday by Caixin magazine fell to 40.3 from January’s 51.1 on a 100-point scale on which numbers below 50 show activity contracting. A separate PMI released Saturday by the National Bureau of Statistics and the China Federation of Logistics & Purchasing fell to 35.7 from January’s 50.

Despite the plunge, business confidence rose to a five-year high after the ruling Communist Party launched efforts to revive industry with tax cuts and other aid, Caixin said.

“Manufacturers were confident that output would rise over the next year,” the magazine said in a statement.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2882% rose to 108.49 Japanese yen from 108.07 yen on Friday.

add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
-0.01 -2.15%
Volume: 0.00
July 10, 2020 2:30a
US : Tullett Prebon
-0.3090 -0.2882%
Volume: 0.0000
July 10, 2020 2:30a

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