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Feb. 5, 2020, 11:54 p.m. EST

Asian markets surge as coronavirus fears fade

Indexes in Tokyo, Hong Kong, Shenzhen, Seoul up around 2%

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By Marketwatch


Bloomberg News
People line up to buy masks in Hong Kong’s Kowloon Bay district on Wednesday.

Asian markets rose in early trading Thursday on optimism that the coronavirus outbreak would be contained.

Markets got an unexpected boost later in the day as China announced it was cutting tariffs on $75 billion in U.S. goods in half.

On Wednesday, there were unconfirmed reports that researchers had made breakthroughs toward developing a vaccine, but the World Health Organization said there are still no known effective therapeutics against the coronavirus.

U.S. health officials said it is too soon to say when the outbreak may peak. “We’re preparing as if this is a pandemic,” said Dr. Nancy Messonnier of the Centers for Disease Control and Prevention, according to the Associated Press.

China reported Thursday that the number of confirmed cases had risen to more than 28,000, with 563 deaths.

Still, traders appeared confident that the economic impact of the outbreak would be contained and short-lived.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.0099%   surged 2.2% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.05%   jumped 1.8%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.05%   rose 1% while the Shenzhen Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.05%   gained 2.1%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.22%   advanced 2.2%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.02%   and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.09%   gained. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.58%   rose 0.8%.

Among individual stocks, Yahoo Japan parent Z Holdings /zigman2/quotes/207641152/delayed JP:4689 +3.18%   leaped in Tokyo trading. SoftBank /zigman2/quotes/207303954/delayed JP:9984 -2.56%  , Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +0.66%   and Sony /zigman2/quotes/201361720/delayed JP:6758 +0.17%   gained as well. In Hong Kong, oil producers CNOOC /zigman2/quotes/203421416/delayed HK:883 -2.74%   and PetroChina /zigman2/quotes/204979431/delayed HK:857 -2.35%   rose, along with China Mobile /zigman2/quotes/200868736/delayed HK:941 -0.76%   and casino operator Galaxy Entertainment /zigman2/quotes/202884203/delayed HK:27 -0.74%  . LG Electronics /zigman2/quotes/209966407/delayed KR:066570 +0.99%   and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 +3.64%   gained in South Korea, while Apple component maker Hon Hai Precision Industry /zigman2/quotes/207256514/delayed TW:2317 -0.89%   rose after cutting its 2020 revenue outlook due to the effects of strict quarantines of workers potentially exposed to the coronavirus. Mining giant BHP /zigman2/quotes/208108397/composite BHP -1.83%   and Westpac Banking /zigman2/quotes/203084975/delayed AU:WBC -0.40%   advanced in Australia.

“The markets are not only holding up, but they’re going up!!!” wrote Stephen Innes, chief market strategist at AxiCorp, in a note. “And to suggest risk appetite continues to ‘creep’ back in favor, might be the biggest understatement of the week.”

Innes said that despite the WHO’s cautionary take, “any progress on treatment may also be a comfort to investors that the longer-term secondary effects of the outbreak are contained.”

U.S. stocks closed sharply higher Wednesday for the third consecutive session, with markets closing shortly before President Donald Trump was acquitted on both charges in his impeachment trial.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.45%   rose 483.22 points, or 1.7%, to end at 29,290.85, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.40%   gained 37.10 points, or 1.1%, to close at 3,334.69. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.62%   added 40.71 points, 0.4%, ending the session at 9,508.68. Those levels marked new closing highs for the S&P 500 and Nasdaq.

Oil prices surged again Thursday, with the price of a barrel of West Texas Intermediate crude for March delivery   rose $1.07, or 2.1%, to $51.90. April Brent crude  , the global benchmark, gained $0.91, or 1.6%, to $56.25.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.8716%   rose to 109.94 Japanese yen from 109.48 yen on Wednesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
28,868.91
-2.87 -0.0099%
Volume: 0.00
Aug. 16, 2022 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
19,830.52
-210.34 -1.05%
Volume: 1.95M
Aug. 16, 2022 4:09p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,277.88
+1.80 +0.05%
Volume: 30.36B
Aug. 16, 2022 3:00p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,277.88
+1.80 +0.05%
Volume: 30.36B
Aug. 16, 2022 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,533.52
+5.58 +0.22%
Volume: 398,335
Aug. 16, 2022 3:32p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
15,420.57
+3.22 +0.02%
Volume: 0.00
Aug. 16, 2022 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,253.79
-3.03 -0.09%
Volume: 0.00
Aug. 16, 2022 5:20p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,105.40
+41.10 +0.58%
Volume: 663,100
Aug. 16, 2022 5:06p
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/zigman2/quotes/207641152/delayed
JP : Japan: Tokyo
¥ 451.40
+13.90 +3.18%
Volume: 17.87M
Aug. 16, 2022 3:00p
P/E Ratio
45.12
Dividend Yield
1.23%
Market Cap
¥3287.20 billion
Rev. per Employee
¥66.85M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 5,749.00
-151.00 -2.56%
Volume: 21.73M
Aug. 16, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥9238.49 billion
Rev. per Employee
¥133.99M
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 85,730.00
+560.00 +0.66%
Volume: 497,800
Aug. 16, 2022 3:00p
P/E Ratio
34.22
Dividend Yield
0.72%
Market Cap
¥8621.30 billion
Rev. per Employee
¥39.58M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,605.00
+20.00 +0.17%
Volume: 1.76M
Aug. 16, 2022 3:00p
P/E Ratio
16.32
Dividend Yield
0.60%
Market Cap
¥14207.49 billion
Rev. per Employee
¥91.61M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
$ 9.58
-0.27 -2.74%
Volume: 91.94M
Aug. 16, 2022 4:08p
P/E Ratio
5.21
Dividend Yield
3.13%
Market Cap
$457.55 billion
Rev. per Employee
$15.38M
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/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.32
-0.08 -2.35%
Volume: 98.82M
Aug. 16, 2022 4:08p
P/E Ratio
4.59
Dividend Yield
8.12%
Market Cap
$1061.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
$ 52.00
-0.40 -0.76%
Volume: 17.41M
Aug. 16, 2022 4:08p
P/E Ratio
7.62
Dividend Yield
8.90%
Market Cap
$1074.15 billion
Rev. per Employee
$2.27M
loading...
/zigman2/quotes/202884203/delayed
HK : Hong Kong
$ 47.00
-0.35 -0.74%
Volume: 4.78M
Aug. 16, 2022 4:08p
P/E Ratio
154.61
Dividend Yield
0.00%
Market Cap
$207.79 billion
Rev. per Employee
$731,795
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/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
102,000
+1,000 +0.99%
Volume: 872,610
Aug. 16, 2022 3:30p
P/E Ratio
14.58
Dividend Yield
0.83%
Market Cap
₩17291.51 billion
Rev. per Employee
₩2.20B
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/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
96,700.00
+3,400 +3.64%
Volume: 4.27M
Aug. 16, 2022 3:30p
P/E Ratio
5.80
Dividend Yield
0.00%
Market Cap
₩64155.01 billion
Rev. per Employee
₩1.66B
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/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 111.00
-1.00 -0.89%
Volume: 28.99M
Aug. 16, 2022 1:30p
P/E Ratio
10.87
Dividend Yield
4.68%
Market Cap
NT$1559.42 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 54.74
-1.02 -1.83%
Volume: 3.16M
Aug. 15, 2022 4:00p
P/E Ratio
8.35
Dividend Yield
12.79%
Market Cap
$139.59 billion
Rev. per Employee
N/A
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/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 22.34
-0.09 -0.40%
Volume: 5.34M
Aug. 16, 2022 4:10p
P/E Ratio
16.09
Dividend Yield
5.42%
Market Cap
$79.24 billion
Rev. per Employee
$646,763
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
33,912.44
+151.39 +0.45%
Volume: 320.97M
Aug. 15, 2022 5:46p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,297.14
+16.99 +0.40%
Volume: 2.22B
Aug. 15, 2022 5:46p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,128.05
+80.87 +0.62%
Volume: 4.49B
Aug. 15, 2022 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
134.4810
+1.1620 +0.8716%
Volume: 0.0000
Aug. 16, 2022 8:42a
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