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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 +0.40%   surged 2.2% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.31%   jumped 1.8%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.39%   rose 1% while the Shenzhen Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.39%   gained 2.1%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.42%   advanced 2.2%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.18%   and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.63%   gained. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.59%   rose 0.8%.

Among individual stocks, Yahoo Japan parent Z Holdings /zigman2/quotes/207641152/delayed JP:4689 0.00%   leaped in Tokyo trading. SoftBank /zigman2/quotes/207303954/delayed JP:9984 +4.52%  , Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +0.37%   and Sony /zigman2/quotes/201361720/delayed JP:6758 +3.27%   gained as well. In Hong Kong, oil producers CNOOC /zigman2/quotes/203421416/delayed HK:883 -0.68%   and PetroChina /zigman2/quotes/204979431/delayed HK:857 +2.14%   rose, along with China Mobile /zigman2/quotes/200868736/delayed HK:941 +0.53%   and casino operator Galaxy Entertainment /zigman2/quotes/202884203/delayed HK:27 -2.09%  . LG Electronics /zigman2/quotes/209966407/delayed KR:066570 +1.96%   and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -0.84%   gained in South Korea, while Apple component maker Hon Hai Precision Industry /zigman2/quotes/207256514/delayed TW:2317 -0.92%   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 +2.38%   and Westpac Banking /zigman2/quotes/203084975/delayed AU:WBC +0.39%   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 +0.68%   rose 483.22 points, or 1.7%, to end at 29,290.85, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.78%   gained 37.10 points, or 1.1%, to close at 3,334.69. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +1.44%   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 +0.0606%   rose to 109.94 Japanese yen from 109.48 yen on Wednesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,529.29
+90.64 +0.40%
Volume: 0.00
July 9, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,210.16
+80.98 +0.31%
Volume: 2.45M
July 9, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,450.59
+47.15 +1.39%
Volume: 62.00B
July 9, 2020 3:01p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,450.59
+47.15 +1.39%
Volume: 62.00B
July 9, 2020 3:01p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,167.90
+9.02 +0.42%
Volume: 619,368
July 9, 2020 3:32p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
12,192.69
+22.50 +0.18%
Volume: 0.00
July 9, 2020 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,652.65
-16.84 -0.63%
Volume: 0.00
July 9, 2020 5:20p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,955.50
+35.20 +0.59%
Volume: 678,402
July 9, 2020 5:17p
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/zigman2/quotes/207641152/delayed
JP : Japan: Tokyo
¥ 540.00
0.00 0.00%
Volume: 19.41M
July 9, 2020 3:00p
P/E Ratio
32.14
Dividend Yield
1.64%
Market Cap
¥2566.97 billion
Rev. per Employee
¥77.26M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,291.00
+272.00 +4.52%
Volume: 33.66M
July 9, 2020 3:00p
P/E Ratio
42.21
Dividend Yield
0.70%
Market Cap
¥12800.89 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 62,360.00
+230.00 +0.37%
Volume: 663,100
July 9, 2020 3:00p
P/E Ratio
42.79
Dividend Yield
0.77%
Market Cap
¥6365.85 billion
Rev. per Employee
¥40.83M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,673.00
+243.00 +3.27%
Volume: 7.67M
July 9, 2020 3:00p
P/E Ratio
16.65
Dividend Yield
0.59%
Market Cap
¥9153.64 billion
Rev. per Employee
¥72.37M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.80
-0.06 -0.68%
Volume: 61.66M
July 9, 2020 4:08p
P/E Ratio
5.67
Dividend Yield
8.86%
Market Cap
HK$397.36 billion
Rev. per Employee
HK$13.96M
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/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.87
+0.06 +2.14%
Volume: 203.11M
July 9, 2020 4:08p
P/E Ratio
23.86
Dividend Yield
5.52%
Market Cap
HK$898.78 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 56.40
+0.30 +0.53%
Volume: 19.71M
July 9, 2020 4:08p
P/E Ratio
9.59
Dividend Yield
5.76%
Market Cap
HK$1154.82 billion
Rev. per Employee
HK$1.88M
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/zigman2/quotes/202884203/delayed
HK : Hong Kong
HK$ 51.55
-1.10 -2.09%
Volume: 18.75M
July 9, 2020 4:08p
P/E Ratio
17.18
Dividend Yield
1.77%
Market Cap
HK$231.93 billion
Rev. per Employee
HK$1.44M
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/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
67,700.00
+1,300 +1.96%
Volume: 984,866
July 9, 2020 3:30p
P/E Ratio
25.09
Dividend Yield
1.11%
Market Cap
₩11110.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
83,000.00
-700.00 -0.84%
Volume: 4.00M
July 9, 2020 3:30p
P/E Ratio
36.43
Dividend Yield
1.20%
Market Cap
₩58003.36 billion
Rev. per Employee
N/A
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/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 86.20
-0.80 -0.92%
Volume: 49.51M
July 9, 2020 1:30p
P/E Ratio
12.36
Dividend Yield
4.87%
Market Cap
NT$1205.95 billion
Rev. per Employee
NT$8.60M
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 51.11
+1.19 +2.38%
Volume: 2.39M
July 8, 2020 4:00p
P/E Ratio
13.75
Dividend Yield
5.60%
Market Cap
$117.88 billion
Rev. per Employee
N/A
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/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 17.91
+0.07 +0.39%
Volume: 6.48M
July 9, 2020 4:10p
P/E Ratio
13.46
Dividend Yield
9.72%
Market Cap
$65.48 billion
Rev. per Employee
$1.09M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,067.28
+177.10 +0.68%
Volume: 337.30M
July 8, 2020 4:58p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,169.94
+24.62 +0.78%
Volume: 2.39B
July 8, 2020 4:58p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,492.50
+148.61 +1.44%
Volume: 3.67M
July 8, 2020 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.3230
+0.0650 +0.0606%
Volume: 0.0000
July 9, 2020 7:34a
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