by Theleaders-Online | March 4, 2020 1:29 am
U.S. stock futures rose after early wins in the Super Tuesday primaries by Joe Biden lessened the chance of the Bernie Sanders nomination that had unsettled some investors.
The yen dipped and Japanese equities recouped early losses. Futures on the S&P 500 were up about 0.8% after the index had tumbled almost 3% in wake of an emergency 50 basis-point Federal Reserve interest-rate cut that had failed to ease concerns about an economic downturn thanks to the coronavirus. Ten-year Treasury yields stayed below 1% after falling below that level for the first time Tuesday.
Biden, positioned as a moderate against a more progressive Sanders, nabbed early wins in Virginia and North Carolina as the Super Tuesday results rolled in. But states with polls closing later, such as Texas and California, could still aid Sanders.
Equities earlier had tumbled after Fed Chairman Jerome Powell warned that the virus outbreak will weigh on activity “for some time.” Expectations the Fed may act again as soon as this month show markets remain extremely cautious about the economy’s prospects to weather the hit. Still, some are suggesting stocks look better value following the recent tumble.
“We saw a massive repricing of risk assets and with the repricing it’s made equities a better and more attractive risk-reward for us,” Anna Han, equity strategist at Wells Fargo Securities, told Bloomberg TV. “However, we are very eyes wide open and we absolutely don’t think that the worst is over.”
Elsewhere, oil steadied after climbing in the wake of OPEC+ committee recommendation for a larger supply cut to offset lost demand from the spread of the virus.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index rose 0.6% as of 9:48 a.m. in Tokyo. The underlying gauge dropped 2.8% on Tuesday.
Japan’s Topix index was down 0.1%.
South Korea’s Kospi index rose 1.2%.
Australia’s S&P/ASX 200 Index fell 1.3%.
Bonds
The yield on 10-year Treasuries slid about three basis points to 0.97%.
Australia’s 10-year yield dropped five basis points to 0.74%.
Currencies
The yen fell about 0.1% to 107.27 per dollar after surging on Tuesday.
The offshore yuan rose 0.2% 6.9375 per dollar.
The euro bought $1.1173.
Commodities
West Texas Intermediate crude was at $47.39 a barrel, up 0.5%.
Gold added 0.3% to $1,646 an ounce.
– Bloomberg
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