U.S. equities slumped, joining a global decline as investors grappled with worries that a deadly virus in China might undercut economic growth. Treasuries rose.
All three of the main U.S. gauges slid at the open, with financial shares among the worst performers after declines in Asia and Europe triggered by reports that the respiratory virus was spreading. Shares in Hong Kong were hardest hit. The Stoxx Europe 600 Index recovered from the worst of its drop, though remained on course for a second day of losses.
Luxury stocks suffered on worries the virus will disrupt spending during a key Chinese holiday period; banks also retreated after UBS Group AG missed profitability targets. The risk-off mood helped support some traditional haven assets, and the yen and Treasuries advanced even as gold fell. The emergence of the illness in China stirred memories of the SARS outbreak 17 years ago for some market watchers, though it isn’t yet as serious. The developments provided an excuse for investors who bid up U.S. stocks to record highs last week to take a pause and assess the outlook for global growth and corporate profits as earnings season picks up.
Elsewhere, the Bank of Japan kept policy unchanged as expected, though raised its economic growth forecast for 2020. Crude held below US$60 a barrel as ample global supplies offset the loss of exports from Libya.StocksCurrenciesBondsCommoditiesBloomberg.com
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