(Bloomberg) — Asian stocks were mixed on Monday as investors looked toward a busy week for corporate earnings amid signs of an easing in the global coronavirus spread. Oil continued to plumb fresh lows.
S&P 500 futures drifted after the index closed almost 3% higher Friday. Japanese and Australian shares opened lower, while Korean stocks rose. Oil dropped to the lowest since 2001 in New York. The dollar recouped some of its losses from Friday, and Treasuries were flat. West Texas Intermediate crude plunged past $16 a barrel.
On the virus front, New York Governor Andrew Cuomo said the state may be past the high point of coronavirus deaths. Fewer daily deaths were reported in Italy, Spain and the U.K.
Investors are also assessing attempts to restore economies. China’s markets will open after news late Friday on the Politburo calling for more stimulus. Germany is preparing for a limited reopen on Monday. In the U.S., House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were optimistic about reaching a deal to top up funds in a loan program aimed at helping small businesses stay afloat.
Meantime, earnings season will provide investors with a look at just how much the pandemic has impacted businesses. IBM, Infosys Ltd. and China Mobile Ltd. kick things off on Monday, followed by Coca-Cola Co. and Netflix Inc.
“The longer investors have to contemplate future economic issues while they wait for more countries to be on the downward slope of the pandemic curve, the more scope there is of risk assets pricing in a difficult future,” said Chris Iggo, CIO Core Investments, AXA Investment Managers U.K. Ltd.
These are the main moves in markets:
Futures on the S&P 500 were little changed as of 9:57 a.m. in Tokyo. The gauge rose 2.7% on Friday.Japan’s Topix index slipped 0.4%.Australia’s S&P/ASX 200 Index fell 0.2%.South Korea’s Kospi index rose 0.5%.Hang Seng futures dipped 0.3% late Friday.
The yen slipped 0.3% to 107.88 per dollar.The offshore yuan was little changed at 7.0756 per dollar.The euro bought $1.0865.Bloomberg Dollar Spot Index rose 0.3%.
The yield on 10-year Treasuries was little changed at 0.65%.Australia’s 10-year bond yield fell about two basis points, to 0.84%.
West Texas Intermediate crude tumbled 12% to $16.11 a barrel.Gold was down 0.5%, at $1,675 an ounce.
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