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Morning (AM) Market Report

The Dow and the S&P500 tumbled 3 percent overnight in their 4th straight day of losses as the coronavirus spread further around the world and investors offloaded risky assets as they struggled to gauge the economic impact.

Wednesday, 26th February, 2020

Losses in China stocks, which ended lower were capped as investors expected the coronavirus contagion outside China to have a limited impact on the Chinese market. At the close, the Shanghai Composite index was down 0.6 percent at 3,013.05. The blue-chip CSI300 index was down 0.22 percent. In Hong Kong, the Hang Seng Index edged up 0.3 percent.

European shares ended at their lowest in nearly two months as concerns over the coronavirus pandemic roiled markets which had already marked enormous losses in the prior session. The pan-European STOXX 600 index ended 1.8 percent lower as the virus' spread to shores beyond China made investors swiftly reassess its potential economic impact. The STOXX has seen nearly $700 billion wiped off its value since Friday's close. Banking and insurance shares led declines, as a rush for safety saw a drop in bond yields. Germany's Commerzbank was the worst performer on the bank index, closing about 5.8 percent lower, while insurers were bottomed out by Legal & General Group PLC.

The Dow and the S&P500 tumbled 3 percent in their 4th straight day of losses as the coronavirus spread further around the world and investors offloaded risky assets as they struggled to gauge the economic impact. Fears of a pandemic escalated after the coronavirus spread to Spain and dozens of countries, from South Korea to Italy, accelerated emergency measures while Iran's virus death toll rose to 16, the highest outside China. In the US, the Centers for Disease Control and Prevention said Americans should prepare for possible community spread of the virus. The Dow Jones Industrial Average ended down 879.44 points, or 3.15 percent, at 27,081.36 and the S&P500 lost 97.68 points, or 3.03 percent, to finish at 3,128.21. The Nasdaq Composite dropped 255.67 points, or 2.77 percent, to 8,965.61.

Ahead of the local open SPI futures are 162 points lower at 6664.

Foreign Equities Close Change % Change 
Dow Jones (US) 

27081

-879

-3.15
FTSE 100 Index 7018 -139 -1.94
HKSE 26893 72 0.27
NASDAQ 8966 -256 -2.77
Nikkei 225 (Japan) 22605 -781 -3.34
NZ50 11498 -221 -1.89
S&P 500  3128 -98 -3.03
Commodities US$ Close Change % Change 
Aluminium /t 1683 8 0.45
Copper  /t 5663 -3 -0.05
Gold /oz 1635 -12 -0.72
Nickel /t 12372 30 0.24
Oil - West Texas /bbl  49.9 -1.5

-2.97

Silver  /oz 18.0 -0.6 -3.08
Zinc /t  2010 -16 -0.80
Currency Close Pts Change % Change 
$A vs $US 0.6602 -0.0009 -0.14
$A vs GBP 0.5076 -0.0037 -0.72
$A vs EUR 0.6065 -0.0027 -0.44
$A vs YEN 72.73

-0.55

-0.75
$A vs NZD 1.0442 0.0024 0.23