(Bloomberg) — Asian stocks were mixed Thursday following a three-day rally as investors mulled when economies will be able to ramp up again when the coronavirus outbreak eases. Oil rose amid expectations for production cuts.
Shares in Tokyo dipped, while those in Hong Kong, Sydney and Seoul saw modest gains. Volumes were light ahead of the Good Friday holiday in many countries. S&P 500 Index futures fluctuated after the gauge jumped 3.4% — bringing its rise from the March low to more than 20%. Oil climbed after Algeria confirmed that the OPEC+ emergency meeting scheduled for Thursday will discuss an output cut of 10 million barrels per day. Treasury yields pared some of Wednesday’s gains.
“It’s all a question of when the economy reopens and how quickly that happens,” said Nancy Davis, chief investment officer of Quadratic Capital Management LLC. “We aren’t out of the woods.”
While the White House’s top health advisers are developing medical criteria for safely reopening the U.S. economy in coming weeks should trends hold steady, the coronavirus claimed a record number of victims in the U.K. and Belgium, as well as in the hard-hit states of New York and New Jersey. The number of new cases in Italy and Spain crept up after several days of declines.
Earlier, Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said the start of a turnaround in the fight against the coronavirus could come after this week. President Donald Trump tweeted about reopening sooner rather than later.
Elsewhere, the won held gains after the Bank of Korea left its key interest rate unchanged, opting to preserve policy room after last month’s unprecedented steps.
These are the main moves in markets:
Futures on the S&P 500 fell 0.3% as of 11:46 a.m. in Tokyo. The gauge rose 3.4% on Wednesday.Japan’s Topix index slipped 0.9%.Hong Kong’s Hang Seng added 0.6%.South Korea’s Kospi gained 0.8%.Australia’s S&P/ASX 200 Index added 1.9%.Shanghai Composite Index rose 0.3%.Euro Stoxx 50 futures added 0.5%.
The yen was at 108.92 per dollar, down 0.1%.The offshore yuan traded at 7.0771 per dollar, down 0.1%.The euro was little changed at $1.0858.
The yield on 10-year Treasuries slid two basis points to 0.75%.Australia’s 10-year yield gained two basis points to 0.94%.
West Texas crude added 2.7% to $25.77 a barrel.Gold was at $1,648 an ounce, up 0.1%.
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