Asian markets start to recover

Analisi Giornaliera - 14/02/2020

Stocks in Asia were mostly positive

asian-markets-recover


Investors remain watchful concerning the progress of the coronavirus spread after yesterday's number of cases jumped. Today the region announced a new 116 losses and 4,823 new verified cases. Asian stocks moved mostly up while anxieties about the continuing coronavirus outbreak continue to press on traders’ outlook.

Mainland Chinese stocks increased with the Shanghai composite advancing more than 0.5%. In Japan, though, the Nikkei 225 fell more than 0.60%, the Topix index also decreased by 0.75%.

Gold weakens after positive stocks


On Friday the famous safe haven metal Gold reduced from a seven-day top while risk appetite improved due to expectations of global proposals to decrease the impact of the coronavirus spread. However, an increase in new cases stopped gold's declines. US gold futures fell 0.1% to $1,577.79. Spot gold fell 0.1% to $1,574.70 per ounce after having reached its most powerful level since Feb. 4 at $1,577.88.

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Oil is stable for now


On Friday, Oil remained stable, yet made its first increase in 7 days due to the hypothesis that major producers will perform deeper production cuts to balance the decreasing demand for oil in China created by the coronavirus disease. US West Texas Intermediate (WTI) futures went up to $51.45 a barrel.  Brent crude futures rose to $56.35 a barrel after achieving 1% in the previous trading session. Brent is almost 3.5% more expensive for the week.

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Yen is holding its position


On Friday the Japanese yen continued to hold its earnings versus the greenback while revived concerns around the coronavirus spread raised the need for safe-haven currencies and pressed the demand for riskier assets. The yen exchanged a tad higher at 109.78 per dollar today in Asia, and it is on track for its second day of earnings.

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