(Bloomberg) -- Asian stocks headed for a mixed start to Friday trading as investors assessed the fallout from the deadly coronavirus. Treasuries climbed and oil steadied after recent falls.
Futures pointed higher in Japan and Australian shares edged up at the open. Contracts in Hong Kong slipped earlier. U.S. stock futures were steady after the S&P 500 eked out a small advance helped by gains for big tech companies. As officials in China widened their travel ban beyond the epicenter of the outbreak, the World Health Organization stopped short of calling the virus a global health emergency, saying it remains a local crisis. The yuan stayed lower and the yen held gains.
Markets in mainland China and South Korea are shut, and Hong Kong closes early, for lunar new year holidays.
While investors remain cautious with global stocks trading close to all-time highs, corporate earnings are topping expectations and slew of data this month has validated forecasts for a recovery in the global economy. Still, traders remain cognizant of the chance the virus develops into a more devastating pandemic like the SARS illness that emerged in China 17 years ago.
Elsewhere, the euro weakened modestly after policy makers suggested they will need to maintain ultra-loose stimulus settings for the foreseeable future. Oil, which has been under pressure amid concern the virus may dent energy demand, edged higher.
These are the main moves in markets:
Stocks
Futures on the S&P 500 Index added 0.1% as of 8:07 a.m. in Tokyo. The underlying gauge rose 0.1% on Thursday.Futures on Japan’s Nikkei 225 added 0.2%.Hang Seng futures earlier lost 0.4%.Australia’s S&P/ASX 200 Index gained 0.1%.
Currencies
The yen was at 109.53 per dollar, little changed.The offshore yuan held at 6.9300 per dollar.The euro bought $1.1056.
Bonds
The yield on 10-year Treasuries fell four basis points to 1.73% Thursday.Australia’s 10-year yield dipped two basis points to 1.08% Friday.
Commodities
West Texas Intermediate crude oil added 0.4% to $55.82 a barrel.Gold held at $1,562.40 an ounce.
--With assistance from David Wilson.
To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.net
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