(Bloomberg) -- Asian stocks retreated after their biggest daily jump since June, and U.S. futures slipped after Wall Street notched a fresh record high, as the global rally in risk assets paused Friday.
Treasury yields dipped and equity gauges dropped from Tokyo and Seoul to Sydney after news of further coronavirus infections on a cruise ship off Japan offered a reminder that cases remain on the rise. Shares were lower in Shanghai and Hong Kong. Confidence that the epidemic won’t derail the 2020 global expansion has helped put global shares on course for the best week since June. The dollar was flat ahead of the key monthly U.S. payroll report. Oil held above $51 a barrel in New York.
Still, Asian stocks remained on track for their biggest weekly advance since June 2019, even after a record market-capitalization wipe-out for domestic Chinese shares on Monday. Some strategists have cast doubt on the global rally given how much of China’s economy remains shut down, though corporate news has helped give bulls encouragement. In Japan, Softbank Group Corp.’s stock jumped after reports that activist Paul Singer’s Elliott Management has built a stake in the company.
Expectations the outbreak will be contained and growth will rebound from the second quarter on the back of stimulus and pent-up activity are “probably somewhat optimistic,” Sue Trinh, macro strategist at Manulife Asset Management, told Bloomberg TV. “The very real risk is that this outbreak spreads, quite literally, into the second quarter and beyond.”
Meantime, the presidents of China and the U.S. reaffirmed their commitment to the implementation of a phase-one trade deal in a phone call Friday.
Here are some key events coming up:
German industrial production is due on Friday.The U.S. employment report for January is set for Friday release.
And these are the main moves in markets:
Stocks
Japan’s Topix index fell 0.4% as of 1:30 p.m. Tokyo time.Futures on the S&P 500 were down 0.1%.Shanghai Composite fell 0.6%.Hang Seng Index was down 0.8%.Kospi Index dropped 1.2%.Australia’s S&P/ASX 200 Index fell 0.6%.Euro Stoxx 50 futures lost 0.2%.
Currencies
The yen ticked up 0.1% to 109.91 per dollar.The offshore yuan was flat at 6.9807 per dollar.The euro was little changed at $1.0981.
Bonds
The yield on 10-year Treasuries fell one basis point to 1.63%.Australian 10-year yields fell about four basis points to 1.05%.
Commodities
West Texas Intermediate crude rose 0.2% to $51.06 a barrel.Gold was little changed at $1,566.29 an ounce.
To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac Mullen, Joanna Ossinger
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