Australian Market

Australian shares closed 0.5% higher after the country’s largest bank posted better-than-expected 1H earnings. The benchmark S&P/ASX 200 index closed at 7088.2, with the heavyweight finance sector’s 1.8% gain leading the way.  

Commonwealth Bank jumped 4.1% for its strongest day since May after earnings fell by less than expected. Its three biggest rivals, which don’t start reporting half-year earnings until April, rose 0.6%-0.9%.  

Energy and materials, which have stalled as commodity prices drop on fears over the impact of coronavirus, both fell 0.4%. Orora was materials’ biggest loser, dropping 4.1% after reporting a 16% fall in 1H profit.  

US Market

 U.S. stocks climbed to new highs intraday as concerns about the economic impact of the coronavirus outbreak continued to ease. The S&P 500 added 0.5% and the Nasdaq Composite advanced 0.7%, a day after both indexes closed at new highs. The Dow Jones Industrial Average gained 0.8%, putting it on pace for a record close as well.  

Shares that had fallen in recent days as investors worried about the economic effects of the outbreak in China-such as energy companies and cruise lines-posted gains.  

Companies that have seen their share prices fall amid concerns about the outbreak gained ground. Shares of Royal Caribbean Cruises , Norwegian Cruise Line Holdings and Carnival each rose more than 2%. Airline shares also ticked upward, with United Airlines Holdings , Delta Air Lines and American Airlines Group each adding more than 1%.  

Commodities

The gold futures price rose by US$1.80 an ounce or 0.1% to US$1,567.40 an ounce. Spot gold was trading near US$1,566 an ounce in late US trade. Iron ore rose by US$2.45 or 2.9% to US$88.00 a tonne.

Oil Futures

U.S. benchmark oil prices closed at their highest level this month, up 2.5% at $51.17 a barrel, as investors tried to set aside weakening global oil demand from the coronavirus outbreak, and focus on the possibility that the virus’s spread has begun to stabilize.  

Forex

The dollar was mixed against its currency peers, rising against the euro following weak eurozone factory data but falling against the Swedish krona and the New Zealand dollar after central banks in those countries held rates steady and sent messages that were less dovish than some had anticipated.  The WSJ Dollar Index is slightly higher at 91.61.

European Markets

European stocks rally as reports of a slowdown in new coronavirus infections cause worries to fade.  The pan-European Stoxx 600 rises 0.6% to 431.16 points, the FTSE 100 increases 0.5% to 7,534.37, the DAX adds 0.9% to 13,749.78 and the CAC-40 is up 0.8% at 6,104.73. Sweden’s Evolution Gaming Group is a top riser, up 14.6% after reporting higher 2019 revenue and earnings. Dutch bank ABN Amro is the biggest faller, down 6.2% after its fourth-quarter net income missed expectations.  

Asian Markets

Hong Kong shares ended the session higher as casino operators and suppliers recovered some previous losses amid the coronavirus outbreak. The Hang Seng Index rose 0.9% to close at 27823.66. Macau casino stocks led the upturn, with Galaxy Entertainment jumping 4.4% and Sands China gaining 3.8%.  

Japanese shares closed higher, with the Nikkei Stock Average up 0.7% at 23861.21, lifted by some railway stocks. The market will likely continue to keep a close watch on the coronavirus outbreak in Japan. Softbank was the best performer and closed 12% higher, following a U.S. judge’s approval of the merger between Sprint Corp. and T-Mobile US Inc.

Indian shares ended the session higher as banks and consumer-staple companies lent support to the market. The benchmark Sensex rose 0.9% to 41565.90. Consumer product makers led gains, with Hindustan Unilever jumping 5.0% and Nestle India gaining 1.8%.  

South Korean stocks finished higher for a second straight session as investors’ focus shifted to corporate earnings amid easing fears about the coronavirus outbreak. The benchmark Kospi rose 0.7% to 2238.38. Improved corporate outlooks sent some stocks higher but pressure for investors to take profit after recent gains capped the rally.