Australian Market

The Australian share market gained 0.3%, propelled to a second-straight record close by strong earnings reports. The benchmark S&P/ASX 200 ended at 7162.5 following gains in every sector except health and tech.  

Consumer staples led gains, thanks largely to Coca-Cola Amatil’s 8.6% jump after the beverage company said full-year profit grew and forecast EPS growth in 2020. Qantas soared 5.9% after a steady first half profit and buyback announcement, and Lendlease rose 6.7% on its strong outlook. But WiseTech fell 12% to a one-year low of A$18.88, as analysts warned it needs the disruption from the coronavirus epidemic to ease if it is to meet its downgraded guidance for the full year. 

US Market

U.S. stocks slid intraday as concerns mounted that the coronavirus outbreak could have more of an impact on corporate earnings and global growth than investors initially believed. 

The Dow Jones Industrial Average fell 159 points, or 0.5%, in afternoon trading, paring declines of more than 300 points earlier in the session. The S&P 500 dropped 0.5%, while the Nasdaq Composite declined 0.8%. All three indexes have posted double-digit gains over the past year and set repeated highs in recent sessions.  

For the most part, investors have shrugged off the outbreak that has killed more than 2,100 people and infected more than 74,000, mostly in mainland China. When the outbreak erupted into the headlines last month, many analysts expected markets to follow the pattern of past pandemics, such as severe acute respiratory syndrome, in which stocks sold off sharply at the outset, only to rebound once the rate of infections slowed.  

Commodities

Gold futures climbed, sending bullion up for a sixth-straight session to its highest finish in seven years, as persistent worries about China’s coronavirus and a benign interest-rate environment provide a runway higher for the precious metal.  

Gold for April delivery on Comex rose $8.70, or 0.5%, to settle at $1,620.50, after a similar rise on Wednesday. Prices for the most-active contract posted the highest finish since Feb. 14, 2013, according to FactSet data.  

Oil Futures

 Oil prices edged higher, preserving a recent recovery after weekly inventory figures showed U.S. crude stockpiles rose less than expected last week, quelling some fears about the impact of the coronavirus.  

U.S. crude futures closed up 0.9% at $53.78 a barrel on the New York Mercantile Exchange, posting their highest close since Jan. 24 and trimming some of their recent slide. Prices are still well below a peak hit Jan. 6 amid worries that lower fuel demand in Asia as a result of the fallout from the coronavirus will result in a glut.  

Forex

The dollar rose sharply against the yen for the second-straight session intraday, fueling discussion about a shift in currency markets.  

In recent trading, the dollar was up 0.4% against the yen at 111.842 yens per dollar, building off a 1.4% gain on Wednesday. Though hard-pressed to explain the magnitude of its decline, analysts attributed the yen’s weakness to several factors, including disappointing Japanese economic data and solid U.S. figures.  

European Markets

The Stoxx Europe 600 traded 0.9% lower, while the FTSE 100 lost 0.3%. European stocks droppe as traders sat on the sidelines ahead of economic data due out Friday. The CAC-40 retreated 0.8% and the DAX backtracked 0.9%. 

Asian Markets

In Asia, the Shanghai Composite Index closed up, while Hong Kong’s benchmark Hang Seng Index lost ground. Japanese stocks ended higher, driven by gains in auto stocks. Toyota Motor rose 2.8% and auto parts maker Aisin Seiki gained 2.2%. The Nikkei Stock Average was up 0.3% at 23479.15.  

South Korean stocks finished lower, after a surge in new coronavirus cases in the country prompted investors to flee risky assets. The benchmark Kospi lost 0.7% to 2195.50, erasing early tech-driven gains.  Hong Kong stocks ended the session lower, with the benchmark Hang Seng Index falling 0.2% to close at 27609.16.