Stocks Sink With U.S. Futures; Crude Oil Higher
Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic.
- Futures on the S&P 500 fell 0.5% as of 1:08 p.m. in Tokyo. The S&P 500 closed little changed on Thursday.
- Hong Kong’s Hang Seng retreated 0.3%.
- The Shanghai Composite lost 0.6%.
- Japan’s Topix index fell 0.3%.
- South Korea’s Kospi declined 0.7%.
- Australia’s S&P/ASX 200 Index added 0.6%.
- Euro Stoxx 50 futures slid 2.3%.
- The yen was at 107.66 per dollar, little changed.
- The offshore yuan traded at 7.0932 per dollar.
- The euro bought $1.0773.
- The yield on 10-year Treasuries dipped one basis points to 0.59%.
- Australia’s 10-year yield was at 0.89%, up one basis point.
Oil prices extended a tentative rebound from a price collapse this week that pushed U.S. crude futures into negative for the first time ever, but investors remain concerned about weak energy demand and excess supplies of crude.
- West Texas Intermediate crude rose 7.9% to $17.79 a barrel.
- Gold fell 0.3% to $1,724.88 an ounce.