· Asian share markets fought to regain their footing on Friday as investors clutched at hopes China could contain the coronavirus, even as headlines spoke of more cases and mounting deaths.
Helping the mood were surveys showing Chinese manufacturing activity came in much as expected in January while services actually firmed, though this was likely before the virus took full hold.
Indeed, reports some Chinese provinces were asking companies not to re-start until Feb. 10 suggested activity would take a hard knock this month.
For now, sentiment got a timely boost when Amazon’s sales blew past forecasts and sent its stock soaring 11% after hours, adding over $100 billion in market worth.
MSCI’s broadest index of Asia-Pacific shares outside Japan managed to eke out a 0.2% gain, but was still down 4% on the week so far. Its 2.3% dive on Thursday had been the sharpest one-day loss in six months.
· Nikkei closed higher on Friday as some upbeat corporate earnings and forecasts helped, although the benchmark recorded its worst weekly slide in six months on fears of the rapidly-spreading coronavirus in China.
The Nikkei share average ended 1.0% higher at 23,205.18, but lost 2.6% in the week. January’s fall of 1.9% was its first monthly loss since August last year.
The broader Topix closed up 0.6% at 1,684.44 to end a punishing week.
Investors remained on the edge over how much the virus could disrupt the global economy, with the World Health Organisation (WHO) declaring it a global health emergency.
· European stocks opened slightly higher on Friday as investors look for signals that China has managed to contain the rapidly spreading coronavirus which has roiled global markets throughout the week.
The pan-European Stoxx 600 added 0.4% early in the trading session, with travel and leisure stocks rising 0.8% to lead gains as most sectors and major bourses entered positive territory.
Reference: Reuters, CNBC
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