Asia markets perk up, HSBC tumbles to lowest level since 2009 as traders are ‘bundle of nerves’ about coronavirus
- China to buy cheap oil for its emergency reserves, Bloomberg reports, sending oil stocks gushing
- Investors are a ‘flat-out bundle of nerves’, one trader says, while another says brace for more volatility
Sentiment in Asia-Pacific stock markets picked up late Thursday, as US equity futures pointed to gains and oil futures jumped on a report China will take advantage of super cheap oil prices to add to its emergency reserves.
Shanghai and Hong Kong stocks closed with gains, despite jittery sentiment amid the coronavirus pandemic, while other Asia-Pacific markets narrowed losses by their closes or even advanced. Oil stocks soared on Bloomberg’s report, citing unnamed sources, of China’s plan to add to its strategic reserves at a time of rock-bottom prices.
The health care disaster – which began in China – has torn up global supply chains, thrown the world into a recession, caused massive job losses and upended stock markets. About one-third of humankind is under lockdown.
In the world’s largest economy, US factory activity hit its lowest level since August 2009 and President Donald Trump has told Americans to prepare for deaths that could number 200,000 or higher.