This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.nytimes.com/2020/03/06/business/stock-markets-today.html

The article has changed 27 times. There is an RSS feed of changes available.

Version 3 Version 4
Global Markets Tumble and Bond Yields Sink Lower: Live Updates Stocks Tumble and Bond Yields Sink: Live Markets Updates
(32 minutes later)
Global stock markets fell sharply and futures pointed to another drop when Wall Street starts trading on Friday, capping a tumultuous week of highs and lows as the spread of the coronavirus continued to take a toll on investor confidence.Global stock markets fell sharply and futures pointed to another drop when Wall Street starts trading on Friday, capping a tumultuous week of highs and lows as the spread of the coronavirus continued to take a toll on investor confidence.
Yields on government bonds again fell to record lows, with the yield on the 10-year U.S. Treasury note sinking below 0.8 percent for the first time, another sign that worried investors were fleeing risky assets like stocks and putting their money into low-interest but safe Treasury bonds.Yields on government bonds again fell to record lows, with the yield on the 10-year U.S. Treasury note sinking below 0.8 percent for the first time, another sign that worried investors were fleeing risky assets like stocks and putting their money into low-interest but safe Treasury bonds.
A strong report on the American job market on Friday didn’t change the direction of the markets. The U.S. government said employers added 273,000 jobs in February. But the data was a snapshot of the middle of last month, when the prevailing sentiment was that the United States would remain relatively unaffected by the coronavirus.
For many the question now is how much damage can the virus do to the global economy and its growth prospects for the year.For many the question now is how much damage can the virus do to the global economy and its growth prospects for the year.
“The epidemic has already dented anemic global economic growth this year and it can be expected to slow further, then contract, as the fear of the virus takes hold,” said Nigel Green, chief executive of deVere Group, an investment firm.“The epidemic has already dented anemic global economic growth this year and it can be expected to slow further, then contract, as the fear of the virus takes hold,” said Nigel Green, chief executive of deVere Group, an investment firm.
Factories in China are still struggling to get back up and running. Thousands of flights around the world have been grounded. Supply chains have been snarled, shaking some of the world’s biggest companies and forcing an untold number of workers to stay home.Factories in China are still struggling to get back up and running. Thousands of flights around the world have been grounded. Supply chains have been snarled, shaking some of the world’s biggest companies and forcing an untold number of workers to stay home.
“Against this backdrop, we should prepare for a short-term but severe global recession,” Mr. Green said.“Against this backdrop, we should prepare for a short-term but severe global recession,” Mr. Green said.
Get an informed guide to the global outbreak with our daily coronavirus
newsletter.
In London, the FTSE 100 index was down more than 3 percent on Friday. Germany’s DAX index was 3.4 percent lower, and France’s CAC 40 index fell 3.6 percent.In London, the FTSE 100 index was down more than 3 percent on Friday. Germany’s DAX index was 3.4 percent lower, and France’s CAC 40 index fell 3.6 percent.
In Tokyo, Hong Kong and Seoul, markets closed more than 2 percent lower. In the mainland Chinese markets of Shanghai and Shenzhen, markets fell about 1 percent. An index of China’s biggest companies listed in Hong Kong dropped by nearly 2 percent.In Tokyo, Hong Kong and Seoul, markets closed more than 2 percent lower. In the mainland Chinese markets of Shanghai and Shenzhen, markets fell about 1 percent. An index of China’s biggest companies listed in Hong Kong dropped by nearly 2 percent.
For the second month in a row, the United States economy churned out a blockbuster number of jobs, the government reported Friday, an impressive showing in an era of slow-and-steady employment growth.
Employers added 273,000 jobs in February. Analysts had expected a gain of about 165,000, according to MarketWatch.
But with the coronavirus outbreak shaking economic confidence, the solid showing may not be a harbinger of continued strength.
Every jobs report looks backward, but February’s report captures a particularly unusual moment before the market was gripped with anxiety about the global impact of a widening epidemic.
“There is a red line in the calendar,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “The value of it is that this report gives us kind of a benchmark of where we were before things began to go wrong.”
Oil prices sank on Friday as major producers gathered for a critical meeting to try to agree on production cuts to try to manage the falling demand for crude as concerns about coronavirus spread across the globe.Oil prices sank on Friday as major producers gathered for a critical meeting to try to agree on production cuts to try to manage the falling demand for crude as concerns about coronavirus spread across the globe.
Brent crude fell about 4 percent, as low as $47.02 a barrel, a two-and-a-half-year low. West Texas Intermediate crude, the U.S. benchmark, was as low as $43.28 a barrel.Brent crude fell about 4 percent, as low as $47.02 a barrel, a two-and-a-half-year low. West Texas Intermediate crude, the U.S. benchmark, was as low as $43.28 a barrel.
Oil prices have fallen more than 20 percent since early January when China, a major importer of oil, started confronting the emerging coronavirus outbreak.Oil prices have fallen more than 20 percent since early January when China, a major importer of oil, started confronting the emerging coronavirus outbreak.
The Organization of the Petroleum Exporting Countries and other producers, including Russia, are meeting in Vienna to try to steady the prices by reducing output beyond cuts that were already approved.The Organization of the Petroleum Exporting Countries and other producers, including Russia, are meeting in Vienna to try to steady the prices by reducing output beyond cuts that were already approved.
Late Thursday, Microsoft said two employees in the Seattle area had been infected, the first known cases at the company.Late Thursday, Microsoft said two employees in the Seattle area had been infected, the first known cases at the company.
“The affected employees remain in quarantine, and we are supporting them as the recover,” Microsoft executive Kurt DelBene said in an email to employees obtained by The Times.“The affected employees remain in quarantine, and we are supporting them as the recover,” Microsoft executive Kurt DelBene said in an email to employees obtained by The Times.
The Seattle area is the first region in the United States where the authorities have issued sweeping recommendations that people stay home to slow the spread of coronavirus.The Seattle area is the first region in the United States where the authorities have issued sweeping recommendations that people stay home to slow the spread of coronavirus.
In Washington State, 13 people have died of coronavirus. More than 60 other people have been treated for the virus in the state, leading state officials to declare an emergency.In Washington State, 13 people have died of coronavirus. More than 60 other people have been treated for the virus in the state, leading state officials to declare an emergency.
And in pockets all around Seattle, people were heeding the advice of officials and staying in. Microsoft, Amazon and many other top employers told their employees to work from home.And in pockets all around Seattle, people were heeding the advice of officials and staying in. Microsoft, Amazon and many other top employers told their employees to work from home.
A German manufacturer has effectively forbidden its employees from going on vacation in the region of Italy known as South Tyrol, a popular destination for skiers, because of coronavirus danger. Ziehl-Abegg, a German maker of high-performance electric fans, has effectively forbidden its employees from going on vacation in the region of Italy known as South Tyrol, a popular destination for skiers, because of coronavirus danger.
Ziehl-Abegg, a maker of high-performance electric fans like those used in hospitals or factories, told employees that if they go on private trips to the region they will be required to take two weeks vacation or unpaid leave before returning to work. On Thursday, Starbucks warned that its quarterly same-store sales in China, where it has a huge presence, would fall 50 percent compared to last year, resulting in a $400 million to $430 million hit to its revenue forecast.
The company, based in the south German city of Künzelsau, said it issued the restrictions after South Tyrol and several other Italian regions were designated crisis areas by the German government agency responsible for monitoring coronavirus risk. The policy also applies to other crisis areas like Hubei province in China or Tehran.
Reporting was contributed by Alexandra Stevenson, Stanley Reed, Karen Weise, Kirk Johnson and Jack Ewing.Reporting was contributed by Alexandra Stevenson, Stanley Reed, Karen Weise, Kirk Johnson and Jack Ewing.