The dollar rose, oil fell and stock markets were poised to slip on Monday as rising U.S.-China tensions over the coronavirus - and growing unease at the gulf between asset prices and grim economic reality - turned investors cautious.
FILE PHOTO: A man wearing protective face mask, following an outbreak of the coronavirus disease , walks in front of a stock quotation board outside a brokerage in Tokyo, Japan, March 10, 2020. REUTERS/Stoyan Nenov/File Photo
The moves extended a dour start to the month that began on Friday with bleak U.S. data and the threat of fresh trade-war hostilities between the world’s two biggest economies. A $50 billion dollar quarterly loss at Warren Buffett’s Berkshire Hathaway, and the legendary investor announcement that he had liquidated holdings in the four largest U.S. airlines also did little for investor confidence.
With onshore markets shut, the yuan extended Friday’s slump and fell about 0.2% to a six-week low of 7.1510 per dollar. The Australian dollar dropped below the 64-cent mark for the first time in a week, falling 0.5% to $0.6387. In commodity markets, U.S. crude futures sank in early trade on worries about oil oversupply, even as some U.S. states and cities around the world start to ease coronavirus pandemic restrictions.
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