In European Equity Markets the pan-European Stoxx 600 closed down 0.5%, with most sectors and major bourses in the red. Basic resources stocks shed 2.1% to lead losses while telecoms shares bucked the trend to climb 1.1%. Individual share price action was also being driven by earnings reports and news of corporate deals across the euro zone. HSBC reported on Tuesday that it had missed 2019 earnings expectations to record a 32.9% fall in pre-tax profit. The firm’s London-listed shares fell 6% to the bottom of the Stoxx 600.


In Currency Markets sterling climbed on Tuesday after Britain’s new finance minister said he would deliver the budget as planned in three weeks, while a broadly weaker euro also lifted the currency. After rising to as high as $1.3049, sterling declined and was last up 0.1% at $1.3020. Its gains against the euro were bigger, as the single currency sold off across the board on worries about the euro area’s economy. The pound rose to a one-month high and was last at 82.945 pence, leaving the euro down 0.5% on the day.


In Commodities Markets oil prices fell almost 1% on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market. Brent crude was down 44 cents, or 0.8%, to $57.23 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 39 cents, or 0.8%, to $51.66 a barrel. The IEA last week said first-quarter oil demand was likely to fall by 435,000 barrels per day (bpd) from a year ago.


In US Equity Markets technology stocks dragged down Wall Street on Tuesday after a surprise sales warning from bellwether Apple fanned worries about the impact of the coronavirus outbreak on global supply chains. The world’s most valuable technology firm said it was unlikely to meet its March-quarter sales guidance because of slower iPhone production and weaker demand in China, sending its shares down 2.5%. The S&P 500 was 0.22%, lower at 3,372.67. The Nasdaq Composite fell 0.20%, at 9,712.05.


In Bond Markets U.S. Treasury yields fell on Tuesday after Apple Inc warned that it would miss sales guidance due to manufacturing slowdowns caused by the coronavirus, denting risk appetite and increasing demand for safe-haven bonds. Benchmark 10-year note yields fell three basis points to 1.56%. Thirty-year bond yields dropped four basis points to 2.01%. They earlier fell to 1.98%, the lowest since Sept. 5, and are approaching a record low of 1.905% set on Aug. 28.

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