(Bloomberg) — Stocks in Europe fell along with American equity-index futures on Wednesday as a risk-off mood took hold while investors scoured corporate earnings to gauge the impact of the coronavirus outbreak. The dollar and Treasuries gained.The Stoxx Europe 600 index declined for the first time in five trading days, led by energy companies as crude oil in New York fell below $20 a barrel amid a slump in demand. ASML Holding NV, a supplier to Samsung Electronics Co., reported a 40% drop in first-quarter earnings and refrained from providing guidance amid uncertainty caused by the pandemic. Contracts on all three major U.S. gauges retreated after the S&P 500 closed at a one-month high on Tuesday.Shares in Tokyo were little changed, Chinese and Hong Kong stocks slipped, and Australian equities dropped as a record slump in consumer confidence reminded investors of the impact of the pandemic on spending. The yuan dipped after China’s central bank eased policy further. Currencies of commodity producers, including Russia’s ruble, Australia’s dollar and Norway’s krone weakened.European Union and U.S. federal officials are drafting plans to to lift restrictions in an effort to mitigate the economic devastation, even as global virus infections edge closer to the 2 million mark. The earnings season should provide more of a sense of how the pandemic will affect commerce as the global economy heads for a deep recession. Johnson & Johnson, JPMorgan Chase & Co. and Wells Fargo & Co. offered a mixed picture Tuesday, with Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. next up.“It’s really going to be about forward guidance,” Erin Gibbs, president and CEO at Gibbs Wealth Management LLC, said on Bloomberg TV. “What we’re really going to be looking for is, are companies giving us an idea of when they think they’ll return to profitability, or, are they talking about more layoffs?”WTI crude slumped to the lowest since 2002 after the International Energy Agency said global oil demand will plunge by a record 9% this year due to coronavirus lockdowns. Gold also declined.In focus this week:Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. report results Wednesday; BlackRock Inc.’s earnings are set for Thursday.South Korea holds parliamentary elections and the Bank of Canada has a rate decision Wednesday.Also Wednesday, U.S. retail sales are poised to fall in March by the most ever.China releases GDP, industrial production and retail sales and jobless figures Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index dipped 1.8% as of 10:26 a.m. London time.The Stoxx Europe 600 Index decreased 1.8%.The MSCI Asia Pacific Index advanced 0.4%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.7%.The euro decreased 0.4% to $1.0935.The British pound fell 0.8% to $1.2522.The Japanese yen strengthened 0.2% to 107.39 per dollar.BondsThe yield on 10-year Treasuries dipped seven basis points to 0.69%.Germany’s 10-year yield decreased four basis points to -0.42%.Britain’s 10-year yield fell three basis points to 0.315%.CommoditiesWest Texas Intermediate crude fell 2.3% to $19.65 a barrel.Gold weakened 0.7% to $1,714.30 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
