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February 4, 2020

Futures Surge as China Liquidity Measures Calm Investor Fears

 

Reuters
By Medha Singh

(Reuters) - U.S. stock index futures jumped 1% on Tuesday, signaling a recovery for Wall Street from a sharp coronavirus-led pullback last week, with fresh intervention by China's central bank calming investor nerves.

In a bid to cushion the economic blow of the epidemic, China injected 1.7 trillion yuan ($242.74 billion) via reverse repos on Monday and Tuesday, helping Chinese stocks reverse some losses and lifting the world equity index .MIWD00000PUS.

The monetary intervention boosted investor sentiment even as several economists cut their forecasts for 2020 global growth as the death toll from the outbreak mounts and business operations in China remain suspended.

Premarket gains on Wall Street were led by technology stocks, with Intel Corp (INTC.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) climbing between 1.5% and 2.2%.

Of the 30 Dow-listed industrial components .DJI, 29 were trading higher. Read more


 
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