Sun, July 21, 2024

Bank of America, S&P Global Ratings and Stocks

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Investors, as well as analysts, are working around the clock to collect information regarding the economic impact. Unfortunately, the situation is quite difficult, based on several sources. It won’t be easy to mitigate the problems caused by the virus outbreak, especially when it comes to stocks.

Moreover, the S&P Global Ratings downgraded its economic outlook for the Asia Pacific. According to the ratings agency, the coronavirus outbreak could wipe $211 billion from a household, corporate, and government incomes. Additionally, the ratings agency decided to lower the economic growth from 4.8% to 4.0%.

The rating agency expects that China’s economy will likely grow by just 4.8%.

Also, some industries may suffer even bigger losses as the outbreak is far from being over.

Based on the information provided by the International Air Transport Association, airlines may lose $113 billion in sales if the virus continues to spread around the world.

The world-famous company, Starbucks, expects a 50% decline in sales at stores in China during the January-March quarter.

Investment bank and stocksStock markets in Asia

It worth mentioning that, according to Bank of America, coronavirus crash wiped about $9 trillion off stocks as of Thursday.

Japan’s Nikkei 225 dropped 2.72% to close at 20,749.75. Shares of index heavyweight and conglomerate Softbank Group declined 6.07%. Moreover, the Topix index fell 2.92% to end its trading day at 1,471.46.

South Korea’s Kospi index declined 2.16% to close at 2,040.22. Moreover, the Hang Seng index in Hong Kong fell by more than 20% as of its final hour of trading.

Mainland Chinese stocks also experienced problems on Friday. The Shanghai Composite fell 1.21% to about 3,034.51. At the same time, the Shenzhen component declined 1.1% to 11,582.82. Furthermore, the Shenzhen composite dropped 0.74% to approximately 1,915.17.

On Friday, Australia’s S&P/ASX 200 fell 2.81 to close at 6,216.20.

Stocks around the world are struggling to cope with issues caused by the outbreak.


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