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* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Nikkei, S&P futures ease after sharp rally
* IMF flags worst global recession since 1930s
* Some U.S. states looking to gradually restart business
* Oil steadies after another steep setback on demand worries
By Wayne Cole and Koh Gui Qing
SYDNEY/NEW YORK, April 15 (Reuters) - Asian shares paused at
one-month highs on Wednesday as warnings of the worst global
recession since the 1930s underlined the economic damage already
done even as some countries tried to re-open for business.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS was a slight 0.1% firmer in early trade.
Japan's Nikkei .N225 eased 0.5%, though that followed a 3%
jump the previous session. Likewise, E-Mini futures for the S&P
500 ESc1 dipped 0.6%, following a 3% rise in New York hours.
"Flattening infection curves and the thoughts of more
stimulus have lifted all boats," said Stephen Innes, chief
global market strategist at AxiCorp.
"However, appearances can be deceiving as behind the
headlines lie the most gnarly storm clouds building, suggesting
there is still much to be worried about."
Even as some U.S. states considered relaxing restrictions,
the country's death toll rose by at least 2,228, a single-day
record, according to a Reuters tally. President Donald Trump responded by saying some states could
still open shortly or even immediately. He also temporarily
halted funding to the World Health Organization, saying it
should have done more to head off the pandemic. Much economic damage has already been done, with the IMF
predicting the world this year would suffer its steepest
downturn since the Great Depression of the 1930s. Bruce Kasman, chief economist at JPMorgan, warned such a
slowdown would take a heavy toll on corporate earnings.
"We project global profits to experience a roughly 70%
peak-to-trough decline in 2020," he wrote in a note.
"Even with a projected strong subsequent rebound, global
profits are expected to stand 20% below their forecasted
pre-pandemic level at the end of next year."
Shares of JPMorgan Chase JPM.N and Wells Fargo & Co
WFC.N both fell on Tuesday as the banks set aside billions of
dollars to cover potential loan losses from the pandemic.
BONDS STILL BID
Bond markets are still wagering on tough times ahead, along
with unlimited support from central banks and a disinflationary
pulse from lower energy prices. US/
Yields on U.S. 10-year Treasuries US10YT=RR have settled
around 0.74%, more than 100 basis points below where they
started the year.
That drop in yields combined with the vast amounts of cash
being created by the Federal Reserve has been a drag on the U.S.
dollar in recent sessions.
Currencies leveraged to global growth, including the
Australian and New Zealand dollars, have led the way higher
though the dollar has also lost ground to its major peers.
Early Wednesday, the dollar was down at 107.15 yen JPY=
having shed 0.5% overnight, while the euro firmed to $1.0985
EUR= . The dollar index =USD was at its lowest in two weeks
at 98.620.
The dollar pullback and a tide of cheap money from central
banks has burnished gold prices, with the metal hitting its
highest since late 2012. It was last at $1,727 an ounce XAU= .
GOL/
In energy markets, oil was again picking up the pieces after
tumbling on Tuesday as investors doubted a record global output
cut could offset the loss of demand as the economy stalls. O/R
U.S. crude CLc1 was last up 48 cents at $20.59, having
shed 10% on Tuesday, while Brent crude LCOc1 edged up 39 cents
to $29.99 in erratic trade.
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Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
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(Editing by Sam Holmes)