Asian funds seek a sheltered shore in U.S. assets

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Asian funds seek a sheltered shore in U.S. assets
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Asian shares were under water on Friday as fears over the creeping spread of the...

SYDNEY - Asian shares were under water on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of U.S. assets, lifting the dollar to three-year highs.

Adding to the tension was the imminent release of flash manufacturing surveys for a range of countries. Japan’s index dropped to 47.6 in February, from 48.8, marking the steepest contraction in seven years. Corporate earnings are increasingly under threat as U.S. manufacturers, like many others, scramble for alternative sources as China’s supply chains seize up.

“COVID-19 anxiety has risen to a new level amid concerns of virus outbreaks in Beijing and outside of China,” said Rodrigo Catril, a senior FX strategist at NAB.

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