Coronavirus fallout: Markets rebound after facing worst day since Oct
Chinese markets remain closed all week
Representational image. PHOTO: REUTERS
LONDON:
European markets rebounded early on Tuesday after the previous day’s thumping, which saw investors worried about the economic fallout from the coronavirus outbreak in China huddle in safe-haven assets.
There was relief as Europe’s Stoxx 600 and Wall Street futures bounced as much as 0.5% from their closing levels on Monday, which was the worst day for world stocks since October.
Chinese markets remain closed all week, but the 0.5% overnight drop in Tokyo’s Nikkei was more modest than Monday’s and many of Asia’s other bourses that were open rallied from the day’s lows too.
Brent oil prices stabilised above $59, safely above their three-month low of $58.50 and 10-year US Treasury yields stabilised above 1.60% after briefly dipping below that level. During the day, Brent crude was off $0.12 at $59.20 while US crude eased $0.02 to $53.12. Brent is now down 18% from a spike caused by the US killing of Iran’s top military commander at the start of the year.
Published in The Express Tribune, January 29th, 2020.
European markets rebounded early on Tuesday after the previous day’s thumping, which saw investors worried about the economic fallout from the coronavirus outbreak in China huddle in safe-haven assets.
There was relief as Europe’s Stoxx 600 and Wall Street futures bounced as much as 0.5% from their closing levels on Monday, which was the worst day for world stocks since October.
Chinese markets remain closed all week, but the 0.5% overnight drop in Tokyo’s Nikkei was more modest than Monday’s and many of Asia’s other bourses that were open rallied from the day’s lows too.
Brent oil prices stabilised above $59, safely above their three-month low of $58.50 and 10-year US Treasury yields stabilised above 1.60% after briefly dipping below that level. During the day, Brent crude was off $0.12 at $59.20 while US crude eased $0.02 to $53.12. Brent is now down 18% from a spike caused by the US killing of Iran’s top military commander at the start of the year.
Published in The Express Tribune, January 29th, 2020.