Asian stocks steadied on Wednesday on hopes of additional Chinese stimulus to le...
TOKYO - Asian stocks steadied on Wednesday on hopes of additional Chinese stimulus to lessen the economic impact of a coronavirus outbreak, but risks remain as the illness continues to spread and the death toll neared 500.
The safe-haven yen and Swiss franc nursed losses versus the dollar while the yuan held on to gains in offshore trade in a tentative sign of improvement in risk appetite as investors monitor the impact of the virus. Many investors argue that any slowdown will be temporary and that Chinese policy steps are reason to remain optimistic about the growth outlook, but so far public health officials have not found a way to stop the spread of the virus both inside and outside of China.
U.S. stock futures fell 0.18% in Asia on Wednesday. The S&P 500 rose 1.5% on Tuesday and the tech-heavy Nasdaq rose to a record high. The virus has already claimed nearly 500 lives. Japan’s health minister said on Wednesday 10 people on a cruise ship at the port of Yokohama have tested positive for the new virus.
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