Premarket: World markets look past virus concerns, focus on earnings GlobeInvestor
This translation has been automatically generated and has not been verified for accuracy.Global markets showed further signs of stabilization on Wednesday as investors looked past a rising death toll from China’s coronavirus outbreak to tiptoe back into shares and out of safe-haven assets such as the yen and German bonds.
While mainland Chinese markets remain closed, Chinese equity futures traded in Singapore rebounded from two days of losses to rise 1.79%, the biggest gain in almost seven weeks. Risk aversion has not completely lifted, however; with the number of coronavirus fatalities now at 132 and 6,000 cases reported worldwide, there are fears the outbreak could inflict serious damage on Chinese growth, already at three-decade lows.
The safe-haven yen was flat but traded above two-week highs touched on Monday while the dollar index too edged lower after approaching two-month highs. Fears of economic damage are reflected also in the U.S. Treasury yield curve where three-month yields briefly rose on Tuesday above 10-year borrowing costs -- the so-called curve inversion that is seen as a fairly reliable recession signal.
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