Stocks crumble as China virus toll mounts, safe havens in favor
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.
Brent oil prices stabilised above $59, safely above their three-month low of $58.50 and 10-year U.S. Treasury yields stabilised above 1.60% after briefly dipping below that level on Monday. China’s largest steelmaking city Tangshan, in northern Hebei province, suspended all public transit in an effort to prevent the spread of the virus.
Moreover, as major companies report potential business disruptions and governments advise against unnecessary travel to and within China, analysts are trying to compute how much the disruption could damage growth.Tech titan Apple is due to report results later, and its plan to ramp up iPhone production by 10% in the first half of this year will be the top question as the coronavirus outbreak spreads across major markets like China.
The yield on the benchmark German Bund was flat at -0.385% DE10YT=RR, though not far from the three-month low -0.391% it fell to on Monday. Yields across other European markets, including Italy and Spain, were also stable.
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