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Stocks rally on virus vaccine hopes, dollar gains | Malay Mail

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NEW YORK, Feb 6 — The dollar gained and a gauge of global equity markets surged for a third day yesterday, as investors cheered expectations of more central bank stimulus and reports that scientists were developing a vaccine for the deadly coronavirus. US Treasury yields rose on early reports...

Traders work at the New York Stock Exchange February 5, 2020. — Reuters pic

A total of 24,363 cases have been confirmed in China, including 490 deaths. The World Health Organisation said there are “no known proven effective therapeutics” against the virus. Yousef Abbasi, global market strategist at INTL FCStone Financial Inc in New York, said risk assets got a lift from stimulus efforts by China’s central bank and US Federal Reserve operations in the repo market.

Investors are hungry for risk again after markets reeled from US-Iran tensions and the coronavirus outbreak, said Valentin Marinov, head of G10 FX Strategy at Credit Agricole CIB Global Markets in London. In Europe, the pan-regional STOXX 600 index rose 1.23 per cent and emerging market stocks rose 0.51 per cent.

 

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