Stocks hold steady but virus anxiety lingers as millions travel for Lunar New Year break

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Shares hold ground as China virus fears persist; euro hits seven-week low after ECB

TOKYO - Asian shares steadied on Friday in holiday-thinned trade for the Lunar New Year, despite fears that a new coronavirus from China could spread rapidly as millions of people travel over the week-long break.

European shares, which had closed before the WHO announcement, were expected to rebound on Friday, with major European stock futures trading up around 0.7-0.9%, with a more positive tone. The Nasdaq Composite rose 0.20% to a record closing high, while the S&P 500 added 0.11% and the Dow Jones Industrial Average eased 0.09%.

“The impact on Chinese growth could be significant given the outbreak coincides with the Chinese New Year,” said Tapas Strickland, NAB’s director of economics in Sydney.

 

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