TOKYO - US stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.
"While markets react to positive news on stimulus, that doesn't last long. I think there are a lot of banks and investors whose balance sheet was badly hit and they will have lots of positions to sell," said Shin-ichiro Kadota, senior currency and rates strategist at Barclays. Talk of big stimulus is raising some concerns about the long-term outlook of US fiscal health, putting pressure on long-term US government bonds.
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