TOKYO - Asian shares and Wall Street futures nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary.
Oil futures, which have been in a downtrend since the start of the year, rose in Asia from 13-month lows due to budding optimism about the virus and hopes that output cuts by major producers will support prices. The number of new cases in Hubei, the province at the epicentre of the outbreak, was 1,068 as of Tuesday, down from a peak of over 3,000 new cases on Feb 4, and the lowest number of new infections since Jan 31.
"Evidence suggests the positive mood will continue, and we see some coordination in markets with oil rallying, base metals up and Treasuries coming under pressure," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. Powell also said he is closely monitoring the coronavirus in China, because it could lead to disruptions that affect the global economy.
In the commodities market, US crude futures ticked up 0.32 per cent to US$50.10 a barrel on hopes that Chinese demand for oil will pick up once the flu-like virus is contained.
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