LONDON - Global markets showed further signs of stabilization on Wednesday as investors looked past a rising death toll from China’s coronavirus outbreak to tiptoe back into shares and out of safe-haven assets such as the yen and German bonds.
While mainland Chinese markets remain closed, Chinese equity futures traded in Singapore rebounded from two days of losses to rise 1.79%, the biggest gain in almost seven weeks. Risk aversion has not completely lifted, however; with the number of coronavirus fatalities now at 132 and 6,000 cases reported worldwide, there are fears the outbreak could inflict serious damage on Chinese growth, already at three-decade lows.
On currency markets, the offshore-traded yuan was little changed at 6.9620 per dollar but held off a one-month low hit earlier this week. Australia’s currency, considered a China proxy because of trade and investment links was also flat just off three-month lows. But speculation has risen it could be shaken off autopilot by the virus, with money markets predicting one 25 basis-point rate cut this year and a small chance of a second.
Treasury 10-year yields were around 1.63%, off three-month lows around 1.57% hit on Tuesday while German Bund yields also inched higher.
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