In European Equity Markets indices fell on Tuesday morning, as the new coronavirus outbreak continued to roil companies amid expectations it would cause a slowdown. Hong Kong’s Hang Seng index was down around 1%. The Shanghai composite declined 0.16%. Japan’s Nikkei 225 fell 1.15%, following the previous day’s losses. Declines were seen across the tech sector, with Softbank down 3.47%. In South Korea, the Kospi also fell 1.22%. Australia’s ASX 200 declined 0.20%.


In Currency Markets the euro fell towards a three-year low versus the dollar ahead of a highly watched German survey on Tuesday, which is expected to show a sharp slump in investor confidence and fuel growing pessimism about the outlook for Europe’s largest economy. Among Asian currencies, the Australian dollar slipped below the 67 U.S. cent level after minutes from the central bank’s last meeting revived the prospect of policy easing while the Chinese yuan was weighed by worries about the economic impact of the coronavirus.


In Commodities Markets oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets. Brent crude was at $57.30 a barrel, down 37 cents, or 0.6%, while U.S. West Texas Intermediate crude fell 15 cents, or 0.3%, to $51.90 a barrel. The IEA said last week the virus was set to cause oil demand to fall by 435,000 barrels per day (bpd) year-on-year in the first quarter, in what would be the first quarterly decline since the financial crisis in 2009.


In US Equity Markets trading was closed on Monday for President’s Day holiday.


In Bond Markets bonds were in demand, with the 10-year U.S. Treasuries yield falling 1.0 basis point to 1.578% after a U.S. market holiday on Monday.

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