Asian markets started the week on the backfoot on Monday while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens.
FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song
However, risk sentiment took a knock after Beijing recorded dozens of new COVID-19 cases in recent days, all linked to a major wholesale food market.Another large coronavirus outbreak could roil financial markets, which had been rallying recently on hopes for economic recovery.“We assume that any second wave is likely to be more manageable than the first given earlier policy experience,” analysts at Morgan Stanley wrote in a note.The Chinese yuan dipped in offshore trade to 7.
No major changes are expected, but some investors may be interested in Governor Haruhiko Kuroda’s views on its yield curve control policy.Analysts said further tests awaited global markets this week – in particular whether re-opening hopes could still push equities higher.
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