Global shares took a beating on Tuesday, wiping out all gains made at the start ...
LONDON - Global shares took a beating on Tuesday, wiping out all gains made at the start of the week as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.
Safe-haven bonds and the yen gained as investors were reminded of the economic damage done by the SARS virus in 2002-2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays. The mood swing saw MSCI’s All-Country World Index slip 0.4%, wiping out gains made at the start of the week on Monday. Asian markets were hit particularly hard.Japan’s Nikkei lost 0.9% and Shanghai blue chips 1.7%, with airlines under pressure. The caution spread to E-Mini futures for the S&P 500 which eased 0.5%.
The two agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said. As widely expected, the BOJ maintained its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%, by a 7-2 vote.
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