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Asian markets bounce back as coronavirus fears fade

by LLB Editor
11th Feb 20 7:02 am

Asian markets rose today as investor confidence was boosted by a slowdown in new coronavirus cases.

Hong Kong’s Hang Seng was up by 1.3%, and the Shanghai Composite in China was 0.6% higher.

Japanese financial markets are closed for the National Founding Day holiday.

“News that the number of deaths from the coronavirushas exceeded those from the SARS outbreak in 2003 appears to have given investors pause for thought.

“China is, in theory, returning to work today after an extended New Year holiday aimed at containing the virus, but not all factories are coming back on line yet.

“The pace of this process could be telling in the eventual economic impact of the health crisis so markets are likely to be following events closely.

“One of the first announcements on the Chinese economy since the outbreak began was released this morning, notably showing a big rise in inflation as food prices soared.

“And with the World Health Organisation warning that we may only have seen the tip of the iceberg in terms of coronavirus cases outside China, equities still look vulnerable to further weakness,” says Russ Mould, investment director at AJ Bell.

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