Asian stocks extended a global selloff on Tuesday as China took more drastic ste...
On Monday, key indexes for British, French and German equity markets slid more than 2%, as did pan-European markets on worries about the potential economic impact from the deadly virus. Stocks on Wall Street fell more than 1%.
Analysts at JPMorgan said the coronavirus outbreak was an “unexpected risk factor” for markets though they see the contagion as a regional rather than a global shock. “Concerns about coronavirus contagion has driven yields lower and is the latest risk of a series that have driven U.S. Treasury yields far below what fundamentals indicate. We remain short 30-year UST.”
Futures imply around 35 basis points of easing by year end FEDWATCH. The Federal Reserve is widely expected to stand pat at its policy meeting this week, but markets will be sensitive to any changes to its economic outlook.
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