Premarket: Jump in coronavirus cases halts global rally

This translation has been automatically generated and has not been verified for accuracy.A sharp rise in the number of coronavirus deaths and infections unnerved world markets on Thursday, as traders halted the rally in stocks and retreated to the safety of government bonds and gold.

Europe quickly followed Asia into red with London FTSE , Frankfurt’s DAX and Paris’ CAC 40 down 0.3% to 0.9%, and the euro slumped near a three-year low against the dollar after a torrid couple of weeks. “So attention turns to who is hit the hardest and Europe is among the usual suspects and Germany in particular give China is its biggest export market. So the reaction of the exchange rate is probably rational,” he added.With investors seeking safety, 10-year U.S. Treasuries fell below 1.6%, European yields fell around 3 basis points, the yen strengthened past 110 per dollar and a rally in oil prices halted.

The virus has also cast a shadow over life in Asia’s financial markets, with Benzimra himself logged in from home and speaking to clients by phone as meetings are increasingly cancelled, even in cities not subject to quarantine. Yet WHO chief Tedros Adhanom Ghebreyesus had also warned that it should be viewed with extreme caution. “This outbreak could still go in any direction,” he said.

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