SYDNEY: Asian share markets followed Wall Street higher on Tuesday even as doubts grew about how quickly China's factories could get back to work given that the coronavirus continues to spread and deaths mount.
E-Mini futures for the S&P 500 added 0.3per cent, after a late jump took Wall Street to fresh record highs on Monday. The Dow ended up 0.6per cent, the S&P 500 gained 0.73per cent and the Nasdaq 1.13per cent. They assumed the contagion would peak in March and factories would slowly resume opening this month. In this case, growth would brake sharply to around a 1per cent annualized pace in the first quarter, before rebounding to 9.3per cent in the second.
The risks are such that investors are wagering on more stimulus from Beijing, while a host of other central banks are under pressure to safeguard their economies with cheaper loans. The relative outperformance of the U.S. economy is keeping the dollar well supported, with the euro slipping to a four-month low at US$1.0906 . The British pound touched a two-month trough of US$1.2870 and was last at US$1.2913.The dollar was steadier on the Japanese yen, which benefits from being a safe haven of its own, and last stood at 109.81 .
Source: Financial Digest (financialdigest.net)
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