LONDON: Global stock markets stabilised on Tuesday after a wave of early selling petered out and Wall Street futures managed a solid bounce after the previous day's sharp selloff on fears about the spreading coronavirus.
"For now, there appears little prospect that financial markets look likely to settle down in the short term, which means investors will have to get used to an extended period of uncertainty and volatility." Whatever the cause, E-Mini futures for the S&P 500 bounced 0.7per cent to pare some of the steep 3.35per cent loss the cash index suffered overnight.
Japan's Nikkei was down 3.4per cent, catching up with the global sell-off after having been shut on Monday, while Shanghai blue chips eased 1.6per cent. Futures for the Federal Reserve funds rate have surged in the last few days to price in a 50-50 chance of a quarter-point rate cut as early as April. In all, they imply more than 50 basis points of reductions by year end.
The rush to bonds left yields on 10-year U.S. Treasury notes at 1.39per cent, down almost 20 basis points in just three sessions and paying less than overnight rates. Yields are rapidly approaching the all-time low of 1.321per cent hit in July 2016.
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