Day’s fewer coronavirus cases nudge Asian shares up

Tokyo — Asian shares and US stock futures edged cautiously higher on Wednesday, as investors tried to shake off worries about the coronavirus epidemic after a slight decline in the number of new cases.

The euro languished at a three-year low vs the dollar as disappointing data from Germany, Europe’s largest economy, stoked fears that the eurozone is more vulnerable to external shocks than previously thought. Many investors view Chinese data on the virus, dubbed SARS-CoV-2, with a great deal of scepticism, but there are hopes that officials will roll out more stimulus to support the world’s second-largest economy.

Mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since January 29. In the currency market, the euro was quoted at $1.0804. The common currency managed to reclaim the closely watched $1.08 level which it broke through on Wednesday but was still close to its lowest since April 2017.

The yield on three-month Treasury bills stood at 1.5770% in Asia on Wednesday, above the 10-year Treasury yield of 1.5610%.

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