In Asian Equity Markets indices fell on Friday as volatility continued to grip the markets amid investor concerns over the global coronavirus outbreak. Japanese stocks led losses as the Nikkei 225 fell 3.08%, with shares of index heavyweight and conglomerate Softbank Group declining 5.7%. South Korea’s Kospi also shed 2.33% while the Hang Seng index in Hong Kong slipped 2.15%. Stocks in Australia also fell, with the S&P/ASX 200 fell about 2.4%.

In Currency Markets the U.S. dollar nursed savage losses against the yen and euro on Friday as a decline in U.S. yields to record lows wiped out the currency’s single greatest attraction for investors – higher interest rates. Mounting fears over the fallout from the coronavirus has driven a truly tectonic shift in expectations for U.S. rates as markets wager the Federal Reserve will have to cut rates by 50 basis points for a second time this month.

In Commodities Markets oil fell nearly 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Brent crude fell 48 cents, or 0.96%, to $49.51 per barrel, while U.S. West Texas Intermediate (WTI) was down 38 cents, or 0.83%, at $45.52 per barrel.

In US Equity Markets losses deepened and the Dow shed 1,000 points in afternoon trading on Thursday as the coronavirus death toll in the United States rose to 11 and travel related stocks took a severe beating. Technology giants Alphabet Inc, Amazon.com Inc , Facebook Inc and Microsoft Corp recommended their employees in Seattle work from home. The S&P 500 was down 3.65%, at 3,015.85. The Nasdaq Composite fell 3.16%, at 8,733.23.

In Bond Markets U.S. Treasury prices rallied on Thursday as fears about the spreading coronavirus left market fundamentals in the dust and the 10-year note yield sank to a record low. The 10-year Treasury yield, which has fallen in 10 of the last 11 sessions, fell as low as 0.899%, setting a new bottom after slipping below 1% for the first time ever on Tuesday following the Federal Reserve’s 50-basis-point interest rate cut. Yields on two-year notes fell to their lowest in nearly four years.