In Asian Equity Markets indices declined in Tuesday morning trade as fears rise over the ongoing coronavirus outbreak that continues to spread. South Korea’s Kospi dropped 2.98% while the Straits Times index in Singapore fell 2.85%. In Japan, the Nikkei 225 shed 0.85% while the Topix index declined 0.87%. Meanwhile, shares in Australia also declined, as the S&P/ASX 200 fell 1.4%. Markets in China and Hong Kong are closed on Tuesday for holidays.

In Currency Markets the yuan was mired near its weakest level in a month in offshore trade on Tuesday as heightened anxiety about the economic impact of a deadly new coronavirus in China battered riskier assets. The Japanese yen, considered a safe-haven, traded near a three-week high versus the dollar as investors nervously watched the death toll from the virus climb to more than 100. The yen held steady at 109.01 per dollar, close to its strongest level since Jan. 8.

In Commodities Markets crude futures fell 2% to three-month lows on Monday as the death toll from China’s coronavirus grew, curtailing travel and fueling expectations of slowing oil demand. Brent crude settled at $59.32 a barrel, losing $1.37, or 2.3%, its lowest since Oct. 21. U.S. crude settled at $53.14 a barrel, was down $1.05, or 1.9%, its lowest since Oct. 2. The losses since are in spite of a 75% drop in output from Libya to less than 300,000 bpd due to an ongoing blockade of oilfields.

In US Equity Markets stocks fell more than 1% on Monday as investors worried about the economic impact of a virus outbreak in China as containment efforts including travel bans have been put in place in the world’s second largest economy after the country extended the Lunar New Year holiday. The S&P 500 lost 1.25%, to 3,254.42 and the Nasdaq Composite fell 1.49%, to 9,175.71. Yum China Holdings Inc fell 4.95% after the company said it had temporarily closed some of its KFC and Pizza Hut stores in Wuhan, the epicentre of the outbreak.

In Bond Markets yields on 10-year and five-year U.S. Treasury Inflation Protected Securities (TIPS) fell into negative territory on Monday as investors fretted about the global economy amid fears about the impact of the new coronavirus outbreak in China. U.S. 10-year TIPS yields fell to their lowest in more than four months, while those on five-year TIPS dropped to a 2-1/2-month trough. Yields on U.S. five-year TIPS slid to -0.128% , from Friday’s -0.110%.