In Asian Equity Markets indices traded higher on Wednesday, building on gains from the previous session, after stocks sold off recently due to worries over the new coronavirus outbreak. Japan’s Nikkei 225 was up 1.14%. In South Korea, the Kospi index erased some of its near 1% gains to trade up 0.55%. Hong Kong’s Hang Seng index rose 0.83%. Australia’s benchmark ASX 200 rose 0.32%, with most sectors trading up.  The Shanghai composite added 1.1%. The Chinext start-up board jumped 3% in early trade.

In Currency Markets the U.S. dollar held gains against the yen on Wednesday amid a broad unwinding of safe-haven positions as China’s responses to the coronavirus outbreak supported investor confidence, even as deaths and new cases climbed. The coronavirus outbreak claimed its first life in Hong Kong on Tuesday, as the mainland China death toll rose by 65 to 490. In offshore trade, the Chinese yuan held overnight gains and stayed on the strong side of 7-per-dollar at 6.9943. The New Zealand dollar steadied at $0.6486.

In Commodities Markets oil prices climbed more than 1% on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus. Brent crude oil futures were up 74 cents, or 1.4%, to $54.70 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 61 cents or 1.2% to $50.22 a barrel.

In US Equity Markets stocks jumped on Tuesday and the S&P 500 and Nasdaq were on pace to unwind losses from last week as fears of a heavy economic impact from the coronavirus epidemic tapered off after China’s central bank intervened for the second day. The S&P 500 was up 1.64%, at 3,302.18 and the Nasdaq Composite rose 1.84%, at 9,443.68. Alphabet Inc fell 3.3% after Google’s advertising business and new data about YouTube and Google Cloud broadly disappointed.

In Bond Markets U.S. Treasury yields rose on Tuesday as investors grew more comfortable with risk, encouraged by steps taken by China in response to the coronavirus. The benchmark 10-year yield was up 8.4 basis points in afternoon trading at 1.6043%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 6.2 basis points at 1.415% in afternoon trading.