The G-7 is answering the market's call for help. Finance ministers and central bank governors from the group will lead a global teleconference on Tuesday to discuss their response to the coronavirus outbreak, people familiar said. France's Bruno Le Maire said earlier on Monday that the ministers need to ensure that their responses are "as coordinated as possible" in order to be effective.
Asian equity futures are narrowly mixed after U.S. stocks surged on the news. The S&P 500 jumped the most in more than a year and the Dow rose almost 1,300 points—with more than half of those gains coming in the last hour of trading. Treasuries reversed course and fell, with 10-year yields barely up after plummeting below 1.09%. The dollar lost ground against most G-10 peers, though the pound and yen dipped. Gold edged up, hovering below $1,600. Oil advanced the most in five months.
As for the outbreak itself, a WHO team arrived in Iran after that country followed Italy with word that infections jumped by 50%. Saudi Arabia, Moscow, Brussels and Berlin all reported their first cases. The Louvre remained shut, Citigroup and Morgan Stanley expanded their travel curbs and more airlines stopped flights to Milan. President Trump is set to meet pharma execs soon and VP Mike Pence's task force convenes after that. Infections topped 90,000 and deaths neared 3,100.
Asian equity futures are narrowly mixed after U.S. stocks surged on the news. The S&P 500 jumped the most in more than a year and the Dow rose almost 1,300 points—with more than half of those gains coming in the last hour of trading. Treasuries reversed course and fell, with 10-year yields barely up after plummeting below 1.09%. The dollar lost ground against most G-10 peers, though the pound and yen dipped. Gold edged up, hovering below $1,600. Oil advanced the most in five months.
As for the outbreak itself, a WHO team arrived in Iran after that country followed Italy with word that infections jumped by 50%. Saudi Arabia, Moscow, Brussels and Berlin all reported their first cases. The Louvre remained shut, Citigroup and Morgan Stanley expanded their travel curbs and more airlines stopped flights to Milan. President Trump is set to meet pharma execs soon and VP Mike Pence's task force convenes after that. Infections topped 90,000 and deaths neared 3,100.
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