European stocks pared early gains alongside U.S. index futures on Tuesday amid international efforts to curb the SARS-like virus from spreading. The yuan steadied and Treasuries turned higher.
The Stoxx Europe 600 Index erased an early advance, while contracts on the three main American equity indexes clung to moderate gains. Earlier in Asia, Japanese shares fell for a second day and equities slumped in South Korea as that market reopened after holidays. Trading is scheduled to resume in Hong Kong on Wednesday; the latest guidance from China, where the outbreak is still concentrated, is for markets to reopen on Monday.
The offshore yuan fluctuated after a sharp slide the previous day while the yen nudged higher for a sixth session. Crude oil declined. While China reported a further increase in both the death toll and number of infected people from the virus.
Investors are keeping an eye out for a slew of earnings due this week including from Apple Inc . on Tuesday while also monitoring the impact of the deadly coronavirus. Even as containment efforts intensify, the likelihood of the virus disrupting global businesses and the world’s second-largest economy appears to be growing.