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| - Asian markets rebounded on Tuesday spurred by fresh Wall Street records but investors remained jittery about the global economic impact of the coronavirus outbreak in China. Eyes are on China as the world's second-largest economy sputters back up after a forced extension to the Lunar New Year holiday because of the outbreak, which has killed more than 1,000 people and disrupted major global supply chains. After a nervous start to the week that saw Asian bourses plunge, most bounced back. Hong Kong closed up 1.3 percent, while mainland China's benchmark Shanghai Composite Index was 0.4 percent higher. Elsewhere, Sydney climbed 0.6 percent, Singapore rose 0.4 percent and Seoul jumped 1.0 percent. Taipei gained 0.8 percent and Wellington was up 1.1 percent. Markets in Tokyo were closed for a public holiday. The positive mood in Asia followed Monday rallies on Wall Street, where the S&P 500 and the tech-heavy Nasdaq hit fresh records. The 2019-nCoV virus, which emerged in central China, has spooked equity and oil markets for weeks, having spread to more than two dozen countries. More than 42,000 infections have been confirmed so far in mainland China, and President Xi Jinping has described the situation in Hubei, the outbreak epicentre, as "still very grave". In early trade, European markets followed the positive lead from Wall Street and Asia. London rose 1.0 percent, Frankfurt gained 1.1 percent and Paris was up 0.7 percent. Chinese authorities are expected to make policy interventions to help ease the economic hit from the virus, analysts said, which could boost market confidence. "While... uncertainties remain around nCoV, one sure thing you can probably count on is that the mother of all stimulus measures will get laid down by the (Chinese central bank)," wrote Stephen Innes, chief market strategist for Asia-Pacific at AxiCorp. Investors will also be looking to see any assessments about the economic impact of the outbreak in US Federal Reserve Chairman Jerome Powell's testimony to Congress on Tuesday and Wednesday. A number of earnings reports are also expected this week, including from companies that could suffer a coronavirus hit to their numbers. Chinese tech giant Alibaba, Japanese automaker Nissan and MGM Resorts are among the firms scheduled to announce results this week. "We have to consider that the rebound in growth we were expecting over 2020 may be either delayed or somewhat less vigorous than we were anticipating due to the impact of the virus," Mark Robertson of Aviva Investors told Bloomberg News. China, the world's largest importer and consumer of oil, was already battling an economic slowdown when the coronavirus emerged. Fears of a decline in demand from China, and the resulting supply glut, has caused oil prices to tumble in recent weeks. But like Asian equities, the main oil contracts rebounded on Tuesday. Brent Crude was up 1.0 percent while West Texas Intermediate rose 1.0 percent. Hong Kong - Hang Seng: UP 1.3 percent at 27,583.88 (close) Shanghai - Composite: UP 0.4 percent at 2,901.67 (close) Tokyo - Nikkei 225: Closed for public holiday Euro/dollar: DOWN at $1.0906 from $1.0909 Pound/dollar: DOWN at $1.2898 from $1.2904 Euro/pound: UP at 84.56 pence from 84.54 pence Dollar/yen: UP at 109.91 from 109.89 Brent Crude: UP 1.0 percent at $53.81 per barrel West Texas Intermediate: UP 1.0 percent at $50.03 per barrel London - FTSE 100: UP 1.0 percent at 7,523.57 New York - Dow: UP 0.6 percent at 29,276.82 (close) New York - S&P 500: UP 0.7 percent at 3,352.09 (close) New York - Nasdaq: UP 1.1 percent at 9,628.39 (close) -- Bloomberg News contributed to this story -- qan/amj
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