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| - Stock markets rallied strongly Tuesday, as trading floors assessed the early impact of China's deadly novel coronavirus on the economy. Gains overnight on Wall Street saw Asia follow suit while leading European indices all closed with strong gains of around 1.5 percent. The Dow had likewise risen 1.6 percent some two hours into Wall Street trading. The dollar largely firmed while the pound recovered, after heavy falls Monday triggered by Britain and the European Union offering very different ideas regarding their future trade deal following Brexit. Markets' main focus remained on authorities' efforts to contain an outbreak that has now infected over 20,400 people and killed more than 420 people, more than the SARS epidemic that hammered Asian economies in 2003. Cautioning that "news is hardly uplifting on the virus front," Edward Moya, senior market analyst at OANDA said "today's bounce may not go much further." With swathes of China in lockdown "the world's second largest economy is shut down and it will be tough to see US stocks recapture record high territories until the virus peaks," Moya forecast. Connor Campbell, analyst at Spreadex trading group, noted that "investors find themselves at an interesting, slightly difficult point in the coronavirus outbreak timeline," ensuring investors are "picking and choosing what developments they are willing to pay attention to. "Further complicating matters is the fact... the impact on the Chinese economy won't really be known until the next batch of data out of the country," Campbell added. Investors "are still hoping that the Chinese government's measures against the growing spread of the virus will be effective" (and that) Beijing provides more economic support in the near future," said Milan Cutkovic, analyst with AxiTrader. Oil prices were meanwhile bouncing back from tumbles since the deadly virus outbreak after Iraq's oil ministry said OPEC members and their ally Russia were discussing a further cut to crude oil output because of the epidemic. The Organization of the Petroleum Exporting Countries is holding a meeting of a "joint technical committee" in Vienna on Tuesday and Wednesday to discuss the virus's impact and whether an output reduction is needed, it said. Benchmark oil contract, Brent North Sea crude, recovered to $55.13 per barrel having earlier touched a 13-month low $53.95. The WTI oil contract was similarly back off a 13-month-low of $49.66 per barrel at $50.98. The virus has spread to more than 20 countries, while several have imposed tough travel rules including banning flights to and from China. Meanwhile the World Health Organization has declared a global health emergency. The virus was "inflicting a heavy blow" to China's economy, said National Australia Bank's David de Garis, who warned growth would suffer unless the health scare passed off within weeks. Shanghai's main stocks index rose 1.3 percent Tuesday -- boosted by China's central bank injecting around another $60 billion into the financial markets. It had dived 8.0 percent Monday, with Chinese traders catching up with losses elsewhere while away for the long Lunar New Year break. London - FTSE 100: UP 1.6 percent at 7,439.82 points (close) Frankfurt - DAX 30: UP 1.8 percent at 13,281.74 (close) Paris - CAC 40: UP 1.8 percent at 5,935.05 (close) New York - DOW: UP 1.6 percent at 28,860.17 EURO STOXX 50: UP 1.6 percent at 3,720.65 Shanghai - Composite: UP 1.3 percent at 2,783.29 (close) Hong Kong - Hang Seng: UP 1.2 percent at 26,675.98 (close) Tokyo - Nikkei 225: UP 0.5 percent at 23,084.59 (close) Euro/dollar: DOWN at $1.1044 from $1.1060 at 2200 GMT Pound/dollar: UP at $1.3026 from $1.2995 Euro/pound: DOWN at 84.76 pence from 85.11 pence Dollar/yen: UP at 109.41 yen from 108.69 yen Brent Crude: UP 1.1 percent at $55.07 per barrel West Texas Intermediate: UP 1.1 percent at $50.65 per barrel bur-cdw/jh
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