Stocks rose after China unveiled several fiscal and monetary stimulus measures in an attempt to limit the damage from 2019-nCoV coronavirus-fueled business shutdowns and travel bans on the world’s second-largest economy. Many analysts predict further fiscal and monetary easing is likely. China’s stimulus measures, confidence in the U.S. economy and hopes that the damage from the outbreak will be short-lived helped stocks rise, boosting global equity markets on Wednesday as concern caused by Apple’s revenue warning faded.
China posted the lowest daily rise in new coronavirus cases since Jan. 29, helping to lift the offshore-traded yuan to two-week highs against the dollar and pushing the yen, generally sought after in times of trouble, 0.5% lower .
Many view Chinese data on the virus with scepticism, but sentiment was lifted by a Bloomberg report that Beijing was considering cash injections or mergers to bail out airlines hit by the virus…
Tuesday’s U.S. Empire manufacturing survey also reassured investors the world’s biggest economy was in good shape, he said. That tempered worries caused by Apple’s warning it might miss sales targets due to pressure on supply chains.
MacDailyNews Take: Hopefully, we’re turning the corner on this coronavirus nightmare! Currently, according to the latest figures from Caixin, there are 74,281 confirmed cases in China, 14,387 recovered, 5,248 suspected cases, and 2,009 deaths. Confirmed cases outside of China total 1,004, with 3 deaths in 25 countries.