The weakest close in the Nikkei in more than a year
With the close today, the Nikkei is down by over 16% year-to-date as the virus outbreak has set off a massive chain of risk aversion in the market over the past two weeks.
The overall risk mood is extremely sour as we look towards European trading with the Hang Seng also down by 3.5% while the Shanghai Composite is down by 2.2% now.
Meanwhile, oil is still down by over 28% under $30 and US 30-year yields are down by over 30 bps to 0.98% (!). In the currencies space, USD/JPY is sitting around 102.70 while USD/CHF keeps lower by 1.3% to 0.9265 at the moment.