European stocks pare gains while bond yields are also easing a little lower


USD/JPY has also pared its bit-part gains earlier and is flat on the day now at 108.95. Meanwhile, we're seeing the likes of the aussie and kiwi accelerate losses with AUD/USD in particular sitting below the 0.6700 level.

US 10-year yield are down to session lows of the day as well, 2 bps lower at 1.565%.

As the virus infection continues to be more widespread, the fear is that we may see more countries and governments take more drastic action to prevent it from spreading.

That in turn will have more severe implications for global travel and the global economy - something which is extremely difficult to quantify at the moment.