Brazil reported its first infection overnight and U.S. health authorities have said a global pandemic is likely. Most new virus cases are now being reported outside China - the origin of the outbreak - with South Korea, Italy and Iran emerging as new epicenters.
On Thursday at the time of writing Oil prices fell for a fifth day to their lowest since January 2019 as a growing number of new corona-virus cases outside of China deepened fears that the global economy will slow and lower crude demand. Brent crude was down 77 cents, or 1.4% at $52.66 a barrel. The contract earlier fell to its lowest since Jan. 4, 2019. West Texas Intermediate (WTI) futures fell by 80 cents, or 1.6%, to $47.93 a barrel. The contract earlier fell to its lowest since Jan. 2, 2019.
Asian share markets slipped, struggling to find a footing as the rapid global spread of the corona-virus left investors on edge and seeking safety in gold and bonds.
The U.S. dollar remained tentatively on track to snap a four-day losing streak. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.11% to 98.92.
Ahead of U.K. and EU trade talks set for March 2, investors are worried that tough rhetoric from both sides recently suggests negotiations will be anything but smooth. The EU's chief negotiator, Michel Barnier, said the bloc would not agree a deal "at any price" and rebuffed the idea of offering the U.K. a Canada-style trade agreement. GBP/USD fell 0.71% to $1.2912 and EUR/USD rose 0.17% to $1.0898.
USD/JPY was flat at Y110.27 as safe havens caught a bid as the selling on Wall Street resumed.
USD/CAD rose 0.29% to C$1.3316 as the loonie gave up further gains after oil prices turned negative despite data showing U.S. weekly crude supplies rose less than expected last week.
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