In Asian Equity Markets indices were mixed on Tuesday after stocks on Wall Street saw their worst day since the 2008 financial crisis overnight. In Japan, the Nikkei 225 fell 0.38%, adding to its 5.07% decline on Monday. The Hang Seng index in Hong Kong jumped 1.81% by the afternoon as shares of Chinese tech juggernauts Tencent and Alibaba rose more than 2% each. Mainland Chinese stocks were also higher, with the Shanghai composite up 0.62%.

In Currency Markets the U.S. dollar recovered slightly on Tuesday from heavy losses against the yen, the euro, and the Swiss franc due to hopes for U.S. economic stimulus and a bounce in Treasury yields. The greenback started to grind higher as U.S. stock futures rose after U.S. President Donald Trump said the White House will hold news conference on Tuesday about economic measures in response to the coronavirus outbreak. The dollar rose 0.63% to 102.34 yen, pulling back from the lowest in more than three years.

In Commodities Markets oil prices bounced back 7% on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus despite a price war between top producers Saudi Arabia and Russia. Brent crude futures rose $2.51, or 7.3%, to $36.87 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.15, or 6.9%, to $33.28 a barrel. Both benchmarks plunged 25% on Monday, dropping to their lowest since February 2016.

In US Equity Markets fears about the rapidly spreading coronavirus and its impact on the global economy, which deepened on Monday with the collapse of oil prices, have evaporated over $5 trillion of the S&P 500’s market value in recent weeks. The U.S. stock benchmark’s 7.6% fell on Monday, which triggered a temporary trading halt in its biggest one-day decline since 2011. The S&P 500 energy index on Monday fell 20% to its lowest level since August 2004 as investors reacted to the slump in oil prices.

In Bond Markets U.S. Treasury yields tumbled to record lows on Monday as worries over the spreading coronavirus and oil price declines sparked a massive selloff in equities. The benchmark 10-year Treasury yield fell to a record 0.318% before climbing back to 0.515%, down 19 basis points on the day. Two-year note yields tumbled to 0.251%, their lowest since October 2014, before recovering to 0.397%. They have fallen for 13 straight sessions.