Rally in stocks runs out of steam as coronavirus toll climbs

A mid-week rally in Asian share markets halted on Friday and oil prices steadied...

headed lower in morning trade, but are on track for their best week of the year after earlier rises.

But with the death toll rising, cities shut off, flights canceled and factories closed, global supply chains are in disarray and fears of a pandemic remain. Chinese stocks also sit well below In morning trade a slide in the safe-haven yen paused, leaving the currency sitting by a two-week low at 109.98 per dollar and poised for its worst weekly loss since last October., a liquid proxy for China because of the heavy exposure of Australian exports, were likewise halted. It is on track for its first weekly rise this year. Gold hovered at $1,565.76 per ounce XAU=.

Overnight, bonds were sold and markets rallied from Frankfurt to New York. U.S. stocks gained for a fourth straight session and Wall Street's main indexes hit record highs. The S&P 500Owing to much greater exposure to Chinese demand and less access to the benefits of monetary stimulus, commodity prices have been much more sensitive to conditions on the ground.

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