Coronavirus: Switzerland and mainland Spain confirm first cases, risk off
|Switzerland has confirmed the first case of coronavirus. The northeastern autonomous region of Catalonia has also announced the first case. Spanish authorities have put a hotel in Tenerife, one of the Canary islands after several people tested positive for the virus.
Earlier, Austria announced two cases in Tyrol – the first in the country – and Croatia also joined the list of countries that have cases of the respiratory disease. Italy has been the center of attention in recent days. The eurozone's third-largest economy has reported around 200 cases and ten deaths. Authorities have locked down an area where 50,000 people live.
The news is adverse for risk assets such as stocks, oil, and commodity currencies. It is positive for bonds, gold, and safe-haven currencies such as the Japanese yen.
Global markets are attempting a recovery after a massive sell-off on Monday. However, downbeat news about the illness may weigh on sentiment. Gold prices have reached a high point near $1,690 on Monday before consolidating its gains.
See Gold may top $1,800 as coronavirus in Italy propels market panic – Interview with Kathleen Brooks
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