Overview
It was as if the World Health Organization's recognition of that the new coronavirus is an international health emergency was the catalyst that the markets needed. US equities recovered smartly and managed to close higher on the session. However, the coattails were short, and follow-through buying of US shares fizzled. In the Asia-Pacific, Japan, Taiwan, and Australian equities firmed, while disappointing data weighed on European equities. The Dow Jones Stoxx 600 is off about 2.5% this week, its largest decline in October. The S&P 500 is trading about 0.5% lower. Benchmark 10-year yields are