Coronavirus update: Wuhan pull backs earlier announcement on easing lockdown, risk-off at full steam

China’s regional government came out with the latest statement, nullifying the earlier announcement that cited easing lockdown measures in the coronavirus epicenter, Wuhan.

Global Times reported earlier this Monday, “Wuhan has eased lockdown by allowing stranded personnel to leave the city, if not under medical observation or quarantine. Wuhan dwellers and vehicles from outside the city could return after following necessary procedures.”

Market reaction

The risk-off sentiment remains the key theme heading into the European session, with the Antipodeans heavily battered as the US Treasury yields catch up with the risk-off trading seen in the US equity futures and Asian stocks.

The benchmark US Treasury 10-year yields drop to the lowest since 2016 below 1.50%, losing over 3% on a daily basis.

• AUD/USD remains vulnerable near multi-year lows, below 0.6600 mark