Markets across Asia opened low on Monday as fears of the coronavirus swept across the region. 2700 people have contracted the virus in China with over 80 reported dead.
Furthermore, trading will be low as major markets remain closed for the Lunar Year celebrations with China extending the holidays to 2nd February. Markets in Australia, China, HongKong, Singapore, Taiwan, and South Korea remain closed due to public holidays.
For instance, the NIKKEI225 was down -1.06% as investors remain uncertain about the fast-spreading virus. the Japanese Yen weakened against the dollar to trade at 109.079 which is -0.18% lower than Friday closing.
The UK will leave the Eurozone later this week on Friday 31 January with Bank of England expected to release the new bank rate on Thursday. the consensus amongst analysts is that the Bank might cut the key interest rate from 0.75% to 0.5%.
In the United States, the Federal Reserve will give its monetary policy decision on Wednesday and expects to retain the interest rates.