China extended its Lunar New Year holiday to discourage travel and keep factories and offices closed in a bid to contain the disease.
Businesses are gradually reopening. The government has promised low-interest loans and tax cuts but airlines and other industries face potentially huge losses.
The impact abroad is spreading. Tech companies are pulling out of a major European wireless technology show due to virus fears and carmakers are seeing supply shortages for production.
“The cause for unbridled relief (much less optimism) is illusory,” Vishnu Varathan of Mizuho Bank said in a report.
ENERGY: Benchmark U.S. crude gained 87 cents to $50.44 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 75 cents on Monday. Brent crude oil, the international standard, rose $1.08 to $54.35. It dropped $1.20 the previous session.
CURRENCY: The dollar advanced to 109.85 yen from Monday’s 109.70 yen. The euro was unchanged at $1.0914.