Asian markets soar as US data, China levy cuts trump virus fears

Asian markets rallied again Thursday despite the China virus claiming hundreds of lives and infecting tens of thousands, with investors welcoming strong US jobs data and Beijing's decision to slash levies on US imports.

Equities gained across the board on building optimism that the outbreak, which has spread to more than 20 countries, can be contained and the economic impact limited.

After last week's big losses, and a near eight-percent drop in Shanghai on Monday, observers said traders have been coming back on relatively low valuations, with reasonably healthy earnings reports also providing much-needed support.

Analysts generally have expressed confidence the illness will be largely contained to China and the economic harm will not be lasting.

Huge cash injections by the Chinese central bank into the country's financial markets have also soothed investor concerns.

"The markets are not only holding up, but they're going up," said AxiCorp analyst Stephen Innes. "And to suggest risk appetite continues to 'creep' back in favour might be the biggest understatement of the week as equity markets just burst higher."
"As this week wears on, the combination of more positive news is able to lift markets, even while the coronavirus continues to show no signs of slowing down."