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· Asian shares reversed losses on Monday and moved back toward a three-week top as China’s persistent efforts to cushion the blow from a coronavirus outbreak calmed nervous investors, although Japanese stocks faltered on growing recession risks.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3% to be within kissing distance of last week’s peak of 558.30, which was the highest since late January.

The gains were helped largely by Chinese shares with the blue-chip index there jumping 2% after the country’s central bank lowered one of its key interest rates and injected more liquidity into the system.

· Japanese stocks slid to a 1-1/2-week low on Monday, hurt by a worse-than-expected economic contraction in the December quarter, while worries about the business impact of the coronavirus epidemic continued to weigh on the market.

The Nikkei average declined 0.7% to 23,523.24 points, its lowest closing since Feb. 5, while the broader Topix ended down 0.9% at 1,687.77, also a 1-1/2-week low.

· China stocks rallied on Monday, led by start-up companies which surged to a more than three-year high, as Beijing rolled out more support measures to counter the economic impact of the coronavirus outbreak.

The CSI300 index rose 1.2%, to 4,036.38 points at the end of the morning session, while the Shanghai Composite Index gained 1.3%, to 2,955.07 points. The CSI300 has more than recouped the steep losses it suffered on the first trading day following the Lunar New Year break.

· European stocks advanced Monday morning, remaining just below record highs, after China’s central bank cut interest rates in a bid to aid its economy amid the coronavirus outbreak.

The pan-European Stoxx 600 added 0.3% at the opening bell, autos climbing 1.5% to lead gains as all sectors and major bourses entered positive territory.

· Wall Street Week Ahead: Investors bet emerging markets will weather coronavirus impact

Investors are edging back into emerging markets, even though worries about the coronavirus’ impact on global economic growth have clouded prospects for the boom-and-bust asset class.