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· S&P500 daily chart

The S&P500 Index is trading in an uptrend above the main simple moving averages (SMAs) on the four-hour chart. After printing fresh all-time-highs, the market gapped down on Coronavirus fears and tested the 50SMA. The trend remains for now intact and buyers will need to regain the 3400 figure to potentially extend the bull run towards the 3450 and 3500 levels. On the flip side, a break below the 3452 support can lead to a deeper retracement towards the 3300 and 3255 levels.

· Asian shares and U.S. stock futures rose on Wednesday, as investors tried to shake off worries about the coronavirus epidemic after a slight decline in the number of new cases.

MSCI’s broadest index of Asia-Pacific shares outside Japan recovered from a shaky start to rise 0.4%.

China, the world’s second-largest economy, is still struggling to get its manufacturing sector back online after imposing severe travel restrictions to contain a virus that emerged in the central province of Hubei late last year.

· Japanese shares bounced back on Tuesday as sentiment improved slightly after Wall Street’s major indexes closed off their lows and Apple trimmed its losses stemming from a sales warning, although the health crisis in China remained an overhang.

Investors are cautious as the coronavirus epidemic could tip the Japanese economy, already hit by sales tax hike last October, into a recession.

The Nikkei share average closed 0.89% higher at 23,400.70, while the broader Topix recovered from the four-month closing low it hit on Tuesday to end up 0.37% at 1,671.86.

· Shares in Shanghai ended a three-day winning streak on Wednesday as worries persisted over the spreading coronavirus epidemic, which has claimed more than 2,000 lives and weighed on business activity in the country.

At the close, the Shanghai Composite index was down 0.3% at 2,975.40. The index rose in the previous three trading days. The blue-chip CSI300 index was down 0.2%.

· European stocks opened higher on Wednesday as investors monitor the spread of the new coronavirus and fresh economic data.

The pan-European Stoxx 600 climbed 0.5% at the start of the trading session, with basic resources adding 1.2% to lead gains as all sectors except utilities entered positive territory.

China’s National Health Commission said that as of Tuesday night, a total of 74,185 cases of the new coronavirus had been confirmed in the country and 2,004 people have died. A slight slowing of the rate of new cases has lifted investor sentiment, while markets are also monitoring China’s attempted return to production following a prolonged shutdown which has sparked fears over global supply chains.