MARKETS

The positive sentiment filtered through to oil markets, where dealers are betting on major producers cutting output to address tumbling demand.

Growth forecasts for the first quarter of 2020 and the year as a whole have been lowered by most economists.

The panic has already caused a bloodbath on trading floors and there are warnings there could be worse to come.

Investors are growing increasingly fearful about the economic impact with companies including Apple, Microsoft and drinks giant Diageo.

With cases being reported in new countries, traders are growing increasingly fearful about the impact on the global economy.

On Monday, South Korea reported 161 more cases, taking its total to 763 and making it the world's worst hit country outside China.

Stock prices on Wall Street saw solid gains across the board.

The virus has sparked panic buying, economic jitters and the cancellation of high-profile sporting and cultural events.

The Chinese government decided late Sunday it would extend the holiday and related school closures beyond January 30.

China had taken "very, very strong measures" to contain the outbreak.

Apart from last week's blip caused by the US assassination of Iran's top general, markets have enjoyed a strong start to the new decade.

The two sides have until the end of the year to secure an agreement.

Donald Trump announced last week that the two countries would sign the mini agreement

The crisis has jolted investors, who had been in an upbeat mood as China and the US prepare to sign their mini trade deal next week.

Asian investors are also watching for key policy announcements early in the New Year.

Stocks took their lead from a mixed finish to a quiet week on US trading floors after the Dow edged to a fresh record on Friday.

A report by Mastercard Spending Plus estimated that holiday shopping sales rose by a better-than-expected 3.4 percent this year.

Volumes are typically light during the holiday season, and the muted activity in Asia followed sleepy Christmas Eve sessions in many world markets.

With very little by way of market-moving events on the horizon, analysts are expecting a quiet week.

The EU earlier imposed duties on imports of subsidised biodiesel from Indonesia.

The removal of uncertainty surrounding Brexit allowed markets to breathe a huge sigh of relief.

Analysts surveyed by Bloomberg News had forecast an increase of 4.3 percent on-year.

The pound slipped meanwhile on talk that a Bank of England rate cut could be in the pipeline

US President Donald Trump in September piled even more tariffs on China

The new mini-deal includes a surge in Chinese purchases of American farm exports.

The Russia-Africa Summit is set for next Wednesday and Thursday in the Black Sea resort of Sochi.

Trump called the deal "the greatest and biggest deal ever made for our Great Patriot Farmers in the history of our Country"

The pound fell to $1.2271, the lowest point in nearly four weeks

Situation becomes more volatile as Trump awaits definitive information on who is responsible behind attacks.