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European Shares Seen Opening On Steady Note


European stocks look set to open higher on Tuesday after steep losses in the previous session on concerns about the economic and human impact of China's deadly coronavirus.

With the death toll reaching 106 in China and the virus spreading to more than 10 countries, China has already extended the Lunar New Year holiday to February 2 nationally, and to February 9 for Shanghai.

Tangshan, China's largest steelmaking city in northern Hebei province, announced today that it is suspending all public transit within the city in an effort to prevent the spread of the virus.

Asian stocks extended a global selloff as more markets resumed trading after a holiday. Concerns about coronavirus contagion has driven yields lower, the
Chinese yuan mired near its weakest level in a month in offshore trade and oil slipped to a more than three-month low, while gold held near three-week high.

It's a quiet day on the European economic front. Across the Atlantic, reports on durable goods orders and consumer confidence may attract some attention today, although the data could be overshadowed by news about the coronavirus outbreak.

U.S. stocks tumbled overnight, with all three indexes suffering their worst single-day losses in months, as worries about the spread of the China virus weighed on travel, tourism and hospitality stocks as well as companies with major exposure to China.

The Dow Jones Industrial Average and the S&P 500 both dropped around 1.6 percent, while the tech-heavy Nasdaq Composite shed 1.9 percent.

European markets also plunged on Monday as investors fretted about the coronavirus outbreak in China and its impact on the global economy.

The pan European Stoxx 600 lost 2.3 percent. The German DAX and France's CAC 40 index both slumped 2.7 percent while the U.K.'s FTSE 100 gave up 2.3 percent.

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