Global markets are at a goldilocks juncture. The collective judgement is that the coronavirus outbreak will soften important economies enough to justify central bank support, but not enough to derail them.  This reading of current conditions lifted assets across the board in overnight trading.

The commitment from authorities in China to soften the economic impact of COVID19 has quelled market concerns. Increased money supply, corporate tax cuts, reductions in government expenses and the creation of a “virus bonds” market to support affected companies reassured investors around the globe.

European and US stocks rose again, setting new records. Oil prices accelerated, jumping almost 3%. Gold is trading at seven year highs, and bonds lifted or held higher ground. The exception is the Japanese Yen, which shed more than 1% as traders postulated a technical recession and increased viral risk to an already weakened economy.

Australian investors could see a new high-tide mark for the local market on one of the peak corporate reporting days. A further 23 top 200 companies front shareholders today. Viva Energy, Bingo Industries and Origin Energy have released earnings ahead of Bloomberg estimates, while Qantas, Supercheap Retail and Perpetual are lower.