U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
The Australian bonds rallied during Asian session of the first trading day of the week Monday, ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting, scheduled to be held on February 4 by 03:30GMT amid an increase in the death tolls as well as number of affected cases from the Coronavirus.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, plunged nearly 6 basis points to 0.915 percent, the yield on the long-term 30-year bond slumped nearly 7 basis points to 1.508 percent and the yield on short-term 2-year lost nearly 4 basis points to trade at 0.619 percent by 04:05GMT.
All eyes on the Chinese financial markets re-opening today, especially with the first reported death from the coronavirus outside China in the Philippines and China’s death toll hit at least 361, albeit China’s PBOC plans to inject CNY150 billion into the money markets, OCBC Treasury Research reported.
Wall Street declined on Friday, with the S&P500 down by 1.77 percent, whereas UST bonds rallied to push the 10-year yield down to 1.50 percent. Other risk assets like crude oil prices also declined on reports that Chinese oil demand had fallen by around 20 percent or 3 million barrels a day on the coronavirus outbreak also lent a risk-off tone, the report added.
"Asian markets are likely to brace for the return of Chinese financial markets to play catch-up to the risk-off arising from the coronavirus outbreak," OCBC further commented in the report.
Meanwhile, the S&P/ASX 200 index traded tad 0.44 percent higher at 6,866.50 by 04:10GMT.
