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The surge of coronavirus cases outside of China is a rising risk to global economies and credit markets, S&P Global Ratings said in a recently published report. 

“With COVID-19 now present in more than 70 countries, the global macro impact has doubled since our last update on February 11,” the S&P noted, per Reuters. “Stabilization of the health situation due to coronavirus and macroeconomy is like to happen during the second quarter.”

Market sentiment

Markets remain risk-averse on Tuesday with Wall Street’s main indexes losing more than 1% and the 10-year US Treasury bond yield erasing 11.3% on the day.