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Good morning. China’s stock market reacted to the coronavirus outbreak as key institutions devised plans to stem its impact, and while Brexit may well have already happened, the real negotiations are only just beginning. Here’s what’s moving markets.

Chinese Stocks Crash

China’s CSI 300 Index plunged as much as 9% as trading resumed in Shanghai following the extended Lunar New Year holiday, even after Beijing unveiled a raft of measures aimed at stemming the financial impact of the spreading coronavirus. China pledged aid to companies hit by the outbreak and added a net 150 billion yuan ($21.7 billion) into money markets, while banks were told to lend more and not call in loans to companies in Hubei and other affected regions. The death toll has now surpassed 360, with confirmed cases in the country topping 17,000. In Europe, stock futures are suggesting a higher open.

OPEC Weighs Options

It’s not just money markets that might need support amid the coronavirus outbreak. OPEC and its allies are considering how to respond, with Russia signalling for the first time it’s open to Saudi Arabia’s push for an emergency meeting, which could take place this month. Brent crude futures sank overnight after a report saying Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, in probably the largest demand shock the oil market has suffered since the global financial crisis.

Johnson’s Speech

Alongside handling the fallout of yet another London terrorism incident, Boris Johnson is preparing for his first speech on Brexit since Britain left the European Union last week. The U.K. prime minister will tell business leaders and diplomats later that he’s prepared to quit talks over a future trading relationship with the EU if they don’t go his way, while Brussels negotiators, meanwhile, are also set to publish their own mandate today. Here’s the state of the British economy, ahead of the discussions. The pound edged lower this morning, as the Brexit battle resumes

Closing Arguments

U.S. senators will hear closing arguments in Donald Trump’s impeachment trial later, followed by two days of debating before a vote Wednesday that’s expected to see the president acquitted the day after he delivers his State of the Union address. Republicans have been defending their votes to prevent new witnesses being called, with polling released on Sunday showing voters remain divided along partisan lines about the case. Here’s a recap of how we got here

Coming Up…

Heavyweights from every sector release earnings this week, but as usual, Monday’s slate is light. First-quarter earnings from MRI scanner-maker Siemens Healthineers AG missed estimates, while budget airline Ryanair Holdings Plc posted a profit for its winter low season but said an earnings boost from Boeing Co.’s grounded 737 Max jetliner probably won’t kick in for another year. There’s a big deal in the payments industry, with Worldline SA agreeing to buy Ingenico Group SA for $8.65 billion. Elsewhere, there’s purchasing managers index data due in this region and the closely watched Institute for Supply Management’s manufacturing numbers coming from the U.S.

What We’ve Been Reading

This is what’s caught our eye over the weekend. 

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