* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Equities cautiously higher in Asia
* Investors trying to measure spread of coronavirus
* Oil prices extend rebound from 13-month lows
By Stanley White
TOKYO, Feb 12 (Reuters) - Asian shares and Wall Street
futures nudged higher on Wednesday amid hopes the worst of the
coronavirus in China may have passed, although prevailing
uncertainty about the outbreak has kept investors wary.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS was up 0.1%. Australian shares .AXJO were up
0.27%, while Japan's Nikkei stock index .N225 rose 0.45%.
Oil futures, which have been in a downtrend since the start
of the year, rose in Asia from 13-month lows due to budding
optimism about the virus and hopes that output cuts by major
producers will support prices.
The yuan held gains in offshore trade and safe-havens such
as Treasuries, the yen and the Swiss franc were marginally
weaker in a sign of slowly improving sentiment.
The global mood brightened after China's senior medical
adviser said on Tuesday the number of new coronavirus cases was
falling in some provinces and forecast the epidemic would peak
this month. The number of new cases in Hubei, the province at the
epicentre of the outbreak, was 1,068 as of Tuesday, down from a
peak of over 3,000 new cases on Feb. 4, and the lowest number of
new infections since Jan. 31.
Investors will likely need to see more evidence that the
virus, which emerged in the central Chinese city of Wuhan late
last year and has spread to 24 other countries and territories,
is indeed receding before they take on more risk.
Concerns that the virus will slow factory activity and
consumer spending in the world's second-largest economy have
roiled global stocks and commodities, and many of these markets
are still trying to regain their footing.
"Evidence suggests the positive mood will continue, and we
see some coordination in markets with oil rallying, base metals
up and Treasuries coming under pressure," said Michael McCarthy,
chief market strategist at CMC Markets in Sydney.
"It does appear there is increasing comfort that the virus
won't impact growth in a significant way, but I am not ready to
buy risk assets yet."
U.S. stock futures ESc1 rose 0.12% in Asia on Wednesday.
The S&P 500 .SPX and the tech-heavy Nasdaq .IXIC inched to
their second consecutive closing high on Tuesday.
Benchmark 10-year Treasury notes US10YT=RR fell further in
Asia, pushing yields up to 1.6057%.
Treasury prices declined on Tuesday after U.S. Federal
Reserve Chair Jerome Powell said the U.S. economy is resilient.
Powell also said he is closely monitoring the coronavirus in
China, because it could lead to disruptions that affect the
global economy. Chinese firms and factories are struggling to get back to
work after the extended Lunar New Year holiday. Some companies
say they need loans and are laying off workers as supply chains
for global firms from car manufacturers to smartphone makers
ruptured. China's foremost medical adviser on the outbreak, Zhong
Nanshan, told Reuters numbers of new cases were falling in some
provinces and forecast the epidemic would peak this month,
although investors remained sceptical. In the commodities market, U.S. crude futures CLc1 ticked
up 0.32% to $50.10 a barrel on hopes that Chinese demand for oil
will pick up once the flu-like virus is contained.
Saudi Arabia wants global oil producers to agree a quick
supply cut in response to the coronavirus, sources familiar with
the kingdom's thinking have told Reuters, which is another
supportive factor for crude futures. In the offshore market, the yuan CNH=D3 was little changed
at 6.9682 per dollar but close to a two-week high.
The yen JPY=EBS traded at 109.82 versus the greenback, on
course for its third day of decline, while the Swiss franc
CHF=EBS held steady at 0.9755 against the dollar.
(Editing by Sam Holmes)