REFILE-GLOBAL MARKETS-Asia stocks find footing as China markets recoup some losses

(Corrects phrasing in headline)
* Coronavirus death toll rises further
* China shares rebound after Wall St bounces
* Oil leads commodity slide on fears for China demand
* Asian stock markets : https://tmsnrt.rs/2zpUAr4

By Wayne Cole and Tomo Uetake
SYDNEY/TOKYO, Feb 4 (Reuters) - Asian stocks bounced on
Tuesday with Chinese markets reversing some of their previous
plunge amid official efforts to calm virus fears, although
sentiment remained fragile with oil near 13-month lows.
The total number of coronavirus deaths in China reached 425
as of the end of Monday, from 20,438 cases. China's central bank has flooded the economy with cash while
trimming some key lending rates, but analysts suspect more will
have to be done to offset the economic fallout from the virus.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 1.0%, led by gains in South Korea .KS11
and Australia .AXJO . Japan's Nikkei .N225 inched up 0.1%.
"Given the extent of the shutdowns in China as well as the
rapid rise in the virus that is likely to continue through March
or April, a significant hit to China and regional growth is very
likely," said JPMorgan economist Joseph Lupton.
"We would assume that in addition to bridging any funding
stresses, fiscal policies will need to be ramped up to support
growth once the contagion gets under control."
The Shanghai Composite .SSEC stood flat in choppy early
trading, while the blue-chip CSI300 .CSI300 rebounded 0.9%,
one day after an almost 8% slide on Monday as markets resumed
from the Lunar New Year holiday. Hong Kong's Hang Seng .HSI
advanced 0.7%.
"Chinese authorities have been providing a lot of support
for the financial markets. There's a level of assurance that the
rout would not be allowed to go on much further than necessary,"
Christy Tan, head of markets strategy for Asia at National
Australia Bank in Singapore.
"This could prove to be temporary if we see worse news or
little sign of reaching containment of the (coronavirus)
situation," she added.
In an effort to stop the rout, China's state-backed
Securities Times published an op-ed on Tuesday to call on
investors not to panic. That followed moves by China's securities regulator on
Monday to limit short selling and stop mutual fund managers
selling shares unless they face investor redemptions, according
to Reuters. E-Mini futures for the S&P 500 ESc1 gained 0.3%, extending
a 0.7% bounce overnight, even after disappointing earnings
results from Alphabet Inc GOOGL.O . Wall Street had taken comfort in a surprisingly solid
reading of U.S. manufacturing and the Dow .DJI ended Monday
with a rise of 0.5%, while the S&P 500 .SPX gained 0.7% and
the Nasdaq .IXIC 1.3%. .N
"This is just a typical reversal after a big fall. Vague
concerns about Wuhan virus are still weighing on U.S. stocks,"
said Masanari Takada, cross asset strategist at Nomura
Securities in Tokyo.
Factory activity rebounded in January after contracting for
five straight months amid a surge in new orders. The ISM index rose to 50.9, the highest since July, from an
upwardly revised 47.8, though the survey was taken before the
virus spread in earnest.
The upbeat report nudged Treasury yields up from deep lows
and gave the U.S. dollar a modest lift.
In early Asian trade, oil futures staged a modest rebound,
one day after slumping to the lowest in more than a year as the
coronavirus outbreak curtailed Chinese demand.
Brent crude LCOc1 added 0.5% to $54.73 a barrel, while
U.S. crude CLc1 gained 0.7% to $50.44.
A swath of commodities from copper to iron ore joined oil in
the dumpster amid fears the drag on Chinese industry and travel
would sharply curb demand for fuel and resources.
The Dalian Commodity Exchange's most-traded iron ore futures
contract DCIOcv1 , expiring in May, tumbling more than 5% in
early trade. In the currency market, the dollar firmed to 108.66 yen
JPY= , from an overnight low of 108.30, while the euro faded a
fraction to $1.1059 EUR= but remained well within recent snug
ranges.
Against a basket of currencies, the dollar bounced back to
97.837 =USD from a trough of 97.406.
Sterling was nursing its wounds at $1.2987 GBP= having
shed 1.6% overnight when the UK government laid out a tough
opening stance for future trade talks with the European Union
following its departure from the bloc last week. GBP/
The fall erased all the gains made after the Bank of
England's decision last week to keep interest rates on hold.
Spot gold was off at $1,576.34 per ounce XAU= , from a top
of $1.591.46, as the dollar firmed and safe haven demand waned a
little. GOL/

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Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
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