| The World Health Organization officially declares the coronavirus crisis a global health emergency, Amazon shares surge after beating Wall Street estimates and this time around the inverted yield curve may not be signalling an impending recession. Here are some of the things people in markets are talking about today. The World Health Organization called the outbreak of coronavirus in China a global health emergency, citing the risk that the sometimes-deadly virus could expand to other countries beyond the smattering of cases outside China so far. Here's what that designation means. The declaration comes hours after the Centers for Disease Control and Prevention reported the first case of human-to-human transmission of the virus in the U.S., in a woman who traveled to China and then infected her husband. As confirmed cases in China have topped 8,000 and the death toll rises to 212, nations and companies are taking drastic measures to stop the spread of the disease, with the tourism industry braced for a hit worse than during the SARS outbreak of 2003. In announcing the emergency WHO Director-General Tedros Adhanom Ghebreyesus did, however, praise China's efforts to contain the outbreak so far, saying there's no need at this time for measures that interfere with travel and trade, even though many governments, airlines and businesses have already taken such steps. Still have questions about the virus? Here's everything you need to know about the coronavirus and its spread. Asian stocks looked set to snap this week's run of losses after a late-session rally in U.S. shares, as investors continue to gauge the implications of the spreading coronavirus. The S&P 500 Index, after a slide of nearly 1%, closed higher Thursday after the World Health Organization declared a global health emergency, while saying travel and trade restrictions weren't necessary. Treasuries erased gains to close flat, while futures pointed higher in Japan and Australia. China's offshore yuan pared losses to trade stronger than 7 after briefly weakening past the level for the first time this year. Elsewhere, oil slumped on growing alarm that the viral outbreak is crippling demand, prompting OPEC to consider an emergency meeting. Copper posted a record 12-day losing streak in London. The pound strengthened as the Bank of England surprised the market by voting 7-2 to keep its key rate unchanged. When a key slice of the U.S. yield curve inverted on Thursday for the first time since October, it revived memories of growth fears that plagued investors last year, and signaled doubts that the Federal Reserve will succeed in reviving inflation. But the inverting yield curve is about more than recession this time. The gap between the yield on three-month and 10-year Treasuries at one point slipped to as low as minus 2 basis points on Thursday. The spread — seen by some as a warning signal because it has inverted before each of the past seven U.S. recessions — last reached those levels as economic conditions deteriorated at the height of the trade war. While there are concerns over the coronavirus outbreak and the business cycle, the more important factors are emerging doubts over the ability and commitment of policy makers to shore up growth and spur inflation. The inversion has deepened since Chairman Jerome Powell and colleagues kept rates unchanged this week and signaled they would pull out all the stops to combat a global disinflationary downdraft. Amazon beat Wall Street earnings estimates from the key holiday quarter, showing the largest U.S. e-commerce company can invest heavily in next-day delivery without devastating its bottom line. Shares surged 10% on the news. Fourth-quarter sales were $87.4 billion and profit was $6.47 a share, the Seattle-based company said Thursday in a statement. Analysts had earlier been concerned about Amazon's lavish spending to fend off rivals in several key parts of its business: In e-commerce, the company is rolling out next-day delivery, up from its previous two-day offering, to fight intensified competition from Walmart. and other retailers. The Amazon Web Services cloud business is building new data centers and hiring engineers in response to steady gains by Microsoft and a renewed customer push from Alphabet Google. On top of that, Amazon continues to plow money into overseas markets such as India and Brazil. Still, although Amazon stock has climbed about 12% in the past year, it's been lagging behind tech industry peers. India's annual budget on Saturday is Prime Minister Narendra Modi's second opportunity in seven months to refresh policy priorities to support an economy on a downward spiral. Finance Minister Nirmala Sitharaman is set to outline fiscal steps that may include higher spending in rural areas and possible tax cuts when she delivers her second budget speech in New Delhi. The government is expected to widen its budget deficit target for the year through March to 3.8% of gross domestic product from a planned 3.3%. Sitharaman has had to contend with weaker tax revenue as the economy slowed, and lower-than-expected income from assets sales. She may be forced to borrow more and tap the Reserve Bank of India for more dividends to help finance the budget. Here's what to watch for. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Tracy's interested in this morning China's pledged to buy almost $80 billion of extra American goods this year as part of its "phase one" trade deal agreed with the U.S. It's always been unclear whether it will be able to purchase enough to reach that number — now that question mark is looming even larger. A big chunk of China's economy has been shut down as it strives to contain the coronavirus, putting into doubt its ability (or desire) to buy additional American goods.  Interestingly, as Bloomberg notes, there is a clause in the deal terms that exempts parties "in the event that a natural disaster or other unforeseeable event" prevents them from fulfilling their obligations. One might imagine the coronavirus outbreak and subsequent quarantine of millions of people would fit that language. In which case, it's worth wondering how U.S. President Donald Trump might react. Just months before the 2020 election, he'll be under pressure to keep the U.S. economy humming, of course. But easing up on China in the midst of its domestic crisis could also be an opportunity to heal bilateral relations after tense trade negotiations. Either way, this will be interesting to watch. You can follow Bloomberg's Tracy Alloway at @tracyalloway. Australia has some big decisions to make about its future. For a fresh perspective on the stories that matter, sign up for our weekly newsletter. | 
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