Oil prices were steady on Friday as traders watch the situation after the World Health Organization(WHO) saying it is still too early to declare the outbreak in China as a global public health emergency. On the supply side, the Energy Information Administration (EIA) said on Thursday that U. crude oil and distillate inventories dropped last week while gasoline stockpiles grew for an 11th straight week to an all-time high. US crude oil (WTI) was at t$55.62 a barrel, at around 03:37 AM GMT, while Brent crude was at $62.05 per barrel. For the week, WTI fell 5% and Brent is down 4%.

The Australian stock market advanced on Friday afternoon, after the Word Health Organization (WHO) announced the coronavirus that has killed 25 people in China and infected more than 800 “an emergency in China” but stopped short of declaring the epidemic of international concern. The benchmark S&P/ASX 200 added 17 points or 0.23% to 7,105, at around 02:07 PM AEDT. The Broader All Ordinaries index also gained 16 points or 0.23 percent higher to 7,215.

Major stock markets in Asia, including China and South Korea, are closed on Friday ahead of the Lunar New Year celebration that starts on Saturday. Meanwhile, Hong Kong's Hang Seng index fell 34 points or 0.12% to 27.877, on Friday, at around 10:51 AM Hong Kong time, with stocks set to close early at 12:00 PM. Investors remained cautious over the rapid spread of the coronovirus, even after the World Health Organization(WHO) said it is still too early to declare the outbreak in China as a global public health emergency.

Japan's Nikkei 225 lost 37 points or 0.2% lower to 23,754, on Friday, at 11:35 AM Japan time, as investors continue assessing the impact of a fast-spreading coronavirus after Japan's health ministry confirmed a second case of in the country. The death toll in China has now risen to 25, while the number of confirmed cases jumped to 830. On economic front, official data showed that annual core consumer inflation, which excludes fresh food, rose to 0.7 percent in December from 0.5 percent in November, the most since May, but remaining way below the Bank of Japan's 2 percent target.

The Jibun Bank Japan Services PMI surged to 52.1 in December 2019 from 49.4 in the prior month. This was the highest reading since September, as both new orders and employment expanded faster while overseas sales shrank at a softer rate. In terms of prices, selling prices rebounded, while input cost rose faster. Finally, sentiment weakened but remained positive.

The Jibun Bank Japan Manufacturing PMI rose to 49.3 in December 2019 from 48.4 in the previous month and beating market consensus of 48.7, a flash figure showed. This marked the ninth straight month of contraction in the manufacturing sector but the slowest since August, as both output and new orders shrank at softer rate, while there was a rebound in export sales. In addition, employment grew faster, with backlogs of works declining faster. On the price front, output price rose following a decline in November, while input prices increased less. Finally, confidence strengthened.

The Commonwealth Bank Composite PMI for Australia fell to 48.6 in January of 2020 from 49.6 in December. The reading pointed to the third straight month of contraction in private sector activity and the worst on record, flash figures showed. Services led the fall (48.9 from 49.8) and manufacturing also shrank faster (49.1 from 49.2). Output fell sharply while new orders and employment increased. The rate of input cost inflation softened again to a nine-month low, but companies raised their output prices at a sharper pace than in December. Confidence in the 12-month outlook for business activity improved to a four-month high in January, but was still relatively muted. Stronger optimism was reflective of improving sentiment at service providers, while manufacturers were less upbeat.

Wall Street closed mixed on Thursday, recovering from earlier losses as concerns about the coronavirus calmed after the Word Health Organization said it is too early to consider the virus a public health emergency of international concern. On the earnings front, Procter & Gamble posted lower-than-expected revenues while quarterly earnings for both Comcast and Travelers beat forecasts. The Dow Jones lost 26 points or 0.1% to 29160, the S&P 500 edged up 4 points or 0.1% to 3326 and the Nasdaq added 19 points or 0.2% to 9402.

Malaysia's leading economic index declined by 0.2 percent month-over-month in November 2019, after a 1.4 percent rise in the previous month. This was the first decline in leading economic index since August, as three out of seven components posted decreases : real imports of other basic precious & other non-ferrous metals (-0.4 percent), number of housing units approved (-0.4 percent), and number of new companies registered (-0.1 percent). Year-on-year, the index rose 1.1 percent in November, after a 1.5 percent gain in October. Meanwhile, the coincident index, which measures the overall current economic performance, increased 0.3 percent month-on- month in November, following a 0.9 percent rise in October.