(Bloomberg) — Stocks climbed alongside U.S. index futures after China took steps to contain the spread of a deadly virus that had rattled international markets. Haven assets retreated.

Gains in utilities and media shares led the Stoxx Europe 600 Index higher at the open, taking a cue from Asia, where the major markets rebounded. Shanghai shares erased losses after Beijing said it will start a nationwide screening effort to tackle the outbreak. Contracts on the three main U.S. equity indexes all ticked higher.

Treasuries and the yen dipped after gaining Tuesday on news of the contagion and potential disruption to spending during China’s week-long Lunar New Year. The yuan edged higher, after tumbling the most in almost five months Tuesday in onshore trading. Italy’s sovereign bonds sank amid political turmoil.

A sense that China is coming to grips with containing the respiratory virus gave traders the chance for bargain-hunting following yesterday’s declines, even as millions are set to travel during the holiday. Helping sentiment were growth data that topped estimates in South Korea, continuing a recent run of macro reports that have supported the case for a recovery in global economic expansion.

“I would expect a lot of people — candidly, like we are — that are looking for opportunities to buy rather than sell” amid the dip in stocks caused by virus-contagion worries, Lamar Villere, partner and portfolio manager at Villere & Co., said on Bloomberg TV. “I don’t think this is going to be the beginning of the end.”

Elsewhere, West Texas crude slipped below $58 a barrel as ample global supplies offset the loss of exports from Libya.

Here are some events to watch out for this week:

Companies including Johnson & Johnson, Texas Instruments Inc., Intel Corp. and Procter & Gamble Co. will post results.Policy decisions are due from central banks in Canada, Indonesia and the euro region.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.

These are the main moves in markets:

Stocks

The Stoxx Europe 600 Index climbed 0.2% as of 8:18 a.m. London time.Switzerland’s SMI Index gained 0.5%.Futures on the S&P 500 Index increased 0.4%.Nasdaq 100 Index futures jumped 0.7%.The MSCI Asia Pacific Index increased 0.6% to 173.57.

Currencies

The Bloomberg Dollar Spot Index gained 0.1% to 1,195.92.The British pound was little changed at $1.3045.The euro was little changed at $1.1078.The Japanese yen weakened 0.1% to 109.98 per dollar.The Swiss franc weakened 0.3% to $0.9712.

Bonds

The yield on 10-year Treasuries advanced one basis point to 1.78%.Germany’s 10-year yield advanced less than one basis point to -0.25%.Britain’s 10-year yield climbed less than one basis point to 0.633%.Japan’s 10-year yield dipped less than one basis point to 0.002%.

Commodities

West Texas Intermediate crude fell 0.7% to $57.96 a barrel.Gold weakened 0.2% to $1,554.67 an ounce.LME nickel gained 0.8% to $13,770 per metric ton.

–With assistance from Christopher Anstey and Andrew Janes.

To contact the reporters on this story: Adam Haigh in Sydney at [email protected];Todd White in Madrid at [email protected]

To contact the editors responsible for this story: Sam Potter at [email protected], Robert Brand

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