The global economy is feeling the effects of the viral outbreak.

European markets showed signs of recovery early on Tuesday following a decline on Monday due to investor worries about the economic impact of the new coronavirus originating from Wuhan. The same day, Facebook took a precautionary measure by advising its employees to avoid traveling to China, becoming the first major US tech company to do so.

While many companies have prohibited their staff from traveling to China, Facebook stopped short of a complete ban. Meanwhile, several automakers have already begun evacuating their employees from China as the death toll from the coronavirus continues to rise, with over 4,500 confirmed cases and more than 100 fatalities reported. Facebook emphasized that its decision is driven by a sense of vigilance.

Following reports of additional casualties, the stock market experienced a decline on Monday. However, on Tuesday, the STOXX 600 in Europe rebounded by 0.5%, reaching its previous close from Monday. Futures on Wall Street also showed an upward trend. Although Chinese markets remained closed throughout the week, Asian stocks such as the Nikkei fell by 0.5% on Monday but recovered on Tuesday. Brent oil prices rose to $59 per barrel after hitting a three-month low of $58.50.

Traditional safe-haven assets like gold and the Japanese Yen, which surged on Monday, have now returned to more stable levels. Spot Gold, which peaked at its highest value since 2013 on Monday, has slightly weakened.