TOKYO (Reuters) – Asian shares fell on Tuesday in a topsy-turvy session following among Wall Street’s greatest one-day thrashings in history as headlines about the coronavirus outbreak and its international economic effect whiplashed financier sentiment.
Passersby using protective face masks following an outbreak of the coronavirus disease (COVID-19) are reviewed a screen showing stock costs outside a brokerage in Tokyo, Japan, March 17,2020 REUTERS/Issei Kato
Financial markets cratered on Monday with the S&P 500 SPX toppling 12%, its biggest drop considering that “Black Monday” 3 years earlier, as a series of emergency situation central bank rate cuts globally just contributed to the recent sense of investor panic.
While some markets such as U.S. stock futures bounced in Asian trade after the significant plunge, there were no convincing factors for a continual rally.
MSCI’s broadest index of Asia-Pacific shares outside Japan.MIAPJ0000 PUS quit early gains to trade 0.5%lower. Japan’s Nikkei stock index N225 fell 0.06%and South Korea’s KOSPI KS11 was off 2.16%. Australian shares were up 2.73%although this followed a plunge of nearly 10%on Monday.
” The move in U.S. stock futures prompted some purchasing of damaged down sharers and lifted dollar/yen,” stated Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
” The focus is shifting to the fiscal response to the virus. We’re locked in a pattern where markets b