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Tech & Science Asian stocks extend losses as pandemic fears grow

04:00  27 february  2020
04:00  27 february  2020 Source:   reuters.com

Asian shares ease off three-week highs as virus fears return

  Asian shares ease off three-week highs as virus fears return Asian shares ease off three-week highs as virus fears returnTrading is expected to be light as U.S. stocks and bond markets will be shut on Monday for a public holiday.

Most new virus cases are now being reported outside China - the origin of the outbreak - with South Korea, Italy and Iran emerging as new epicenters. Brazil reported its first infection overnight and U.S. health authorities have said a global pandemic is likely. President Donald Trump, who played down.

SINGAPORE (Reuters) - Oil and Asian share markets slipped on Thursday, struggling to find a footing as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds.

a scoreboard above a pizza: A man is reflected on a board showing stock prices outside a brokerage in Tokyo © Reuters/Kim Kyung Hoon A man is reflected on a board showing stock prices outside a brokerage in Tokyo

Oil and Asian share markets slipped on Thursday, struggling to find a footing as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds.

Most new virus cases are now being reported outside China - the origin of the outbreak - with South Korea, Italy and Iran emerging as new epicentres.

Brazil reported its first infection overnight and U.S. health authorities have said a global pandemic is likely.

President Donald Trump, who played down the risks - comparing the new virus to the flu - appeared to offer little support to markets focused on news of the pathogen's spread.

Stocks give up earlier gains as coronavirus fears linger

  Stocks give up earlier gains as coronavirus fears linger Stocks gave back earlier gains Wednesday as the 10-year Treasury yield traded near record lows amid concerns over the coronavirus spreading even further. The Dow was down 120 points after rising as much as 461 points earlier in the session. The S&P 500 down 0.3% after rallying more than 1%, while the Nasdaq edged 0.1% higher.

Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows.

Asian stock markets have followed Wall Street lower after a rise in virus cases in South Korea refueled investor anxiety about China's disease outbreak. Oil prices recovered some recent losses in Asia , but there are lingering concerns that expected output cuts by major oil producers will not be enough to

U.S. stock futures fell as far as 1% as he spoke.

MSCI's broadest index of Asia-Pacific shares outside Japan traded either side of flat. Australia's S&P/ASX 200 <.AXJO> was 0.5% lower, for a loss of more than 6% this week so far. Japan's Nikkei <.N225> fell 1.4%.

Fresh record-low yields on benchmark 10-year U.S. Treasuries overnight, though, and the morning's firm gold price underscored the nervous mood.

"The market was complacent until last week as central banks and governments were at the rescue," said Desh Peramunetilleke, head of microstrategy at Jefferies in Hong Kong.

"The rising infection cases beyond Chinese shores has certainly raised the pandemic risk," he said.

"The current earnings estimates do not yet factor in such risk and are therefore vulnerable to further downgrades."

Wall St volatility continues and Australian dollar hits 11-year low as coronavirus reports drive trade

  Wall St volatility continues and Australian dollar hits 11-year low as coronavirus reports drive trade The Australian share market may open lower after a mixed lead from overseas markets.During the US session, the major indices were in positive territory, before falling back into the red, potentially extending the coronavirus-fuelled sell-off to the third session on Wall Street.

TOKYO (Reuters) - Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows. Oil prices recovered some recent losses in Asia , but there are

TOKYO (Reuters) - Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic drove Oil prices recovered some recent losses in Asia , but While the stock rout has been global, the recent pace of selling in Asia has not been as severe as it

Overnight on Wall Street, the Dow Jones <.DJI> fell almost half a per cent and the S&P 500 <.SPX> 0.4% - a slowdown from consecutive days of 3% drops that have put the indexes underwater for the year so far.

SHRINKING CHINA

The virus has driven an enormous flight of assets out of Asia as investors try to isolate themselves from both the outbreak itself and the cost of what has now been more than a month of paralysis in the world's second-biggest economy.

New Zealand's finance minister said immediate fiscal stimulus may be needed to stem the damage in his country.

Capital Economics now expects Chinese growth to contract this year.

"The economic risks from extended disruption are non-linear," Capital's chief Asia economist and its senior China economist, Mark Williams and Julian Evans-Pritchard, said in a note.

"The longer it continues, the more likely it is that some firms won't be able to pay workers, and will have to either cut pay, lay people off or shut down altogether."

The latest wave of selling has already driven the China-sensitive Australian dollar to a new 11-year low and pushed U.S. oil to a one-year trough, where they mostly sat on Thursday.

Last at 1.3271%, the yield on benchmark U.S. 10-year Treasuries is less than 3 basis points firmer than an all-time low hit overnight.

U.S. crude made a fresh one-year low of $48.17 per barrel in Asian trade, while gold rose 0.3% to $1,644.30 per ounce.

(Reporting by Tom Westbrook; additional reporting by Paulina Duran in Sydney; editing by Richard Pullin)

Wall Street rebound fails to ignite Australian share market .
Australian shares are expected to suffer heavy losses for the eighth trading day in a row despite global markets recovering slightly from coronavirus fears. By 7:05am (AEDT), ASX futures were sharply down 50 points or 0.8 per cent. It was a volatile session in futures trading overnight, which fluctuated between positive and negative.The Australian dollar has lifted back to 65.3 US cents, but is still near its lowest value in more than a decade.Meanwhile, investors will be paying close attention to the Reserve Bank this afternoon.

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