· Asian stocks slipped and so did the region’s currencies on Thursday, as virus cases rose in South Korea and Japan and investors quit local assets in favor of safety further afield.
China has reported a large drop in new cases and announced an expected interest rate cut to buttress its economy.
But that came together with a jump in infections in South Korea, two deaths in Japan and researchers finding that the pathogen spreads more easily than previously believed.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3%, led by drops on Hong Kong’s Hang Seng and South Korea’s KOSPI.
· Japanese stocks ended higher on Thursday as a rapidly weakening yen, which hit a near 10-month low versus the dollar overnight, lifted export-focused automakers, but the gains were capped by concerns over the impact of the coronavirus outbreak.
The benchmark Nikkei average ended up 0.3% at 23,479.15, while the broader Topix added 0.2% to 1,674.48.
Both indexes erased most of their early gains on news that two passengers from the virus-hit cruise ship moored near Tokyo have died and 29 people were in a serious condition, analysts said.
· Chinese stocks closed at a fresh one-month high on Thursday, boosted by a widely-expected cut in the benchmark prime lending rate and a slower rate of new coronavirus infections in the country.
The Shanghai Composite index ended 1.8% higher at 3,030.15, its highest closing level since Jan. 22.
· European markets opened mostly lower on Thursday despite a slowdown in the spread of the coronavirus in mainland China, that has helped other markets to advance.
European markets opened mostly lower on Thursday despite a slowdown in the spread of the coronavirus in mainland China, that has helped other markets to advance.
Reference: CNBC, Reuters
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