· Asian shares slid on Monday as fears mounted that the global coronavirus shutdown could last for months although markets regained some lost ground late in the session with Australia posting a standout jump.
U.S. and European futures also turned upwards in the Asian afternoon, with E-Mini futures for the S&P 500 up 1.1%, again after earlier losses, EUROSTOXXX 50 futures rallying 2% and FTSE futures 1.5%.
Australia’s benchmark ASX200 saw a late surge, closing up 7% after Prime Minister Scott Morrison unveiled a $130 billion ($79.86 billion) package to help save jobs.
Most other markets were down but trimmed earlier losses. Japan’s Nikkei dropped 1.57%, Shanghai blue chips were down 0.94%, and there were sharper drops in Southeast Asia, with Singapore’ benchmark index down 2.95%.
That left MSCI’s broadest index of Asia-Pacific shares outside Japan nearly flat.
· Japanese stocks retreated on Monday as the coronavirus outbreak worsened over the weekend and more countries imposed or tightened lockdown measures, raising fears that Tokyo could also go into its first-ever lockdown.
The benchmark Nikkei average dropped 1.6% to 19,084.97 after Friday’s 3.9% gain.
· China stocks ended lower on Monday as investor concerns over coronavirus-driven global shutdowns overshadowed an unexpected rate cut by the country's central bank.
At the close, the Shanghai Composite index .SSEC was down 0.9% at 2,747.21.
· European markets retreated Monday morning as the coronavirus pandemic remains in focus for investors.
The pan-European Stoxx 600 was down 2.2% in early deals having initially opened in the black. Banking stocks tumbled 4.6% to lead losses as all sectors and major bourses slid into negative territory.
Reference: Reuters, CNBC
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