Japan's benchmark Nikkei 225 (N225) index plunged 3.3% on Tuesday. Markets in the country were closed Monday for a holiday when global stocks suffered a sharp sell-off.
Australia's S&P/ASX 200 ended down 1.6% Tuesday. China's Shanghai Composite (SHCOMP) dropped 0.6%.
The pain also extended to Europe, where stocks dipped for a second day. The FTSE 100 (UKX) dropped 0.7% in London while Germany's DAX (DAX) shed 0.5%.
A tentative rebound was underway in other global markets, however.
South Korea's Kospi (KOSPI) closed up 1.2% after shedding nearly 3.9% on Monday, its worst day since October 2018. Hong Kong's Hang Seng Index (HSI) also closed 0.3% higher following a 1.8% decline on Monday.
The mixed showing followed a terrible day for US stocks. The Dow (INDU) closed down 1,032 points — a 3.6% drop — for its worst day in two years. The S&P 500 (SPX) and Nasdaq Composite (COMP) each ended the day down more than 3%, too.
US futures indicated stocks would edge higher at the open. Dow, S&P 500 and Nasdaq futures were up between 0.1% and 0.3%.
Oil prices also tumbled Monday — US oil settled 3.7% lower at $51.43 per barrel, while the global benchmark Brent crude settled 3.8% lower at $56.30 a barrel. Both markets lost more ground on Tuesday.
The coronavirus outbreak has been raging for weeks, particularly in mainland China where the vast majority of the more than 80,000 confirmed cases have been recorded. But the emergence of hundreds of cases in two major economies outside of China — South Korea and Italy — have dashed hopes of a speedy recovery from the epidemic.
The virus has already wreaked havoc on global supply chains and hit company profits. Major American companies are also starting to update their revenue outlooks because of the disease.
"asian" - Google News
February 25, 2020 at 07:50PM
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