Japan's Nikkei 225 (N225) led declines across the region, last trading down nearly 3.2%. South Korea's Kospi (KOSPI) fell 2.3%, while Hong Kong's Hang Seng Index (HSI) dropped 2.1%. China's Shanghai Composite (SHCOMP) declined 1.1%.
Most of those indexes are still positive for the week, but the wild swings over the past few days indicate how uncertain the unfolding outbreak has become. There are now nearly 98,000 confirmed cases of coronavirus worldwide, and almost 3,400 deaths. South Korea, Italy, Japan and Iran have become particular hotspots, recording the most cases outside of mainland China.
Friday's losses in Asia followed a nearly 1,000-point drop for the Dow (INDU) overnight. The steep declines came after the index recorded two 1,000-point gains and an 800-point loss earlier this week.
The S&P 500 (SPX), meanwhile, fell 3.4% The benchmark is down 6.4% for the year.
As Asian markets fell Friday, so did US stock futures. Dow futures were last down 230 points, or 0.9%. S&P 500 and Nasdaq Composite (COMP) futures fell roughly 1% each, indicating that the pessimism may carry over into New York again on Friday.
"The economic impact of the coronavirus has always been about fear of the virus," wrote Stephen Innes, chief market strategist at AxiCorp, in a Friday research note. "Markets have shifted from pricing temporary China weakness to a more protracted global event, which will see a good chunk of global GDP go up in smoke."
On Friday, S&P Global Ratings downgraded its economic outlook for Asia Pacific, saying the coronavirus could knock $211 billion from incomes and slow economic growth in the region to 4% for the year. The ratings agency had earlier forecast growth of 4.8%.
Innes noted early in the morning that some industries are expecting steep losses as the outbreak rages on. Global airlines stand to lose $113 billion in sales if the coronavirus continues to spread, according to the latest assessment from the International Air Transport Association. Just two weeks ago, IATA had been expecting lost sales in the range of $30 billion.
Investors, meanwhile, have started plowing their money into safe haven assets as fears take hold. Gold settled up 1.5% at $1,666.40 an ounce on Thursday, and the 10-year Treasury yield fell below 0.91%, reaching a new all-time low. The closely watched bond yield dropped below 1% for the first time on Tuesday.
-- Sherisse Pham contributed to this report.
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March 06, 2020 at 11:27AM
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