Markets In Asia Set For More Losses As COVID-19 Spreads

Stock markets in Asia fell due to the COVID-19 outbreak.

MARKETS IN ASIA – Stock futures fall on Monday as investors were anxious by China’s weekend data, showing its fastest ever contraction in factory activity.

This, as China’s weekend data raised fears of a global recession from the 2019 novel coronavirus, named COVID-19. Pandemic feared pushed markets off a sheer drop last week, wiping more than USD 5 trillion from global share market value as stocks suffered their sudden fall in more than a decade.

The sudden scale of losses has prompted financial markets to price in policy responses from the US Federal Reserve to the Bank of Japan and the Reserve Bank of Australia. Stock futures now implied a full 50 basis point cut by the Federal in March, while Australian markets were priced in a quarter-point cut at its Tuesday meeting.

In equities, e-minis for the S&P500 declined more than one percent in early trading in Asia, while stock futures for Japan’s Nikkei implied a two-percent drop. Shares from Australia and New Zealand, on the other hand, were down 2.2% and 3.2%, respectively, in early trade.

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