Asian Stocks Plunge as Most Major Indices Slump 3% Amid Coronavirus Fears

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEB810CQ_M.jpg
© Reuters. © Reuters.

By Alex Ho

Investing.com – Stocks in Asia plunged on Friday morning, with most major indices slumping around 3% amid fears about the spread of the coronavirus globally.

China’s and the plunged 3.4% and 4.4% respectively by 10:55 PM ET (03:55 GMT).

The traded 2.4% lower after data showed Hong Kong’s private home prices fell for the second straight month in January.

Prices fell a revised 1.6% in December. January prices were 4.7% lower than the peak in May 2019, according to the data released today.

Japan’s fell 3.8%. While not a directional driver today, official data on Friday showed the country’s factory output rose 0.8% in January from the previous month, compared to the expected 0.2% gain and a downwardly revised 1.2% rise in the previous month.

South Korea’s slid 2.8%.

Down under, Australia’s lost 3.0%.

Global shares are now on course for the worst week since the 2008 financial crisis, down more than 10% this month’s peak after the World Health Organization said Thursday that the coronavirus outbreak has the potential to become a pandemic and is at a decisive stage.

Overnight, U.S. stocks closed lower again after California’s governor Gavin Newsom said the state is monitoring 8,400 people for signs of exposure.

Just a day earlier, the CDC confirmed the first infection to a patient in California who did not have “relevant travel history or exposure to another known patient,” stoking fears health authorities would struggle to contain the outbreak.

The S&P 500 closed down 4.4%, while the Jones slumped 4.4% and Nasdaq plunged 4.6%.

Despite the news, President Donald Trump said his administration has done an “incredible job” preventing the spread of coronavirus, pointing out the U.S. has 15 people who contracted the virus “instead of thousands of people.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.