· Asian shares tumbled on Thursday, led by the biggest slide in Chinese stocks in more than eight months, as investors grew more anxious about the spread of a new flu-like virus in China just as millions prepared to travel for the Lunar New Year.
The likely hit to airline travel from the contagion sent oil futures skidding to seven-week lows, while the International Energy Agency’s warning of an oil surplus and a larger-than-expected increase in U.S. crude inventories re-kindled fears of excess supply.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.07%.
· Japanese shares skidded to two-week lows on Thursday, led by commodity-related and other cyclical stocks, as heightened anxiety about the spread of a new coronavirus in China sapped confidence.
Investors were also wary ahead of corporate earnings, pushing the Nikkei share average down 1.0% to 23,795.44, its lowest closing level since Jan. 10. The broader Topix fell 0.8% to 1,730.50.
A broad range of shares fell, with all but two of the Tokyo Stock Exchange’s 33 industry subindexes in negative territory.
· Stocks in mainland China dropped on Thursday, leading losses among major markets regionally as the death toll rises in China due to a pneumonia-causing virus outbreak.
The Shanghai composite fell 2.75% on the day to around 2,976.53 while the Shenzhen component dropped 3.52% to close at 10,681.90. The Shenzhen composite also declined 3.451% to end its trading day at approximately 1,756.82.
· European markets opened lower Thursday amid increasing concerns over the spread of the China coronavirus and worries that the EU is the next target on President Donald Trump’s trade list.
The pan-European Stoxx 600 fell 0.3% in early trade, with basic resources dropping 1.1% to lead losses as almost all sector and major bourses entered negative territory.
Reference: Reuters, CNBC
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