Asian shares stumble, oil skids and commodities on Chinese exchanges plunge on their first trading day after the Lunar New Year break on fears that the coronavirus epidemic will hit demand in the world’s second-largest economy by Swatisays
SYDNEY - Asian shares stumbled on Monday, oil skidded and commodities on Chinese exchanges plunged on their first trading day after a long break on fears the coronavirus epidemic will hit demand in the world’s second-largest economy
Despite the measures, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4%, on track for its eighth straight day of losses.Japan’s Nikkei stumbled 0.9% while Australia’s benchmark index skidded 1.2%, while New Zealand shares dropped 1.5%. In a bid to cushion the impact on China’s economy, the country’s central bank cut reverse repo rates by 10 basis points and injected 1.2 trillion yuan of liquidity into the markets on Monday.
Economists at Citigroup said the steps taken by Chinese authorities were “unlikely to be sufficient to curtail a sharp downturn in Q1.” “We still believe that economic activities should recover swiftly once the number of new cases comes under control, and subsequently market sentiment should also improve,” said JPMorgan Asset Management Asia Chief Market Strategist Tai Hui.
The risk-sensitive Australian dollar, which is often traded as a liquid proxy for the Chinese yuan, tumbled 2% last week to hit a four-month trough of $0.6683. It was last up 0.2% at 0.6701.
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