Asian shares were dragged to near two-month lows on Monday by Chinese markets, w...
SYDNEY - Asian shares were dragged to near two-month lows on Monday by Chinese markets, which plunged on their first trading day after a long break on fears the coronavirus epidemic would hit demand in the world’s second-largest economy.
While China’s losses were heavy, they were mostly a product of selling pressure that had built up over the Lunar New Year break, not a reflection of new market fears. In contrast, futures for U.S. and European shares inched up, oil pared early losses while safe havens Japanese yen and gold stepped back from recent highs.
Yet, Asian markets, more broadly, remained in a sell-off mode with MSCI’s broadest index of Asia-Pacific shares outside Japan down for an eighth straight day to be off 0.9% at 527.39 points, its lowest since early December. A total of 361 people have died in China from the coronavirus with the first death out of the mainland reported on Sunday in the Philippines.In a bid to soften the blow 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.
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