Asian markets continued to lose ground Thursday morning in Asia

Asian markets continued to lose ground Thursday morning in Asia as fears of a global recession caused by the COVID-19 pandemic continue to grip markets.  

Asian markets

  • Japan’s Nikkei 225 could not hold on to a strong start to the morning session. The Japanese benchmark opened up 2.34%, but quickly gave up those gains and was down 0.78% by 10:04 PM ET (02:04 AM GMT). 
  • The Bank of Japan is expected to announce an interest rate decision later this morning, with analysts forecasting a 0.10% cut.  
  • In South Korea, the KOSPI was down 5.2%.
  • Hong Kong’s Hang Seng Index dived 4.18% as markets opened but cut those losses somewhat and was down 2.62%. 
  • China’s Shanghai Composite was down 0.94% and the SZSE Component was down 0.29%. 

Oil Prices

  • Oil steadied after an overnight rout, with Brent crude settling at $24.88.

Currency Markets

  • In currency markets, the dollar is king and jumped to a three-year high overnight amid a rush for the world’s reserve currency in times of crisis.

Gold Price

  • Gold futures rose 0.6% to $1,486.45/oz.

 

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