Asian shares fall after historic Wall Street rout
Most Asian shares fell on Tuesday a day after Wall Street’s historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth.
- MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gave up early gains to trade 0.43% lower.
- Japan’s Nikkei stock index .N225 slid 2.79%.
- South Korea’s KOSPI .KS11 was off 3.2%.
- Australian shares were up 0.5% although this followed a massive plunge of almost 10% on Monday.
- In the currency market, the Swiss franc CHF=EBS, another safe haven, was little changed at 0.9470 per dollar as traders pondered policymakers next moves.
- The dollar rose 0.3% to at 106.35 yen JPY=EBS, recovering slightly from a 2% decline from the previous session as the Fed’s rate rippled through financial markets.
The euro weakened to $1.1124 from $1.1184.
- Oil prices also rose Tuesday, with U.S. benchmark crude up 3.8%, or $1.90 to $29.79 per barrel in electronic trading on the New York Mercantile Exchange. It plunged $3.03 to $28.70 on Monday.
- Brent crude, the international standard, picked up 2.1, or 63 cents, to $30.68 per barrel.
- The yield on the 10-year Treasury rose to 0.81% from 0.73% late Monday.