Asian markets are rebounding as coronavirus cases mount
Stocks in the region started the day lower, but almost all major indexes are now trending positive.
Japan’s Nikkei 225 (N225) was last up 1.3%, reversing earlier loses as Bank of Japan Governor Haruhiko Kuroda promised that the central bank would provide “ample liquidity” to ensure stability in financial markets.
South Korea’s Kospi (KOSPI) moved up nearly 1% after spending part of the morning in negative territory. Hong Kong’s Hang Seng Index (HSI) was up 0.9%, while China’s Shanghai Composite (SHCOM) was was last up 2.9%.
Australia’s S&P/ASX 200 was Asia Pacific’s big outlier, down 0.9% in the afternoon in Sydney. But that was a recovery from earlier, when the index was down roughly 3%.
US stock futures also began trending higher as Asia started trading. Dow (INDU) futures, which at one point plunged more than 500 points Sunday night, were last up 177 points, or 0.7%. S&P 500 (INX) and Nasdaq (COMP) futures were also higher, reversing losses.
The coronavirus outbreak has been weighing on the global economy and on markets. There have now been 85,000 reported cases of the disease, which has reached every continent except Antarctica.
Last week was terrible for global markets. And all three major US stock indexes posted their worst weekly percentage drops since the financial crisis. The energy market, crude oil, gold and Treasury yields all slipped last week, too.
— Kaori Enjoji contributed to this report.