Elsewhere in Asia, Japan’s Nikkei 225 index lost 1 per cent to 22,971.13, while the S&P ASX/200 declined 1.6 per cent to 6,902.10. In South Korea, the Kospi declined 0.6 per cent to 2,105.46. However, Hong Kong’s Hang Seng, which has many mainland Chinese heavyweights, climbed 0.3 per cent to 26,370.78.
Worries over the potential harm to businesses and trade from the outbreak have triggered wide swings in share prices around the globe. Regulators have also urged banks and other financial institutions to boost lending and avoid calling in debts in areas severely affected by the pandemic.Some cities, particularly the central Chinese city Wuhan where the disease first surfaced and cities nearby, are in lockdown. Shanghai authorities extended the Lunar New Year holiday until Feb. 9. Chinese universities and many schools remain closed for now.
A large share of the 1.2 trillion yuan to be injected into markets will go to meeting payment obligations falling due on Monday, analysts said.“This is well beyond the band-aid fix, and if this deluge doesn’t hold risk-off at bay, we are in for a colossal beat down,” Stephen Innes of AxiCorp. said in a client note Sunday.“It’s not the earthquake at the open but rather the aftershocks that will drive risk sentiment on Monday,” he said.
Just two weeks ago, the S&P 500 had closed at an all-time high, having climbed around 13 per cent since early October. A preliminary trade deal signed by the U.S. and China earlier in the month eased a big source of uncertainty in the markets. Volatility was running at 12-month lows and even a dust up between the U.S. and Iran didn’t rock markets.
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