Asia shares under pressure after stocks' biggest quarterly drop since 2008

NEW YORK - Asian shares faced another leg lower on Wednesday as the coronavirus sharply slows global growth, leading a gauge of world stocks to post its biggest quarterly decline in more than a decade and oil prices to trade near lows last seen in 2002.

FTSE China A50 futures in Singapore were down 0.85 per cent and Japan's Nikkei fell 1.86 per cent in early trade. The United States marked 700 deaths in a single day from COVID-19 for the first time on Tuesday, lifting total US fatalities from the disease to more than 3,700.MSCI's gauge of stocks across the globe shed 0.48 per cent following modest gains in Europe. The index fell nearly 22 per cent for the quarter.

The dollar slid against a basket of currencies, pressured by the latest Federal Reserve measures to ensure sufficient liquidity in the global financial system.

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