Pedestrians walk past an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. Picture: REUTERS/KIM KYUNG-HOON
The safe-haven yen and Swiss franc nursed losses vs the dollar. Oil prices bounced in Asia on hopes for more output cuts from Opec and its allies but sentiment remained weak on worries about a long-term dent in demand for energy and other commodities. “We’re going to have a strong day in Asia, but whether this is the reversal of a downtrend remains to be seen,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
US stock futures fell 0.23% in Asia on Wednesday. The S&P 500 rose 1.5% on Tuesday and the tech-heavy Nasdaq rose to a record high. The virus has already claimed nearly 500 lives. Japan’s health minister said on Wednesday 10 people on a cruise ship at the port of Yokohama have tested positive for the new virus.The yen traded at 109.48/$, close to the lowest in almost a week. The Swiss franc held steady at 0.9696/$ after a 0.3% decline on Tuesday.