Asia stocks sink again as pandemic fears intensify; STI down 0.8%

TOKYO - Asian shares fell on Wednesday as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street rout and pushed yields on safe-haven Treasuries to record lows.

Oil prices recovered some recent losses in Asia, but there are lingering concerns that expected output cuts by major oil producers will not be enough to offset a decline in global energy demand caused by the virus. "Other asset markets have been flashing warning signs for weeks. A corrective bounce in equities is possible, but we still have a lot of downward momentum."

The virus has claimed almost 3,000 lives in mainland China but has spread to dozens of other countries. Of increasing concern to investors, however, in the rising death toll in other countries. The decline in yields weighed on the dollar. The greenback was last quoted at 110.25 yen, continuing a pullback from a 10-month high of 112.23 yen.

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