Bear market fears grip global shares as pandemic declared, eyes on Trump

TOKYO: Global shares were set for a rocky ride on Tuesday as investors tally the economic damage of coronavirus, a day after the U.S. Dow Jones industrials entered bear market territory and world health officials declared the virus a pandemic.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.27per cent in early trade while Nikkei futures suggest a 0.5per cent fall in Japanese shares . Australia's benchmark was down 2.8per cent. On Wednesday, the S&P 500 lost 4.89per cent while the Dow Jones Industrial Average fell 5.86per cent to extend its fall from a record peak hit a month ago to more than 20per cent.European shares closed at a 14-month low even after Britain announced a US$39 billion war chest to soften the impact of the coronavirus.

Some safe-haven assets gave up recent gains, a move that some market players suspect is a desperate bout of profit-taking to make up for losses made elsewhere.The 10-year U.S. Treasuries yield rose back to 0.878per cent , more than 50 basis points above a record low of 0.318per cent touched on Monday. Some analysts say the rise could reflect worries about an increase in government spending for stimulus.But rising yields by no means suggest any easing in expectations of Fed rate cuts.

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