Virus woes: Asian markets dive as fears mount

HONG KONG: Asian markets fell on Thursday following overnight woes on Wall Street as more negative US economic data fuelled worries about the full impact of the coronavirus pandemic.

There had already been a spate of grim economic forecasts this week, with the International Monetary Fund (IMF) warning of the worst global downturn in a century, and poor US economic figures released on Wednesday further spooked investors. The woes on Wall Street discouraged traders in Asia, where Tokyo closed down 1.3%, Hong Kong ended 0.6% lower, Sydney lost 0.9% and Taipei shed 0.7%.

Seoul was flat, while Shanghai closed 0.3% higher and Singapore was up 0.7%.

The latest numbers from the United States, the world’s biggest economy, highlighted the scale of the damage unleashed by lockdowns and social distancing measures imposed to try and stop the spread of the virus.

Published in The Express Tribune, April 17^th, 2020.

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