Tue, 14 Jul 2020

Stocks in Asia sink across the board

Lola Evans
26 Feb 2020, 17:13 GMT+10

SYDNEY, Australia - Asian stocks continued to be hammered on Wednesday, although there were signs the selling was beginning to ease.

In the past 4 trading sessions about $3 trillion has been wiped off the value of the MSCI World .MIWO00000PUS, a market cap weighted stock market index of 1,644 stocks globally, Reuters Thomson reported Wednesday.

Concerns continue to swirl around the coronavirus, with Asian markets being spooked by a report a U.S. dollar in South Korea had been diagnosed with the disease on Wednesday.

The Nikkei 225 in Japan dropped 179.22 points or 0.79% to 22,426.19.

The Shanghai Composite in China fell 25.12 points or 0.83% to 2,987.93.

The Hong Kong Hang Seng was off 196.74 points or 0.73% to 26,696.49.

The big action was in Australia where the All Ordinaries dived 150.60 points or 2.17% to 6,803.20.

On foreign exchange markets, the U.S. dollar lost ground against the majors, but remained strong against the commodity currencies.

The euro approached 1.0900 through the day, but around the Sydney close had settled at 1.0873. The British pound climbed to 1.2984. The Japanese yen spiked to 110.35.

The Swiss franc was modestly stronger at 0.9761.

The Australian dollar dived to 0.6580. The Canadian dollar dipped to 1.3283, while the New Zealand dollar eased slightly to 0.6316.

Overnight on Wall Street, the Dow Jones industrials were down 879.44 points or 3.15% to 27,081.36.

The Nasdaq Composite dropped 255.67 points or 2.77% to 9,965.61.

The Standard and Poor's was off 97.68 points or 3.03% at 3,128.21.

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