A television screen headlines trading on the floor of the New York Stock Exchange. Richard Drew/AP
Asian shares skidded again Tuesday on deepening worries over the expanding outbreak of a new virus in China.
Markets in Hong Kong, Taiwan and mainland China were closed Tuesday for Lunar New Year holidays, while South Korea's benchmark tumbled 3.1% to 2,176.72 as it reopened after its own holidays.
Japan's Nikkei 225 index lost 0.6% to 23,215.71, while Australia's S&P ASX/200 slipped 1.4% to 6,994.50. Singapore's benchmark dropped 2.2% and Jakarta's fell 0.5%. But shares rose in Thailand and in India, where the Sensex was up 0.2% at 41,217.00.
China has extended its national holiday by three days so that offices should reopen on Monday.
Overnight, a sell-off on Wall Street gave the Dow its first 5-day losing streak since early August and handed the S&P 500 its worst day since early October. The latest bout of selling on Wall Street came after China announced a sharp rise in cases of the virus.
"How long and how deep the correction lower will last, depends both on the success of China's efforts to control the viral spread, and the prevalence of its occurrence internationally," Jeffrey Halley of Oanda said in a commentary.
Airlines, resorts and other companies that rely on travel and tourism suffered steep losses. Gold prices rose as did bonds as traders sought refuge in safer holdings.
"Over the weekend you saw more cases,” said Quincy Krosby, chief market strategist at Prudential Financial. "That got investors and traders worried that this may be a longer event. The next question is, 'What happens to global growth if this does continue and magnify?'"
The Dow Jones Industrial Average fell 453.93 points, or 1.6%, to 28,535.80. The Dow had been down nearly 550 points. The S&P 500 index dropped 51.84 points, or 1.6%, to 3,243.63. The Nasdaq lost 175.60 points, or 1.9%, to 9,139.31. The Russell 2000 index of smaller company stocks gave up 18.09 points, or 1.1%, to 1,644.14.
The virus has spread to a dozen countries, including the U.S. Besides the threat to people's lives and health, investors are worried about how much damage the virus will do to profits for companies around the world.
More than 570 people have been infected with the coronavirus across China and Wuhan, the city at the centre of the outbreak, has been placed under effective quarantine.
Sunnybrook Health Sciences Centre said it is "caring for a patient who has a confirmed case of the novel coronavirus that originated in Wuhan, China.” Officials said the man is his 50s and recently flew from Wuhan, China to Guangzhou, China and then on to Toronto on Jan. 23.
The deadly virus, which experts believe emanated from a wild animal market in the city of Wuhan last month, has triggered a desperate Chinese containment effort after spreading nationwide and to more than a dozen other countries.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday visited the 25th edition of the Gulfood, which is hosted by the Dubai World Trade Center between February 16 and 20.
The attractive offers by the real estate market in Dubai continued last year to benefited investors, end users and tenants alike. This led to the continuation of momentum on these vital areas with competitive prices,
DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 per cent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership.
The Jebel Ali Free Zone (Jafza) - key trade facilitator of DP World, UAE Region - is showcasing its incentives for companies as well as its sustained role as the leading contributor to Dubai’s F&B trade, at Gulfood 2020, which opened on February 16, marking its 25th anniversary.