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.
China virus toll tops 100; foreigners prepare to flee
UAE ready to join China in its anti-coronavirus fight
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.
The domestic outbreak in China — where the disease first emerged last year -- had largely been brought under control but then a fresh batch of cases was detected in the capital last week.
South Korea was among the earliest countries to be hit outside China -- where the coronavirus first emerged -- and for a time had the world's second-largest outbreak before it was largely brought under control through a widespread testing drive.
Sheikh Hamdan emphasised the importance of promoting closer cooperation between the government and private sectors to strengthen efforts to achieve the objectives of the Dubai Economic Agenda D33...
Ali Eslami said during the launch of prototype SHARX-5, the company's new electric mid-size SUV, in Dubai that the new facility will create new jobs. The facility will also manufacture around 50,000 vehicles in the UAE every year..."
The UAE Ministry of Finance on Monday announced the issuance of Cabinet Decision No. 56 of 2023 on a Non-resident person’s Nexus in the UAE for the purposes