Asian markets fall as virus hits earnings, growth
Hong Kong: Asian markets tumbled Tuesday after Apple warned the new coronavirus had hit output and demand in China, fuelling fears over the wider impact of the epidemic on corporate earnings and economic growth.
Investors looked past a positive lead from European bourses to focus on the spiralling fallout from the virus that has so far killed more than 1,800 people and infected nearly 72,500, mostly in mainland China.
As well as denting company bottom lines, the virus has sparked panic buying, economic jitters and the cancellation of high-profile sporting and cultural events.
"Best to buckle in as we could be in for a bumpy ride (over) the next few weeks," said Stephen Innes of AxiCorp.
"I'm struggling to find any research report that doesn't suggest (COVID-19) could significantly affect short term earnings."
Apple suppliers in Asia were hit by the tech giant's warning that it would miss its quarterly revenue forecast because of the virus, dragging markets lower.
Tokyo's benchmark Nikkei 225 index fell 1.2 percent, deepening losses a day after data showed the economy shrank in the December quarter, even before the effects of the virus hit Japan.
Hong Kong was down 1.2 percent and mainland China's benchmark Shanghai Composite Index slipped 0.2 percent.
Elsewhere, Singapore fell 0.6 percent as investors digested the government's decision to cut its economic growth forecast for this year as the virus batters the city state's tourism and trade.
Seoul was off 1.5 percent and Taipei lost 0.6 percent. Sydney shed 0.3 percent.
Investors have taken some comfort from a slowdown in new infections outside hardest-hit Hubei province, which Chinese officials say is a sign that the outbreak is under control.
But World Health Organization chief Tedros Adhanom Ghebreyesus said the trend "must be interpreted very cautiously".
IMF chief Kristalina Georgieva said Sunday there could be a cut of around 0.1-0.2 percentage points to global growth but stressed there was much uncertainty about the virus's economic impact.
Moves by China's central bank on Monday to cushion the world's second-largest economy against the health crisis appear to have done little to allay concerns.
European markets were higher after Eurogroup chief Mario Centeno predicted the coronavirus would have a "temporary" impact on the eurozone and the WHO warned against over-reacting about the epidemic. US markets were closed for a holiday.
Crude hit -
China is the world's biggest importer and consumer of oil, and crude prices have been particularly sensitive to the epidemic that has spread to nearly 30 countries and territories.
Global oil demand will suffer its first quarterly drop in a decade as the virus lashes China's economy and its impact ripples throughout the world, the International Energy Agency warned last week. Brent Crude fell 0.9 percent and West Texas Intermediate was down 0.5 percent.
Gold, seen as a safe haven in times of uncertainty, was up 0.40 percent. - AFP
ایک قوم ایک منزل،یوم پاکستان کے حوالے سے ISPR کا نیا پروموجاری
کلچراینڈٹورازم اتھارٹی کی اسلام آبادٹورازم فیسٹیول میں شرکت
لانگ مارچ،مسلم لیگ ن کا اہم اجلاس آج طلب
کراچی ایکسپریس کو حادثہ، خاتون جاں بحق 40 افراد زخمی
کب، کہاں اورکس کیخلاف عدم اعتمادلاناہے،فیصلہ پی ڈی ایم کرےگی، بلاول بھٹو
دنیا کا دوسرابڑا ہیرافروخت کیلئےپیش
کورونا کے وار جاری مزید 39افراد جان کی بازی ہار گئے
وزیراعظم کا اعتماد ووٹ، پی ڈی ایم کا سربراہی اجلاس طلب
شاہین شاہ آفریدی کی شاہد آفریدی کی بیٹی سے منگی ہورہی ہے، والد کا دعویٰ
سابق صدر آصف علی زرداری کا مسلم لیگ ن کے رہنما احسن اقبال کو فون
اسپیکر قومی اسمبلی کا صدر کے نام خط: وزیرِ اعظم نے قومی اسمبلی سے اعتماد کا ووٹ حاصل کر لیا
وزیر اعظم نے اعتماد کا ووٹ حاصل کرکے مخالفین کے منہ ہمیشہ کے لئے بند کردیے-وزیر اعلی خیبرپختونخوا
وزیر اعظم کا حفیظ شیخ پر مکمل اعتماد کا اظہار،کام جاری رکھنے کی ہدایت
اس وقت ملک میں ایک سلیکٹڈ کٹھ پتلی نظام چل رہا ہے-بلاول بھٹو
عمران خان چند روز کی مہلت ہے اچھی سی پیکنگ کریں وزیراعظم ہاؤس میں کوئی چیز نہ چھوڑیں-مریم نواز
اجلاس جعلی وزیر اعظم کی سمری پر بلایا گیا،ہم اعتماد کا ووٹ تسلیم نہیں کرتے- مولانا فضل الرحمان
پاکستان اس لیے نہیں بنا تھا کہ شریف اور زرداری ارب پتی بن جائیں- وزیر اعظم عمران خان
کامیڈی کنگ امان اللہ کو مداحوں سےبچھڑے ایک سال بیت گیا
ضلعی انتظامیہ پشاورکاتجاوزات کیخلاف آپریشن،29 افرادگرفتار
محسن داوڑ نے بھی وزیر اعظم کے خلاف ووٹ نہیں دیا