Asia stocks fall, led by Japan in gloomy start to new quarter as coronavirus deaths mount
- Hang Seng tumbles 2.2 per cent; HSBC plunges on dividend cancellation
- Gauge of private, smaller China manufacturers shows expansion in March, beating expectations
Most Asia-Pacific stock markets fell Wednesday led by Japan, as investor concerns over the growing toll of the coronavirus pandemic overshadowed improvement in Chinese economic data.
US futures fell 3 per cent, depressing late trading in Asia, including in Hong Kong, which closed down 2.2 per cent, weighed down by British banks and Macau casinos.
That followed a grim warning overnight by President Donald Trump of a “very, very painful two weeks” ahead. The US is becoming a new hotspot, with more than 4,000 deaths, topping China’s total of about 3,300.
Tokyo’s Nikkei 225 plunged 4.5 per cent after its worst quarter since 1987, as business sentiment plummeted and investors remained nervous about a possible lockdown of capital Tokyo, brokers told Agence France-Presse.
HSBC plummeted 9.5 per cent to HK$39.95 – hitting its lowest since March 2009 during global financial crisis – while Standard Chartered tumbled 7.6 per cent. HSBC is the fourth-largest stock on the benchmark in terms of weighting, accounting for 8.5 per cent of the index and the lion’s share of its decline.
