Asian stocks slumped on Monday amid an escalation between U.S. and China after President Trump said there is evidence that the coronavirus originated in China and an investigation is underway. Investors also focus on reopening plans from several countries across the globe. There are some reports that the Japanese government will extend the country’s state of emergency by the end of May. Wall Street finished with 3% losses on Friday.
On the economic calendar, the main event of the week will be on Friday the U.S. non-farm payrolls with analysts expecting to fall by 22 million in April compared with a drop of 701,000 the previous month. The U.S. unemployment rate will hit almost 16.3%, up from 4.4% in March.
The Hang Seng Index is 2.84% lower at 23,672. The Aussie ASX 200 index managed to rebound from Friday’s heavy losses and finished 1.41% higher at 5,319. Nikkei 225 was closed for holidays.