Asian stocks gave up their gains from yesterday as risk aversion once again dominated sentiment today. The Nikkei 225 suffered a 2.72% or 579.22-point loss at 20,749.68. The Shanghai Composite Index is trading lower by 1.17% 35.791 points at 3,035.886. Meanwhile, the Hang Seng Index is in the red by 2.40% or 642.5 points at 26,126.5.
Concerns about the coronavirus rapidly spreading outside of China weighed down on equities markets today. The number of confirmed cases in the infection’s epicenter, China, has only grown from 78,800 to 80,600 in a week. On the other hand, countries outside of it have seen cases rise from 5,300 to 17,800 within the same period. Consequently, this has gotten investors worried about the impact of the coronavirus on businesses. Just yesterday, the UK’s largest regional airline Flybe was declared insolvent and left hundreds of passengers stranded all over Europe.
As for currencies, most majors are virtually unchanged ahead of the US NFP report which is due later today. The biggest mover is NZDUSD which is up by 0.43% at 0.6328 and USDJPY with a 0.27% loss at 105.87.