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Coronavirus: Asia stock markets continue global fallout

Stock markets in Asia suffered on Tuesday from the fallout from UK and US investors worried about a rise in coronavirus cases.
Australia, Hong Kong, China and South Korea stock markets were all down.

Investors were also rattled by dimming hopes for more financial support for the US economy.

However, European markets opened slightly higher on Tuesday and London’s 100 share index was up 0.4% at 5826.24 points, BBC reported.

Earlier, Australia’s All Ordinaries ended down 0.7% at 5,973.50, Hong Kong’s Hang Seng lost 1% to 23,720.06, the Shanghai Composite fell 1.3% to 3,274.30 while South Korea’s Kospi dropped by 2.38%, to end at 2,332.59.

Japan’s markets were closed for a public holiday.

On Monday, UK and US stock markets suffered heavy losses over fears that a renewed rise in coronavirus cases will blight economic prospects.
More than £50bn was wiped off UK shares, and caused similar falls across European and US stock markets.

The negative sentiment then spread into Asia, which has previously been the focus of optimism from China’s continued economic recovery.

Australian shares were dragged to their lowest level since mid-June, under pressure by its mining and energy stocks.

Major mining firms BHP Group and Rio Tinto both fell around 2%.