Here's how much 13 Asian stock markets have fallen during the coronavirus outbreak
- Asian markets aren't seeing the same bounce-back that US stocks have enjoyed, as enduring coronavirus fears grip investors across the continent.
- Pledges from China's central bank to carry out capital injections and cut interest rates helped some Asian markets partially recover, but most remain well below their mid-January levels.
- Here's how much 13 Asian markets have fallen since January 17, ranked in ascending order.
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US stock indices enjoyed back-to-back gains to kick off the month, but Asia's markets aren't faring so well as coronavirus fears rack investors.
The outbreak is already responsible for at least 426 deaths and has infected more than 20,000 people as of Tuesday. The rapidly spreading pandemic drove China's CSI 300 index to drop the most in nearly 13 years on Monday after opening for the first time since January 23. US stocks initially fell on reports of the deadly virus but have since recovered as positive earnings reports and surging tech stocks push markets higher.
Pledges from the People's Bank of China to add capital to money markets and cut lending rates helped several Asian markets recover on Tuesday, but the indices remain well below their mid-January levels. A Tuesday note from Goldman Sachs detailed the key sectors and markets hit by virus woes, while a separate note from the bank estimated the outbreak won't drive a year-over-year deceleration in global growth.
Here's how much 13 Asian markets have fallen since January 17, ranked in ascending order. Returns are as of 5 p.m. HKT Monday and normalized by the US dollar.