Markets across the Asia-Pacific were in the red on Monday with investors worried about the impact of the China coronavirus outbreak on the global economy.
The virus has killed more than 900 people, infected 40,000 across mainland China and spread to more than two dozen countries in what has been termed a global health emergency. It has also jolted major supply chains for everything from food and household supplies to car and electronics parts. Tokyo’s benchmark Nikkei 225 index closed 0.6 percent down, while Hong Kong pared some losses, ending the day 0.6 per cent lower after tanking 1.1 per cent at the open. Elsewhere, Sydney slipped 0.1 per cent, Seoul was down 0.5 per cent and Singapore was 0.7 per cent lower. Shanghai, however, rebounded after opening 0.5 per cent lower and was up 0.5 per cent at the close. Taipei, Jakarta, and Mumbai were also under water.
Investors around the world have been watching with concern as China, the world’s second-largest economy, battles the novel coronavirus, which emerged at the end of last year in the central city of Wuhan.
The domestic impact was reflected in China’s inflation figures released Monday, which showed the highest rise in consumer prices in more than eight years, with food prices spiking more than 20 per cent.