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Feb. 27, 2020, 11:16 p.m. EST

Asian markets continue to slump, as Nikkei enters correction territory

Nikkei sinks 4%, with Hang Seng and Kospi down around 3%

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By Marketwatch


AFP/Getty Images
Mask-clad commuters make their way to work during morning rush hour Friday in Tokyo.

Asian stocks fell sharply lower in early trading Friday, as Japan’s Nikkei sank to into correction territory as coronavirus fears continued to rattle global markets.

The Nikkei plunged 4% /zigman2/quotes/210597971/delayed JP:NIK +1.45%  , bringing the index down 10.8% from recent highs. While new data showed Japan’s manufacturing output rose more than expected in January, economist Takeshi Minami warned output will likely decline until the outbreak is over — potentially not until summer, according to Reuters .

Prime Minister Shinzo Abe promised Friday he was willing to make policy moves in order to avoid economic damage. “If developments change, we’ll ensure to take steps as needed to prevent the virus from becoming a huge downside risk to Japan’s economy,” he told parliament, Reuters reported .

On Thursday, Abe asked all schools in Japan to close for a month in an effort to stop the spread of the virus. On Friday, Tokyo Disney Resort operator Oriental Land Co. /zigman2/quotes/205452858/delayed JP:4661 +1.55%   said it would close its theme parks for two weeks, per a request by the government to cancel or postpone major public events.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.31%   fell 2.6%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.11%   slid 2.9% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.36%   dove 3.6%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.42%   tumbled 3%. Stocks inched up in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -1.06%  , but sank in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.09%  , Singapore /zigman2/quotes/210597985/delayed SG:STI -2.17%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.06%  . Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.33%  retreated 2.9%.

Among individual stocks, Hitachi /zigman2/quotes/203839937/delayed JP:6501 +1.28%  , SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.65%  , Toyota /zigman2/quotes/203803129/delayed JP:7203 +1.18%   and Sony /zigman2/quotes/201361720/delayed JP:6758 +0.01%   dropped in Tokyo trading. In Hong Kong, Apple component maker AAC /zigman2/quotes/201441510/delayed HK:2018 +0.38%  slid, along with Geely Automobile /zigman2/quotes/200716015/delayed HK:175 -0.34%  , oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.28%   and Wharf Real Estate /zigman2/quotes/205885756/delayed HK:1997 -4.37%  . Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.21%   and LG Electrionics /zigman2/quotes/209966407/delayed KR:066570 -1.24%   fell in South Korea, while BHP /zigman2/quotes/201448516/delayed AU:BHP +0.50%  , Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO +0.93%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +1.89%   declined in Australia.

Fears of the coronavirus’ spread “have become full-blown across the globe as cases outside China climb,” DBS analysts Chang Wei Liang and Eugene Leow said in a report, according to the Associated Press .

New COVID-19 cases have sprung up around the globe in recent days, with trade and industry threatened by mass quarantines and shutdowns.

Goldman Sachs analysts on Thursday warned the outbreak could wipe out U.S. earnings growth this year, though they expect the S&P 500 to rebound by the end of the year.

Thursday on Wall Street, stocks plunged for a sixth straight day as all three benchmark indexes closed in correction territory, defined as a decline of at least 10%, but no more than 20%, from a recent peak.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.04%   lost 1,190.90 points, or 4.4%, to close at 25,766.60, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24%   shed 137.63 points, or 4.4%, to end at 2,978.76. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.43%   slumped 414.29 points, or 4.6%, closing at 8,566.48.

Benchmark U.S. crude   slid more than 2% in electronic trading on the New York Mercantile Exchange. The contract lost 3.4% on Thursday to settle at $47.09. Brent crude oil  , the global benchmark, sank 2% to $51.19 per barrel in London after falling $1.25 on Thursday to $52.18 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0771%   fell to 108.94 yen from 109.58 yen Thursday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
20,682.78
+294.62 +1.45%
Volume: 0.00
May 25, 2020 11:35a
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/zigman2/quotes/205452858/delayed
JP : Japan: Tokyo
¥ 15,435.00
+235.00 +1.55%
Volume: 353,500
May 25, 2020 11:30a
P/E Ratio
84.70
Dividend Yield
0.29%
Market Cap
¥4976.12 billion
Rev. per Employee
¥88.31M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
22,630.83
-299.31 -1.31%
Volume: 677,077
May 25, 2020 10:54a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,810.64
-3.12 -0.11%
Volume: 9.03B
May 25, 2020 10:54a
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,746.10
-6.32 -0.36%
Volume: 12.94B
May 25, 2020 10:54a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,978.38
+8.25 +0.42%
Volume: 416,821
May 25, 2020 11:49a
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,436.76
-15.35 -1.06%
Volume: 0.00
May 22, 2020 5:05p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
10,801.03
-10.12 -0.09%
Volume: 0.00
May 25, 2020 10:49a
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,499.83
-55.51 -2.17%
Volume: 0.00
May 22, 2020 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
4,545.95
-2.70 -0.06%
Volume: 0.00
May 20, 2020 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,570.30
+73.30 +1.33%
Volume: 311,565
May 25, 2020 12:49p
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 3,241.00
+41.00 +1.28%
Volume: 507,700
May 25, 2020 11:30a
P/E Ratio
16.08
Dividend Yield
2.93%
Market Cap
¥3091.96 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 4,637.00
+30.00 +0.65%
Volume: 12.04M
May 25, 2020 11:30a
P/E Ratio
31.11
Dividend Yield
0.95%
Market Cap
¥9527.24 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 6,363.00
+74.00 +1.18%
Volume: 1.52M
May 25, 2020 11:30a
P/E Ratio
7.36
Dividend Yield
3.46%
Market Cap
¥17396.30 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 6,774.00
+1.00 +0.01%
Volume: 1.76M
May 25, 2020 11:30a
P/E Ratio
14.70
Dividend Yield
0.66%
Market Cap
¥8264.15 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 40.00
+0.15 +0.38%
Volume: 3.62M
May 25, 2020 10:54a
P/E Ratio
19.30
Dividend Yield
1.00%
Market Cap
HK$48.16 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 11.86
-0.04 -0.34%
Volume: 11.72M
May 25, 2020 10:53a
P/E Ratio
11.72
Dividend Yield
2.11%
Market Cap
HK$109.63 billion
Rev. per Employee
HK$3.04M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.51
-0.11 -1.28%
Volume: 18.84M
May 25, 2020 10:54a
P/E Ratio
5.49
Dividend Yield
9.17%
Market Cap
HK$384.86 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/205885756/delayed
HK : Hong Kong
HK$ 27.35
-1.25 -4.37%
Volume: 3.48M
May 25, 2020 10:53a
P/E Ratio
21.14
Dividend Yield
7.42%
Market Cap
HK$86.84 billion
Rev. per Employee
HK$5.68M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
48,650.00
-100.00 -0.21%
Volume: 7.01M
May 25, 2020 11:49a
P/E Ratio
15.52
Dividend Yield
2.91%
Market Cap
₩331143.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
55,600.00
-700.00 -1.24%
Volume: 255,553
May 25, 2020 11:49a
P/E Ratio
20.61
Dividend Yield
1.35%
Market Cap
₩10137.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 34.49
+0.17 +0.50%
Volume: 1.75M
May 25, 2020 12:49p
P/E Ratio
12.91
Dividend Yield
6.18%
Market Cap
$173.55 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 92.18
+0.85 +0.93%
Volume: 483,110
May 25, 2020 12:49p
P/E Ratio
13.14
Dividend Yield
7.13%
Market Cap
$147.60 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 15.63
+0.29 +1.89%
Volume: 3.39M
May 25, 2020 12:48p
P/E Ratio
13.66
Dividend Yield
7.23%
Market Cap
$44.14 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
24,465.16
-8.96 -0.04%
Volume: 255.66M
May 22, 2020 5:09p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,955.45
+6.94 +0.24%
Volume: 2.19B
May 22, 2020 5:09p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,324.59
+39.71 +0.43%
Volume: 3.40M
May 22, 2020 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.7100
+0.0830 +0.0771%
Volume: 0.0000
May 24, 2020 11:09p
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