Asian markets continue to slump, as Nikkei enters correction territory

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 -0.17%  , 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 +0.98%   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 -1.25%   fell 2.6%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.06%   slid 2.9% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.25%   dove 3.6%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.19%   tumbled 3%. Stocks inched up in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.25%  , but sank in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.03%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.56%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.29%  . Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.20%  retreated 2.9%.

Among individual stocks, Hitachi /zigman2/quotes/203839937/delayed JP:6501 +1.65%  , SoftBank /zigman2/quotes/207303954/delayed JP:9984 -1.66%  , Toyota /zigman2/quotes/203803129/delayed JP:7203 +1.38%   and Sony /zigman2/quotes/201361720/delayed JP:6758 -0.78%   dropped in Tokyo trading. In Hong Kong, Apple component maker AAC /zigman2/quotes/201441510/delayed HK:2018 -1.82%  slid, along with Geely Automobile /zigman2/quotes/200716015/delayed HK:175 -3.41%  , oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.84%   and Wharf Real Estate /zigman2/quotes/205885756/delayed HK:1997 +0.61%  . Samsung /zigman2/quotes/209800866/delayed KR:005930 -1.10%   and LG Electrionics /zigman2/quotes/209966407/delayed KR:066570 -0.29%   fell in South Korea, while BHP /zigman2/quotes/201448516/delayed AU:BHP +0.09%  , Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.10%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +0.11%   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 +1.47%   lost 1,190.90 points, or 4.4%, to close at 25,766.60, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.38%   shed 137.63 points, or 4.4%, to end at 2,978.76. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.23%   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 -0.0594%   fell to 108.94 yen from 109.58 yen Thursday.

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

33,431.51

-55.38 -0.17%

Volume: 0.00

Dec. 1, 2023 3:15p

/zigman2/quotes/205452858/delayed

Add to watchlist JP:4661

Oriental Land Co. Ltd.

JP : Japan: Tokyo

¥ 5,074.00

+49.00 +0.98%

Volume: 2.80M

Dec. 1, 2023 3:00p

P/E Ratio

77.77

Dividend Yield

0.22%

Market Cap

¥8170.35 billion

Rev. per Employee

¥62.99M

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

16,830.30

-212.58 -1.25%

Volume: 2.43M

Dec. 1, 2023 4:09p

/zigman2/quotes/210598127/delayed

Add to watchlist CN:SHCOMP

Shanghai Composite Index

CN : China: Shanghai

3,031.64

+1.96 +0.06%

Volume: 28.61B

Dec. 1, 2023 3:00p

/zigman2/quotes/210598015/delayed

Add to watchlist CN:399106

Shenzhen Composite Index

CN : Shenhzen Stock Exchange

1,887.98

+4.77 +0.25%

Volume: 41.77B

Dec. 1, 2023 3:00p

/zigman2/quotes/210598069/delayed

Add to watchlist KR:180721

KOSPI Composite Index

KR : Korea Exchange

2,505.01

-30.28 -1.19%

Volume: 516,596

Dec. 1, 2023 6:05p

/zigman2/quotes/210598052/delayed

Add to watchlist MY:FBMKLCI

FTSE Bursa Malaysia KLCI

MY : Malaysia

1,456.38

+3.64 +0.25%

Volume: 0.00

Dec. 1, 2023 5:05p

/zigman2/quotes/210597977/delayed

Add to watchlist TW:Y9999

Taiwan TAIEX

TW : Taiwan Stock Exchange

17,438.35

+4.50 +0.03%

Volume: 0.00

Dec. 1, 2023 1:31p

/zigman2/quotes/210597985/delayed

Add to watchlist SG:STI

FTSE Straits Times Index

SG : Singapore: SGX

3,090.31

+17.32 +0.56%

Volume: 0.00

Dec. 1, 2023 5:20p

/zigman2/quotes/210597981/delayed

Add to watchlist ID:JAKIDX

JSX Composite Index

ID : Indonesia Stock Exchange

7,059.91

-20.84 -0.29%

Volume: 0.00

Dec. 1, 2023 4:00p

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

7,073.20

-14.10 -0.20%

Volume: 581,856

Dec. 1, 2023 5:15p

/zigman2/quotes/203839937/delayed

Add to watchlist JP:6501

Hitachi Ltd.

JP : Japan: Tokyo

¥ 10,455.00

+170.00 +1.65%

Volume: 2.55M

Dec. 1, 2023 3:00p

P/E Ratio

14.35

Dividend Yield

1.48%

Market Cap

¥9271.25 billion

Rev. per Employee

¥32.32M

/zigman2/quotes/207303954/delayed

Add to watchlist JP:9984

SoftBank Group Corp.

JP : Japan: Tokyo

¥ 5,920.00

-100.00 -1.66%

Volume: 7.47M

Dec. 1, 2023 3:00p

P/E Ratio

N/A

Dividend Yield

0.74%

Market Cap

¥7316.26 billion

Rev. per Employee

¥104.44M

/zigman2/quotes/203803129/delayed

Add to watchlist JP:7203

Toyota Motor Corp.

JP : Japan: Tokyo

¥ 2,833.00

+38.50 +1.38%

Volume: 26.77M

Dec. 1, 2023 3:00p

P/E Ratio

9.93

Dividend Yield

2.29%

Market Cap

¥37968.74 billion

Rev. per Employee

¥110.40M

/zigman2/quotes/201361720/delayed

Add to watchlist JP:6758

Sony Group Corp.

JP : Japan: Tokyo

¥ 12,720.00

-100.00 -0.78%

Volume: 2.14M

Dec. 1, 2023 3:00p

P/E Ratio

18.05

Dividend Yield

0.63%

Market Cap

¥15795.05 billion

Rev. per Employee

¥108.57M

/zigman2/quotes/201441510/delayed

Add to watchlist HK:2018

AAC Technologies Holdings Inc.

HK : Hong Kong

$ 21.55

-0.40 -1.82%

Volume: 7.35M

Dec. 1, 2023 4:08p

P/E Ratio

38.87

Dividend Yield

0.56%

Market Cap

$26.37 billion

Rev. per Employee

$827,699

/zigman2/quotes/200716015/delayed

Add to watchlist HK:175

Geely Automobile Holdings Ltd.

HK : Hong Kong

$ 8.22

-0.29 -3.41%

Volume: 82.20M

Dec. 1, 2023 4:08p

P/E Ratio

14.47

Dividend Yield

2.55%

Market Cap

$88.16 billion

Rev. per Employee

$3.75M

/zigman2/quotes/203421416/delayed

Add to watchlist HK:883

CNOOC Ltd.

HK : Hong Kong

$ 12.82

-0.24 -1.84%

Volume: 100.27M

Dec. 1, 2023 4:08p

P/E Ratio

4.00

Dividend Yield

10.45%

Market Cap

$635.75 billion

Rev. per Employee

$23.81M

/zigman2/quotes/205885756/delayed

Add to watchlist HK:1997

Wharf Real Estate Investment Co. Ltd.

HK : Hong Kong

$ 24.80

+0.15 +0.61%

Volume: 5.01M

Dec. 1, 2023 4:08p

P/E Ratio

N/A

Dividend Yield

5.16%

Market Cap

$75.75 billion

Rev. per Employee

$4.54M

/zigman2/quotes/209800866/delayed

Add to watchlist KR:005930

Samsung Electronics Co. Ltd.

KR : S. Korea: KRX

₩ 72,000.00

-800.00 -1.10%

Volume: 9.87M

Dec. 1, 2023 6:13p

P/E Ratio

15.31

Dividend Yield

2.01%

Market Cap

₩481566.06 billion

Rev. per Employee

N/A

/zigman2/quotes/209966407/delayed

Add to watchlist KR:066570

LG Electronics Inc.

KR : S. Korea: KRX

₩ 102,400

-300.00 -0.29%

Volume: 465,918

Dec. 1, 2023 6:14p

P/E Ratio

27.40

Dividend Yield

0.68%

Market Cap

₩17658.38 billion

Rev. per Employee

N/A

/zigman2/quotes/201448516/delayed

Add to watchlist AU:BHP

BHP Group Ltd.

AU : Australia: Sydney

$ 46.34

+0.04 +0.09%

Volume: 4.03M

Dec. 1, 2023 4:10p

P/E Ratio

12.24

Dividend Yield

5.64%

Market Cap

$234.08 billion

Rev. per Employee

N/A

/zigman2/quotes/200083756/delayed

Add to watchlist AU:RIO

Rio Tinto Ltd.

AU : Australia: Sydney

$ 124.91

-0.13 -0.10%

Volume: 781,703

Dec. 1, 2023 4:10p

P/E Ratio

15.89

Dividend Yield

4.70%

Market Cap

$175.68 billion

Rev. per Employee

$1.45M

/zigman2/quotes/210431826/delayed

Add to watchlist AU:NAB

National Australia Bank Ltd.

AU : Australia: Sydney

$ 28.43

+0.03 +0.11%

Volume: 2.54M

Dec. 1, 2023 4:10p

P/E Ratio

12.43

Dividend Yield

5.87%

Market Cap

$87.57 billion

Rev. per Employee

$1.34M

/zigman2/quotes/210598065/realtime

Add to watchlist DJIA

Dow Jones Industrial Average

US : Dow Jones Global

35,950.89

+520.47 +1.47%

Volume: 0.00

Nov. 30, 2023 5:04p

/zigman2/quotes/210599714/realtime

Add to watchlist SPX

S&P 500 Index

US : S&P US

4,567.80

+17.22 +0.38%

Volume: 0.00

Nov. 30, 2023 5:04p

/zigman2/quotes/210598365/realtime

Add to watchlist COMP

NASDAQ Composite Index

US : Nasdaq

14,226.22

-32.27 -0.23%

Volume: 5.77B

Nov. 30, 2023 5:16p

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

148.1150

-0.0880 -0.0594%

Volume: 0.0000

Dec. 1, 2023 8:48a