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Asian Shares witnesses sharp rise after historic fall in market

Syed Umarullah HussainiWeb Editor

10th Mar, 2020. 10:04 am
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Asian Shares

Asian Shares on Tuesday saw a sharp rise after historic fall, offering hope that markets had found a floor, even just fleetingly.

Reuters reported that Asian Shares bounced back after drastic fall on Monday.

Yields on benchmark U.S. 10-year Treasury debt doubled to 0.68 per cent and oil prices rallied more than 6 per cent.

Investors seemed to take heart with E-Mini futures for the S&P 500 rallying 2.4 per cent after an early slide.

EUROSTOXX 50 futures also rose 1.7 per cent.

American finance company MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.4 per cent,

It shed more than 5 per cent on Monday.

Australia rose 1.9 per cent as some went hunting for bargains in beaten down stocks.

Japan’s Nikkei eased 0.4 per cent, but was well above early lows.

Wall Street on the brink of a bear market with all the major indices down almost 20 pe rcent from their all-time peak, which amazingly touched just 13 sessions ago.

The Dow fell an eye-watering 7.79 per cent, while the S&P 500 lost 7.60 per cent and the Nasdaq 7.29 per cent.

Energy stocks led the losses as markets braced for a price war between Saudi Arabia and Russia.

A steadier tone on Tuesday saw Brent crude futures add $2.22 to $36.58 a barrel, while U.S. crude bounced $1.66 to $32.79.

Yet headlines on the coronavirus still no brighter with Italy ordering everyone across the country not to move around other than for work and emergencies, while banning all public gatherings.

“Although uncertainty is very high, we now expect similar restrictions will be put in place across Europe in the coming weeks,” warned economists at JP Morgan.

“We are now expecting a rolling 1H20 global growth contraction and a powerful global disinflationary wave to take hold,” they added.

“We expect the Fed to cut to zero at or before its March 18 meeting.”

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