Japan's Nikkei average slid 2.0%, the biggest one-day fall in five months, while a Tokyo-listed China proxy, ChinaAMC CSI 300 index ETF, slid 2.2%. Amid the Lunar New Year holiday, many markets in Asia were closed.European shares were expected to follow suit, with major European stock futures trading 1.2-1.4% lower.
The ability of the coronavirus to spread is getting stronger and infections could continue to rise, China's National Health Commission said on Sunday, with nearly 2,800 people globally infected and 81 in China killed by the disease. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.4%, although trade in the region has already slowed for the Lunar New Year and other holidays, with financial markets in China, Hong Kong, Taiwan, South Korea, Singapore and Australia closed on Monday.
U.S. Treasury prices advanced, pushing down yields further, with the benchmark 10-year notes dropping to a 3-1/2-month trough of 1.627% in early Asian trade. The heightened fears of the economic impact of the coronavirus also pressured oil and other commodity prices, except safe-haven gold.
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