SYDNEY - Asian shares extended losses on Tuesday amid fears the coronavirus outbreak was rapidly mutating into a pandemic that could cripple global supply chains and wreak far greater economic damage than first thought.
“This is a world now where economies are so intertwined that it’s hard to know what the economic impact will be,” said Rodrigo Catrill, a currency strategist at NAB. Central banks across Asia have already been easing policy, while governments have promised large injections of fiscal stimulus, something western countries might have to consider.
E-Mini futures for the S&P 500 actually bounced 0.5 per cent, having plunged overnight as the full implications of the virus’ spread finally caught up with Wall Street. “If travel restrictions and supply chain disruptions spread, the impact on global growth could be more widespread and longer lasting,” said Jonas Glotermann at Capital Economics.
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