Asian share markets were heading south on Tuesday amid fears the coronavirus 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. For now, selling shares seemed to be the safe choice for investors and futures suggested Japan's Nikkei could mirror the Dow and drop 1,000 points at the opening.
The Dow ended Monday down 3.55per cent, while the S&P 500 lost 3.35per cent and the Nasdaq 3.71per cent. Wall Street's fear gauge, the CBOE Volatility Index , jumped to its highest close since early 2019. "While we still think that it would take a significant deterioration in the outlook for the U.S. economy for policymakers to cut rates, they may feel compelled to do so if the virus spreads and leads to continued falls in the stock market and inversion of the Treasury yield curve."
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