SYDNEY - Asian shares stepped back from three-week highs on Monday as investors weighed the near-term hit on global growth from a fast-spreading coronavirus outbreak in China, although expectations of further policy stimulus helped stem losses.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1% to 555.50, easing further from last week’s top of 558.30, which was the highest since late January.Japan’s Nikkei fell more than 1% after data showed the country’s economy contracted at an annualized pace of 6.3% in October-December, shrinking at the fastest pace since the second quarter of 2014.
Within China’s Hubei province - the epicenter of the coronavirus epidemic, authorities reported 1,933 new cases on Monday, about 5% higher than the previous day. “There is also an expectation of fresh monetary policy support this week with a possible reduction of 5 basis points when the monthly prime loan rate is set,” said Ray Attrill, head of forex strategy at National Australia Bank.Asia’s woes have yet to spread elsewhere, with Wall Street indexes scaling record highs. [.N]Talk of a U.S.
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