Asian stocks slip after Wall Street tumbles on virus fears

A worker cleans up after traders on the floor of the New York Stock Exchange after the closing bell in New York, the US, on February 25 2020. Picture: REUTERS/LUCAS JACKSON

That led MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.28%. Japan was among the worst-performing market in the region, weighed by growing concerns the virus could cancel the Tokyo Olympics. “What we are seeing is share markets are playing catch up,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

While the stock rout has been global, the recent pace of selling in Asia has not been as severe as it has on Wall Street, which has been hit hard by the escalation of virus cases outside Asia. Drastic travel restrictions slammed the brakes on China’s manufacturing and consumer spending, and there are worries other countries will face similar disruptions.

The decline in yields weighed on the dollar. The greenback was last quoted at ¥110.25, continuing a pullback from a 10-month high of ¥112.23.

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