Asia Markets: Asian stocks bounce after huge losses on news of possible U.S. tax cut

Asia Markets: Asian stocks bounce after huge losses on news of possible U.S. tax cut

Brent crude, the basis for international oil prices, gained 6.7% but still was down by nearly half from its January peak.. Anti-disease controls that shut down Chinese factories are spreading as the United States and European countries close schools, cancel public events and impose travel controls.. The drop in U.S. stock prices on Monday was so sharp that it triggered Wall Street's first trading halt in more than two decades.. Oil prices plunged 25% after Russia refused to roll back production in response to virus-depressed demand.. Stock markets usually welcome lower energy costs for consumers and businesses.. But the decline cuts into revenue for producers, including the United States.. U.S. stocks are close to entering a bear market, defined as a drop of 20% from their peak.. European stock indexes already are in a bear market after recording their biggest declines since the 2008 crisis.. Central banks in the United States, China and other countries have cut interest rates to try to shore up economic activity.. The yield, or the difference between the market price and what investors will receive if they hold the bond to maturity, is seen as a measure of economic confidence.. Investors shift money into bonds