Asian shares slammed in trade panicked by coronavirus and oil price crash – The National

Asian shares slammed in trade panicked by coronavirus and oil price crash – The National

Asian shares slammed in trade panicked by coronavirus and oil price crash. Italy's markets could come under intense pressure after the government ordered a lockdown of large parts of the north of the country, including the financial capital Milan.. Asian shares were set for a pounding on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20 per cent after Saudi Arabia slashed its official selling price.. Nikkei futures dived 4.4 per cent and were trading 1,200 points below the cash close on Friday.. Futures for the US 10-year Treasury note jumped more than a full point, pointing to record lows for yields.. The number of people infected with coronavirus topped 107,000 across the world as the outbreak reached more countries and caused more economic damage.. "The onus is falling, perhaps inevitably on the actions of governments to abandon budget surpluses and reinvigorate the demand side of the economy," said Mr Whetton.. Analysts at BofA Global Research estimated the latest sell-off had seen $9 trillion in global equity value vapourised in nine days, while the average 10-year yield in the developed world hit 16 basis points, the lowest in 120