Hong Kong stocks plunged Wednesday as investors in the city returned from their Lunar New Year break to a global panic over the deadly coronavirus, though most other Asian markets were lifted by bargain-buying after recent losses.
Healthy US data reinforced hopes for the global economic outlook and supported a rally across US and European markets, which provided a strong lead for Asia, while a record earnings report from Apple also helped the mood.
Still, the focus remains on developments in the virus outbreak — which has now killed at least 132 people and infected more people in China than SARS did 17 years ago — and concerns about the impact on the world economy.
Among the worst-hit sectors on global trading floors are firms linked to travel and tourism, as big-spending Chinese tourists stay at home with Beijing clamping down on people’s movement. Here you can also read Budget2020 News
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