CANBERA (dpa-AFX) - Asian stocks followed their U.S. and European peers lower on Friday as the coronavirus continued to spread to new countries, exacerbating fears of a global slowdown.
China's National Health Commission reported 327 new confirmed cases and 44 new deaths as of Thursday. South Korea confirmed an additional 256 new coronavirus cases, bringing the country's total to 2,022.
Germany reportedly quarantined around 1,000 people at home in the west town of Heinsberg.
In the U.S., California Governor Gavin Newsom said 33 people have tested positive for the coronavirus and the state is currently monitoring at least 8,400 others.
China's Shanghai Composite index fell 111.03 points, or 3.71 percent, to 2,880.30 as investors fretted about the economic fallout of the coronavirus outbreak.
Some forecasters predicted that the Chinese economy may suffer a rare quarter-on-quarter contraction in the first three months of this year. Hong Kong's Hang Seng index ended down 2.42 percent at 26,129.93.
Japanese stocks sold off as the effects of the coronavirus appeared to be very close to meeting the definition of a pandemic.
Japan is closing schools until April to limit the spread of the outbreak. 'I'm aware of views that if the virus spreads, it could have a huge impact on the economy,' Prime Minister Shinzo Abe told parliament.
The Nikkei average lost as much as 805.27 points, or 3.67 percent, to close at 21,142.96, while the broader Topix index closed 3.65 percent lower at 1,510.87.
Heavyweight SoftBank Group lost 4.3 percent and Fast Retailing declined 2.8 percent. Exporters Sony, Honda Motor, Toyota Motor and Panasonic declined 3-5 percent.
In economic releases, industrial production in Japan climbed a seasonally adjusted 0.8 percent sequentially in January, the government said in a preliminary reading. That beat forecasts for an increase of 0.2 percent following the 1.2 percent gain in December.
The total value of retail sales in Japan rose a seasonally adjusted 0.6 percent, while overall consumer prices in the Tokyo region were up just 0.4 percent in February from a year earlier, separate reports showed. The jobless rate in Japan came in at a seasonally adjusted 2.4 percent in January,
Australian markets succumbed to heavy selling pressure after a multi-year record drop on Wall Street overnight. The benchmark S&P/ASX 200 tumbled 216.70 points, or 3.25 percent, to 6,441.20, while the broader All Ordinaries index ended down 225.90 points, or 3.35 percent, at 6,511.50.
Miners BHP, Rio Tinto and Fortescue Metals Group fell between 3.5 percent and 6.4 percent. Gold miner Evolution plummeted 9.6 percent, Newcrest lost 8 percent and Norther Star Resources plunged 9.2 percent after gold prices extended losses to a third session overnight.
The big four banks fell around 3 percent each. Oil and gas producer Santos, Woodside Petroleum, Oil Search and Beach Energy gave up 3-6 percent.
Aged care operator Japara Healthcare dropped 1.6 percent and electronics and furniture retailer Harvey Norman plunged over 14 percent on disappointing first-half results.
Private sector credit in Australia grew 0.3 percent sequentially in January, the Reserve Bank of Australia said - exceeding forecasts for 0.2 percent, which would have been unchanged from the previous month. On a yearly basis, private sector credit was up 2.5 percent - again topping expectations for 2.4 percent.
Seoul stocks nosedived as foreign investors continued their selling spree for a fifth consecutive session on growing concerns over the spread of the new coronavirus.
The number of coronavirus cases in South Korea surpassed 2,000 as the nation aggressively counters the fast-spreading virus with massive testing, particularly for 210,000 followers of a religious sect at the center of the epidemic.
The Kospi average gave up 67.88 points, or 3.30 percent, to close at 1,987.01. It marked the first time for the index to finish below the psychologically resistant 2,000-point level since September last year.
Market heavyweight Samsung Electronics tumbled 3 percent while No. 2 chipmaker SK Hynix slumped 5.3 percent.
Industrial production in South Korea dropped a seasonally adjusted 1.3 percent sequentially in January, official data showed - following the 3.7 percent jump in December. On a yearly basis, industrial production dropped 2.4 percent following the 6.2 percent spike in the previous month.
New Zealand shares joined a global selloff as coronavirus infections around the world surpassed those in mainland China and New Zealand's Ministry of Health confirmed a case in the country. The benchmark NZX 50 index fell 176.01 points, or 1.54 percent, to 11,261.16. Shares of courier company Freightways slumped 5.8 percent.
U.S. stocks sold off for the sixth straight session overnight, putting them in correction territory, as investors fretted about the economic impact from the global spread of coronavirus.
The Dow plunged 4.4 percent, marking its worst single-day point drop in history and the lowest closing level in six months on concerns that the virus is spreading undetected in the United States.
The S&P 500 also plummeted 4.4 percent, while the tech-heavy Nasdaq Composite slumped 4.6 percent.
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