CANBERA (dpa-AFX) - Asian stock markets are plunging on Friday after U.S. stocks fell by the most since the 'Black Monday' market crash in 1987. Global panic selling continued amid mounting fears that stimulus packages will not be enough to avert a global recession following the coronavirus outbreak.
The coronavirus outbreak has infected more than 125,000 people around the world and killed more than 4,600, according to figures from the World Health Organization.
The Australian market is falling more than 7 percent after U.S. stocks extended their selloff overnight as sentiment was dampened by President Donald Trump's Europe travel ban and the lack of a meaningful stimulus package to offset the impact of the coronavirus outbreak.
The benchmark S&P/ASX 200 Index is plunging 389.40 points or 7.34 percent to 4,915.20, after touching a low of 4,889.40 earlier. The broader All Ordinaries Index is tumbling 387.30 points or 7.21 percent to 4,983.60. Australian markets nosedived to hit over three-year lows on Thursday.
In the banking space, National Australia Bank is falling more than 13 percent, Westpac is losing almost 12 percent, ANZ Banking is lower by more than 10 percent and Commonwealth Bank is tumbling more than 7 percent.
Westpac has been hit with another shareholder class action lawsuit over allegations of money laundering and child exploitation scandal.
Macquarie Bank has withdrawn a capital notes offer due to the highly volatile market, a day after National Australia Bank decided to cancel its capital raising. Shares of Macquarie Group are down almost 10 percent.
Among the major miners, BHP is losing more than 5 percent and Rio Tinto is lower by almost 2 percent. Fortescue Metals is rising more than 3 percent, with the iron ore miner among the few gainers on the stock exchange.
Gold miners are also losing after safe-haven gold prices fell overnight. Newcrest Mining is plunging more than 13 percent and Evolution Mining is falling almost 10 percent.
In the oil space, Santos is plunging more than 10 percent, Oil Search is tumbling almost 10 percent and Woodside Petroleum is falling more than 8 percent after crude oil lost more than 4 percent overnight.
Virgin Australia said it has cut more flights, frozen management bonuses, reduced executives' fees and suspended its full-year earnings outlook to address the impact of the coronavirus outbreak. The airline's shares are lower by more than 3 percent.
In the currency market, the Australian dollar is lower against the U.S. dollar on Friday. The local unit was quoted at $0.6285, down from $0.6505 on Thursday and after having plunged to a near 12-year low of $0.6213 earlier on Friday.
The Japanese stock market is falling almost 10 percent on Friday after U.S. stocks extended their sell-off overnight amid mounting fears of a global recession due to the coronavirus outbreak. U.S. President Donald Trump has suggested that the 2020 Tokyo Olympics could be delayed by a year.
The benchmark Nikkei 225 Index is losing 1,845.47 points or 9.94 percent to 16,714.16, after touching a low of 16,690.60 earlier. Japanese stocks fell into bear market territory on Thursday.
Market heavyweight SoftBank is losing more than 7 percent and Fast Retailing is tumbling more than 8 percent. SoftBank has announced a 500 billion yen, or $4.7 billion, share buyback that will start on Monday.
In the tech space, Advantest and Tokyo Electron are plunging more than 10 percent each.
In the oil sector, Inpex is plunging more than 14 percent and Japan Petroleum is falling almost 10 percent after crude oil prices lost more than 4 percent overnight.
Among the major exporters, Panasonic is falling more than 13 percent, while Sony and Canon are losing more than 9 percent each. Mitsubishi Electric is lower by more than 7 percent.
In the auto sector, Honda Motor is tumbling almost 10 percent and Toyota Motor is falling more than 7 percent.
Among the worst performers, Tokyo Tatemono is plunging more than 15 percent, while Sumitomo Realty & Development, Tokyu Fudosan and Mitsubishi Estate are falling more than 14 percent each. Ricoh Co. and Mitsui Fudosan are tumbling more than 13 percent each.
On the economic front, Japan will on Friday release January figures for its tertiary industry index today.
In the currency market, the U.S. dollar is trading in the upper 104 yen-range on Friday.
Elsewhere in Asia, South Korea is tanking more than 7 percent, Malaysia is plunging more than 6 percent, New Zealand is falling almost 6 percent and Taiwan is tumbling more than 5 percent.
Meanwhile, Singapore, Indonesia and Hong Kong are losing almost 5 percent each, and Shanghai is lower by more than 3 percent.
On Wall Street, stocks extended the sell-off on Thursday as concerns about the impact of the coronavirus continued to weigh on the markets after President Donald Trump addressed the nation about the outbreak last night. Trump was likely seeking to calm the markets but instead exacerbated concerns by announcing a ban on all travel from Europe to the U.S. for the next 30 days. With the sell-off on the day, the Dow recorded its biggest one-day percentage drop since the stock market crash of 1987 and the Nasdaq and the S&P 500 joined the blue chip index in bear market territory.
The Dow plummeted 2,352.60 points or 10 percent to 21,200.62, the Nasdaq plunged 750.25 points or 9.4 percent to 7,201.80 and the S&P 500 tumbled 260.74 points or 9.5 percent to 2,480.64.
The major European markets also tanked on Thursday, recording their worst one-day drop in history. While the U.K.'s FTSE 100 Index cratered by 10.9 percent, the German DAX Index and the French CAC 40 Index nosedived by 12.2 percent and 12.3 percent, respectively.
Crude oil prices took heavy damage on Thursday, in line with most other equities and commodities, as the coronavirus has been declared a global pandemic. WTI crude oil for April tumbled $1.48 or 4.49 percent to $31.50 a barrel.
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