CANBERA (dpa-AFX) - Asian stocks tumbled on Tuesday amid broad risk aversion after crude oil futures turned negative overnight for the first time in history and U.S. President Donald Trump suspended all immigration into the U.S. for an indefinite period, blaming the 'invisible enemy' of Covid-19.
China's Shanghai Composite index ended down 0.9 percent at 2,827.01, while Hong Kong's Hang Seng index fell 2.2 percent to close at 23,793.55.
Japanese shares lost ground, as heightened geopolitical worries and the dramatic events in the oil markets weighed on investors' risk appetite ahead of the corporate earnings season.
The Nikkei average fell 388.34 points, or 1.97 percent, to 19,280.78, while the broader Topix index closed 1.15 percent lower at 1,415.89.
Energy plant engineering firm JGC slumped 6.3 percent and Chiyoda Corp declined 3.5 percent as the historic drop in oil prices raised concerns about more bankruptcies in the U.S. shale oil industry.
Heavyweights Fast Retailing and Softbank Group fell 3.7 percent and 4.1 percent, respectively.
Australian markets fell after Australia's central bank chief said the nation's economy is likely to suffer the biggest contraction in national output and income since the 1930s.
Earlier, minutes from the RBA's monthly meeting on April 7 showed the 'Board remained committed to supporting jobs, incomes and businesses' as the country responds to the coronavirus outbreak.
The benchmark S&P/ASX 200 fell by 131.70 points, or 2.46 percent, to 5,221.30, while the broader All Ordinaries index ended down 136.10 points, or 2.51 percent, at 5,278.60.
Mining giant BHP lost 2.5 percent after releasing its latest quarterly production figures. Rio Tinto declined 2.1 percent and smaller rival Fortescue Metals Group shed 2.2 percent.
The big four banks fell over 2 percent each, while energy companies such as Santos, Beach Energy, Origin Energy and Oil Search gave up 3-6 percent.
Seoul shares ended lower as investors reacted to reports out of North Korea that leader Kim Jong Un is very ill. The benchmark Kospi dropped 18.98 points or 1 percent to 1,879.38.
New Zealand shares tumbled amid waning risk appetite after U.S. oil prices turned negative for the first time in history. The benchmark NZX-50 index dropped 226.80 points, or 2.11 percent, to 10,535.87. New Zealand's cases of new infection today fell to 5 from 9 yesterday, while deaths rose by one to 13.
U.S. stocks fell overnight to finish near session lows after May oil futures took historic plunge to end at negative-$37.63 a barrel and reports suggested that Senators were in a deadlock over potential additional emergency funds for small businesses.
The Dow Jones Industrial Average tumbled 2.4 percent, the tech-heavy Nasdaq Composite shed 1 percent and the S&P 500 lost 1.8 percent.
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