CANBERA (dpa-AFX) - Asian stock markets are mostly lower on Wednesday, extending losses from the previous session following the sharp losses on Wall Street amid the continued slump in crude oil prices and on rising concerns about the economic impact of the coronavirus pandemic. Weak corporate earnings results also dampened investor sentiment.
The Australian market is notably lower, extending its losing streak to a third straight day.
The benchmark S&P/ASX 200 Index is declining 66.40 points or 1.27 percent to 5,154.90, after falling to a low of 5,100.70 earlier. The broader All Ordinaries Index is down 68.00 points or 1.29 percent to 5,210.60. Australian shares closed sharply lower on Tuesday.
In the oil sector, Oil Search is falling almost 5 percent, Santos is lower by 4 percent and Woodside Petroleum is tumbling almost 4 percent after crude oil futures plunged 43 percent overnight.
In the mining space, BHP is losing 4 percent, Rio Tinto is lower by more than 3 percent and Fortescue Metals is declining almost 3 percent.
Among the big four banks, ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank are lower in a range of 0.8 percent to 1.1 percent.
Among gold miners, Newcrest Mining is declining more than 1 percent Evolution Mining is down almost 1 percent after safe-haven gold prices fell to a two-week low overnight.
A2 Milk has raised its full-year outlook as the dairy producer benefited from shoppers stockpiling products during the COVID-19 crisis. The company's shares are adding 0.2 percent.
Ramsay Health Care said it plans to raise A$1.4 billion to strengthen its balance sheet after elective surgeries stopped in many countries due to the coronavirus pandemic. The private hospital operator's shares are in a trading halt.
On the economic front, Australia will see March results for the leading economic index from Westpac and March figures for skilled vacancies today.
In the currency market, the Australian dollar is lower against the U.S. dollar on Wednesday. The local unit was quoted at $0.6294, compared to $0.6322 on Tuesday.
The Japanese market is declining for a third straight day.
The benchmark Nikkei 225 Index is losing 255.42 points or 1.32 percent to 19,025.36, after touching a low of 18,858.25 in early trades. Japanese shares closed lower on Tuesday.
Market heavyweight SoftBank is declining almost 2 percent and Fast Retailing is lower by more than 1 percent.
The major exporters are lower despite a weaker yen. Panasonic is tumbling more than 3 percent, Canon is losing almost 3 percent, Mitsubishi Electric is declining more than 1 percent and Sony is down 0.7 percent.
In the tech space, Tokyo Electron is losing almost 2 percent while Advantest is rising almost 3 percent. Among automakers, Honda and Toyota is declining more than 1 percent.
In the oil sector, Japan Petroleum is tumbling more than 3 percent and Inpex is lower by more than 2 percent after crude oil prices plunged 43 percent overnight.
Among the major gainers, Osaka Gas is rising 2 percent, while Daiwa Securities, Nippon Telegraph & Telephone, and Keio Corp. are higher by almost 2 percent each.
Conversely, Idemitsu Kosan is losing almost 5 percent, while Yokogawa Electric and Hitachi are lower by more than 4 percent each. Nissan Chemical and Olympus Corp. are declining almost 4 percent each.
In the currency market, the U.S. dollar is trading in the upper 107 yen-range on Wednesday.
Elsewhere in Asia, New Zealand, Singapore and Malaysia are declining more than 1 percent each, while South Korea is lower by almost 1 percent. Taiwan and Hong Kong are also lower. Meanwhile, Indonesia is rising, while Shanghai is edging higher.
On Wall Street, stocks closed sharply lower on Tuesday amid continued concerns about the historic nosedive by crude oil prices on the already hard-hit U.S. energy industry. Lingering concerns about the coronavirus pandemic also generated some negative sentiment, with President Donald Trump revealing plans to suspend immigration in the U.S. as a result of the outbreak.
The Dow tumbled 631.56 points or 2.7 percent to 23,018.88, the Nasdaq plunged 297.50 points or 3.5 percent to 8,263.23 and the S&P 500 plummeted 86.60 points or 3.1 percent to 2,736.56.
The major European markets also showed substantial moves to the downside on Tuesday. While the German DAX Index nosedived by 4 percent, the French CAC 40 Index plunged down by 3.8 percent and the U.K.'s FTSE 100 Index tumbled by 3 percent.
U.S. crude oil futures settled sharply lower on Tuesday after seeing wild swings right through the session following a historic plunge to sub-zero levels a day earlier. The May contract for crude oil expired at $10.01 a barrel, spiking $47.64 or about 127 percent from Monday's close of negative $37.63 a barrel. Meanwhile, the much more actively June contract extended the sell-off seen in the previous session, plunging $8.66 or about 43 percent to $11.57 a barrel.
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