The Wuhan coronavirus is continuing to cause pain for investors.
Markets in Shanghai and Hong Kong remain closed for the holiday.
“With coronavirus worries on the rise, the market continues to struggle with the unenviable task of factoring in absolute terms its implied economic devastation,” wrote Stephen Innes, chief market strategist at AxiTrader, in a research note Tuesday.
“There remains a growing sense in the market that contagion levels could get worse before they get better,” he added.
Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, said that Asia remains in the “firing line” of concerns about growth as China contends with the virus.
But he added that there’s a “silver lining” — if positive news starts to emerge from China, he said the region is well placed for a “speedy recovery.”
US markets closed down sharply overnight. The Dow Jones Industrial Index (INDU) fell 454 points. The 1.6% drop was its worst one-day percentage loss since October. The S&P 500 (SPX) and Nasdaq Composite (COMP) lost 1.6% and 1.9%, respectively, also recording their worst performances in months.
More than 100 people are dead and more than 4,500 cases have been confirmed in mainland China, according to health officials in the country. Dozens of others have been infected worldwide, including at least five cases in the United States.
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