Asian shares erased earlier gains on Wednesday, swinging into negative territory...
TOKYO - Asian shares erased earlier gains on Wednesday, swinging into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fueled fears about economic impact of the outbreak.
However, Australian shares rose 0.57%, while Japan’s Nikkei stock index rose 0.4%, partly because investors in these markets has already had a chance to react to the virus outbreak, which has claimed more than 100 lives. “The next three to five days will be maximum selling pressure, because essentially markets had a benign view of the virus before the Lunar New Year,” said Sean Darby, global equity strategist at Jefferies in Hong Kong.U.S. stock futures rose 0.14% in Asia on Wednesday. The S&P 500 rose 1.01% on Tuesday, rebounding from its worst daily decline in four months on Monday, as shares of Apple Inc ahead of its fourth-quarter results.
The yield curve briefly inverted on Tuesday when 10-year yields fell below their 3-month counterparts for the first time since October. An inverted yield curve has historically been an indicator of looming recession.
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