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Tuesday, 04 February 2020 14:09

Asian Markets Improve a Day After the Coronavirus Shocked Chinese Stocks

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Stocks in Asia are improving Tuesday, one day after Chinese markets experienced their worst session in years.

The Shanghai Composite (SHCOMP) was last up 1.3%. It was the second day Chinese markets had to react to the worsening coronavirus since closing for the Lunar New Year holiday more than a week ago. Monday was the index's worst day since August 2015's "Black Monday," when global markets were rattled by fears of an economic slowdown in China.
The Shenzhen Component Index jumped 2.9%. Monday marked that index's biggest single-day percentage drop since 2007.
Monday's losses wiped out a combined $445 billion in the two indexes' stock value.
China's currency, meanwhile, strengthened compared to Monday, rising back above the important 7 yuan per dollar mark. The onshore yuan was last trading at about 6.997 yuan to one US dollar. Offshore, where the yuan trades more freely, the currency was also going for about 6.996 yuan per US dollar.
Elsewhere, Japan's Nikkei 225 (N225) edged up 0.5% Tuesday, while South Korea's Kospi (KOSPI) rose 1.9%. Hong Kong's Hang Seng Index (HSI) gained 1.3%.
Oil futures recovered a little during Asian trading hours Tuesday after earlier crashing into another bear market. US oil rose 1.1%, while Brent crude, the global benchmark, moved 0.9% higher. (CNN)
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