Asian equities fail to defy fresh coronavirus fears

• Equities in Asia witness fresh downside risks following coronavirus statistics/updates from the major global economies.
• Receding fears from China fail to overcome economic fears.
• Speculations that the US treasury likely to push back the tax filing deadline also go unnoticed.

MSCI’s index of Asia-Pacific shares outside Japan struggle to carry the previous recovery moves, Japanese stocks are down as well.

Not only the biggest one-day surge in Japan’s coronavirus (COVID-19) numbers but more than 1,000 cases in the US also renewed fears of the pandemic that soothed the previous day. Also weighing on the market’s trade sentiment were calls of the resource shortage in the US labs and sustained warnings from the global rating agencies.

While portraying the same, MSCI’s index of Asian-Pacific shares questions Tuesday’s recovery moves whereas Japan’s NIKKEI flashes 1.17% losses to 19,640.

Stocks in Australia and New Zealand fail to cheer the early-day comments from Australia’s policymakers after S&P cited fears of a recession in Australia. Even so, shares in China, Indonesia and Philippines register mixed plays as taking clues from the likely liquidity infusion.

The latest news from Japan turns down the calls of postponing the Tokyo Olympics as well as the Wall Street Journal’s report signaling relief to the US taxpayers.

Though, the United Nations Conference on Trade and Development’s (UNCTAD)  comments that the coronavirus outbreak could cost the global economy up to $2 trillion this year weigh on the risk-tone.

As a result, the US 10-year treasury yields fail to extend the previous day’s 30 basis points (bps) run-up while declining to 0.682%. Also, the US equity futures part ways from Wall Street’s stellar performance.