Asia Pacific stocks strive for market power, Dow futures moves up 500 points
Most of Asia Pacific stocks, save for the US stocks which gained after the outbreak of the novel coronavirus, fell on Tuesday.
The benchmark for Australian’s equity performance S&P/ASX 200 was up 1.7%, regaining previous losses. It’s now trading nearly 19% below its most recent high, just under the 20% which still remains in a downtrend market.
South Korea’s Kospi (KOSPI) dropped while Hong Kong’s Hang Seng Index (HSI) changed between profits and losses. China’s Shanghai Composite (SHCOMP) fell by 1%.
On the other hand, US stocks improved as Dow futures (DJI) moved upward. It’s trading up to 500 points since President Donald Trump announced that legislature will present a salary tax cut and guarantee support to workers amid the epidemic.
The coronavirus outbreak is pounding the markets and vast economies not only in the United States but also other countries around the world. Cases of coronavirus have now reached 100,000 with 22 deaths in the United States as of Monday afternoon.