Asian stock markets plummeted on Tuesday, while oil dropped and a safety bid boosted the dollar s performance. This followed after emerging Sino-U.S. tensions and new novel coronavirus restrictions in California dampened optimism as earnings season approaches.
MSCI s broadest index of Asia-Pacific shares outside Japan shed 1.2%. Japan s benchmark index Nikkei declined 0.8%, easing from its one-month high record on Monday. The dollar put the Aussie and the kiwi under turbulence.
The moves could be attributed to a selloff monitored on Wall Street after reopening rollbacks in California. The state was put under virus-driven restrictions, with bars, restaurants, and movie theaters halting operations as mandated by Governor Gavin Newsom.
S P 500 futures were seen flat in Asia after recording a total of 0.9% loss on Monday.
https://www.umarkets.com/en/news/asian-shares-decline-on-virus-sino-us-concerns