Asian shares fell on Friday following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 percent. Australian shares fell 1.86 percent, while Japan’s Nikkei stock index slid 1.45 percent. Yields on 10-year US Treasuries fell to a record low as investors increased bets that the Federal Reserve will follow this week’s surprise 50 basis point rate cut with further easing to prevent corporate bond spreading.
SBI share price loses 6.61% to Rs 269.25 on BSE. SBI has been asked to form a consortium and invest in YES Bank. Bank Nifty lost 4.18% to 27,565 compared to the previous close of Rs 28,815.
Benchmark indices Sensex and Nifty crashed in opening trade today inline with global equites fear of coronavirus spread gripped investors. RBI took over the management of private sector lender YES Bank which also weakened sentiment in domestic market.ds from widening further.
Tumbling yields hammered the dollar, which traded near a six-month low versus the yen and close to a two-year trough against the Swiss franc. Oil prices rose on hopes that output cuts would protect the market from an expected decline. The toll in coronavirus deaths in the United States has risen to 12 after officials confirm another fatality in Washington state. Several states announced their first positive tests, including Maryland, which has declared a state of emergency.
Vice President Mike Pence has acknowledged that the outbreak has continued to disrupt the economy and strain resources.
Maryland Gov. Larry Hogan (R) said Thursday that three positive coronavirus cases were confirmed in the state, and that the patients contracted the virus while traveling overseas. They are quarantined in their homes in Montgomery County, a suburb of about 1 million people outside Washington, DC.
