Asian stocks steady in decline as investors await clarity on pandemic risk
Asian stock markets steadied in decline on Tuesday after an easing global sell-offs and a brief jump in Wall Street markets.
According to the Wall Street Journal, market sentiment was supported by news on a potential vaccine to be developed soon. However, the vaccine is yet to be tested further and would not be due until the end of April, with test results expected to be released by July or August.
Following the news, E-Mini futures for the S&P 500 recovered 0.7% of the 3.35% drop that occurred overnight. EUROSTOXX 50 futures and FTSE futures inched up by 0.6% and 0.3% respectively.
The heavily-hit economy of South Korea claimed back ground, eking out a 0.6% rise.
Japan’s Nikkei stayed down by 3.4% while Shanghai blue chips maintained a 1.6% gain.
Asian governments have taken to implementing large fiscal stimulus with central banks easing policy to counter the economical hit of the coronavirus.