Asian Markets Track Lower as the Nikkei Tumbles

The Asian financial and equity indices fell lower during the Friday trade session. Almost all of the regional equity indices were in the red by lunch time as shares in Japan fell over three percent.

Regional Asian traders are spooked about the deadly COVID-19 contagion as it continues to spread around the world.  

The Nikkei 225 was down 3.17 percent by the afternoon. Shares of Softbank fell over 4.7 percent and the broader Topix index, in Tokyo, fell over 3.1 percent.

Elsewhere in the Asian and Pacific Rim, the benchmark Australian S&P ASX 200 shed nearly two percent and the South Korean Kospi composite index was down over 2.2 percent.

In Hong Kong, the Hang Seng index was down over two percent by lunchtime.

Asian Traders Monitor Coronavirus Headlines and Worries Mount

As of Thursday, the coronavirus has claimed 12 lives in the United States. The last fatality was recorded in King County, Washington. There are 54 new cases in the U.S.

The states of Colorado, Tennessee and Texas are now reporting cases for the first time. The city of San Francisco, in California has just reported their first case.

Central banks are signaling they could act soon to support their economies. The Bank of Japan stands ready to take possible action later this month to help companies being hit hard by supply chain disruptions.

Other G-10 central banks, including the Bank of England, are also saying that they will act, if needed and when the time is right.

Traders Wait on U.S and Canadian Labor Data

Financial market participants, later today, will closely digest the key U.S. non-farm payroll (NFP). The U.S. will also release their unemployment rate and hourly wages. Also on the U.S. docket is monthly consumer credit data as well as their monthly trade balance.

Canada will also be releasing key labor data today. They will also publish their monthly trade balance and the monthly Ivey purchasing managers’ index (PMI).