Indian stock markets are likely to remain weak on Monday as global equities continue to buckle under the pressure of coronavirus (COVID-19).
Asians shares sank as a rising tide of national lockdowns threatened to overwhelm policymakers' frantic efforts to cushion what is likely to be a deep global recession. Singapore’s SGX Nifty is dropped 7% in the early deals.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 3.8%, with New Zealand's market shedding a record 10% as the government closed all non-essential businesses.
Shanghai blue chips dropped 2.3%, though Japan's Nikkei rose 0.8% aided perhaps by expectations of more aggressive asset buying by the Bank of Japan.
There was little to cheer in coronavirus news as the global death toll exceeded over 14,000 with more than 300,000 infections.
Airlines cancelled more flights as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers.
Nearly one in three Americans were ordered to stay home on Sunday to slow the spread of the disease, while Italy banned internal travel as deaths there reached 5,476. US President Donald Trump went on TV to approve disaster deceleration requests from New York and Washington, while St. Louis Federal Reserve President James Bullard warned unemployment could reach 30% unless more was done fiscally.
US stocks have already fallen more than 30% from their mid-February peak and even the safest areas of the bond market are experiencing liquidity stress as distressed funds are forced to sell good assets to cover positions gone bad.
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