Japan's Nikkei 225 (N225) fell 3.7%, Hong Kong's Hang Sang Index (HSI) was down 1.9% and China's Shanghai Composite (SHCOMP) fell about 1.4%.
Meanwhile US stock futures were lower Sunday night, continuing to give up gains from last week's historic rally that came to a halt on Friday.
Dow (INDU) futures were last down 220 points, or about 1%. S&P 500 (SPX) futures fell around 1.1% and Nasdaq (COMP) futures were down around 1%.
Oil prices are also suffering as demand collapses and the price war between Saudi Arabia and Russia drags on. Brent crude futures, the global oil benchmark, were down 5.8%, last trading at $23.50 per barrel. US oil is trading at $20.31 per barrel, down 5.5%.
The downbeat tone to the start of the week suggests "that the false rally in a super bear market won't last for too long, as investors continue to evaluate deteriorating economic conditions and an escalating pandemic situation," Margaret Yang, an analyst with CMC Markets, wrote in a note on Monday.
Stocks on Wall Street turned positive last week — and the Dow even left the bear market after climbing more than 20% from its recent low — as lawmakers and central bankers around the world made progress on measures to bolster economies weakened by coronavirus. On Friday, the US House of Representatives passed and President Donald Trump signed a $2 trillion stimulus package aimed at helping American workers, businesses and industries grappling with the outbreak.
But the virus continues to spread, threatening, among other things, jobs, corporate earnings and travel. Initial US jobless claims soared to 3.28 million, the highest on record, in the week ended March 21.
The United States now has more coronavirus cases than any other country in the world, with more than 136,000 cases confirmed as of Sunday. The Centers for Disease Control issued a travel advisory urging people in New York, New Jersey and Connecticut to "refrain from non-essential domestic travel" for the next two weeks.
Trump announced Sunday that the United States will extend its set of social distancing guidelines until April 30. He said he hopes the country will be on its way to recovery by June 1.
"street" - Google News
March 30, 2020 at 09:55AM
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Asia markets slide and US futures are down, as investors brace for another wild week in markets - CNN
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