Home Business News Hong Kong markets drop on coronavirus fears

Hong Kong markets drop on coronavirus fears

by LLB Editor
31st Jan 20 7:09 am

Hopes that China can contain the worst of the coronavirus helped boost shares in Asia – at least in Japan.

The Nikkei is up 1.1% at 23,230.83.

The World Trade Organisation has declared the coronavirus a global emergency but its chief Tedros Adhanom Ghebreyesus praised China’s response to the outbreak and said there was no reason to limit trade or travel to the country.

“For now, the market’s risk lights have shifted from flickering on red to a steady shade of amber, which could bring more risk back into play,” said Stephen Innes, Asia Pacific market strategist at AxiCorp.

Oil prices bounced back with Brent crude up 1.8% at $59.35 a barrel West Texas Intermediate also ahead 1.8% at $53.09.

In Hong Hong, however, the Heng Seng remained under pressure and is down 0.42% at 26,338.66.

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