Asian stocks down in early trade over coronavirus spread

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Asian Stocks Down in Early Trade Over Coronavirus Spread

Asian stocks fell in early trade on Monday as concerns over the rapid spread of the coronavirus continued to weigh on investor sentiment.

The Nikkei 225 index in Japan dropped 1.4% to 23,444.45, while the Hang Seng index in Hong Kong fell 1.2% to 28,444.45. The Shanghai Composite index in China slid 0.8% to 3,044.45.

The spread of the coronavirus, which has now infected over 80,000 people globally, has led to widespread travel restrictions, lockdowns, and economic disruptions. The World Health Organization (WHO) has declared the outbreak a global health emergency.

In the US, the Dow Jones Industrial Average fell 0.5% to 29,348.45 in early trading, while the S&P 500 index dropped 0.6% to 3,333.45.

The decline in Asian stocks was also driven by a decline in oil prices, with Brent crude falling 1.4% to $55.45 per barrel. The decline in oil prices was due to concerns over the impact of the coronavirus on global demand.

The spread of the coronavirus has also led to a decline in global trade, with the World Trade Organization (WTO) warning that the outbreak could lead to a significant decline in global trade.

In currency markets, the Japanese yen strengthened against the US dollar, with the USD/JPY pair falling 0.5% to 110.45. The Chinese yuan also weakened against the US dollar, with the USD/CNY pair rising 0.2% to 6.95.

The decline in Asian stocks was also driven by a decline in technology stocks, with Taiwan's TSMC falling 2.1% and South Korea's Samsung Electronics falling 1.8%.

The spread of the coronavirus has also led to a decline in global tourism, with many countries imposing travel restrictions and quarantines. The decline in tourism has led to a decline in the shares of airlines and travel companies.

Overall, the decline in Asian stocks was driven by concerns over the spread of the coronavirus and its impact on the global economy.