Asian stocks tumble despite 1-trillion-dollar US stimulus plan
Asian shares fell sharply on Wednesday after US futures dropped despite its 1-trillion-dollar economic stimulus plan to tackle the global fallout of the novel coronavirus pandemic.
Japan’s benchmark Nikkei 225 Stock Average lost 284.98 points, or 1.68 per cent, to close at 16,726.55. The index had climbed 2.26 per cent in the morning.
South Korea’s Kospi closed down sharply 4.86 per cent after fluctuating for much of the session.
Australia’s benchmark S&P/ASX200 index plunged 6.43 per cent after gaining 5.83 per cent on Tuesday, while the broader All Ordinaries index also fell 6.26 per cent after rising 5.43 per cent on the previous day.
Hong Kong’s Hang Seng Index dropped 4.18 per cent and the Shanghai Composite index declined 1.83 per cent.
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US President Donald Trump said on Wednesday he wants a “big, bold” economic stimulus package while Treasury Secretary Steven Mnuchin told reporters proposals could “inject” 1 trillion dollars into the US economy.
Their announcements helped US stocks bounce back strongly with the S&P 500 surging 6 per cent and the Dow Jones Industrial Average up 5.2 per cent. (dpa)
