Markets fell in early Wednesday trading in Asia as investors digested a steady drip of worrying news about the economic ramifications of the global coronavirus outbreak.
Major indexes in Japan, Hong Kong and South Korea were modestly lower midday, as financial markets settled into a slow grind of bad news. While the panic of recent weeks appeared to have subsided, numerous signs pointed to glum prospects for a quick recovery.
After Wall Street’s Tuesday close, President Trump said at a news conference that the United States would face “a very painful, very very painful two weeks.” U.S. government scientists projected that the outbreak could kill up to 240,000 Americans.
Futures markets predicted Europe and the United States would open lower later on Wednesday. Prices for long-term U.S. Treasury bonds, a traditional investment safe haven, rose, as did gold futures. Oil prices were mixed.