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Asian shares set for rough ride on virus fears, China in focus

Added 02-02-20 07:03:02pm EST - “Asian markets are set for another bumpy ride on Monday on fears about the hit to...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asian shares set for rough ride on virus fears, China in focus”. Below is an excerpt from the article.

SYDNEY (Reuters) - Asian markets are set for another bumpy ride on Monday on fears about the hit to world growth from the rapidly spreading coronavirus, with all eyes on China where trading resumes following the Lunar New Year break.

A total of 350 people have died in China from the new virus with the first death out of the mainland reported on Sunday in the Philippines.

Looking to head off a panic, China’s central bank plans to inject 1.2 trillion yuan ($173.8 billion) of liquidity into the markets via reverse repo operations on Monday.

Beijing also said it would help firms that produce vital goods resume work as soon as possible, state broadcaster CCTV reported.

Despite the measures, Australia’s benchmark index opened in the red to be down 0.7% while New Zealand shares faltered 1.8%. Futures for Japan’s Nikkei were slightly higher but still about 500 points below where the index closed on Friday.

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