Asian shares extend losses on coronavirus fears

Asian shares extended losses on Tuesday amid fears the coronavirus was rapidly mutating into a pandemic that could cripple global supply chains and wreak far greater economic damage than first thought. Japan's Nikkei shed 3.7% for the biggest daily drop since late 2018 and was still down 2.8%, but just catching up to the global sell-off having been shut on Monday.

Hong Kong markets opened down with the Hang Seng Index dipping down to 26,722 points as global markets rattled because of concerns of the economic impact of the virus, but quickly bounced up. Central banks across Asia have already been easing policy, while governments have promised large injections of fiscal stimulus, something western countries might have to consider.