Asian markets mostly down as traders fret over virus

Asian stocks retreat after a two-day rally as investors closely track developments in the coronavirus crisis

FILE PHOTO: People walk past an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Thursday, April 2, 2020.

"Signs that the number of new daily coronavirus cases is topping out in Western Europe... is driving expectations that social distancing measures will be lifted soon," said Stephen Innes, at AxiCorp.However, uncertainty about how long the crisis will last and the damage it will inflict on the global economy was keeping traders on edge and hobbling any sustainable rally.

Oil prices rallied but the commodity continues to swing as traders keenly await Thursday's planned meeting of the world's top producers, which will discuss a possible output cut.

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