Shares of companies highly exposed to China's economy tumbled across Asia o...
SYDNEY - Shares of companies highly exposed to China’s economy tumbled across Asia on Tuesday on rising concern about the impact of global travel bans associated with a new virus outbreak, and even as some stocks involved in preventative health spiked.
After the United States and Canada warned against travel to China where the new coronavirus is thought to have originated, Australian stocks resumed trading sharply lower after a public holiday the previous day. The benchmark S&P/ASX 200 index fell 1.4% weighed by stocks exposed to the illness that has killed more than 100 people and infected more than 2,700.
“We don’t know how long it will go,” said Peter Costello, chairman of Australia’s $115 billion sovereign wealth fund, the Future Fund, in a media briefing to coincide with a regular portfolio update.
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