Asian stocks fall to 7-week low as China virus fears dampen demand

Asian stocks fall to 7-week low as China virus fears dampen demand

Asian stocks and currencies performed poorly on Thursday as the death toll from the China virus rose. Confirmed cases across the around the world also dampened demands.

Federal Reserve Chairman Jerome Powell on Wednesday acknowledged on Wednesday the risks of the virus’ impact on the world’s second-largest economy but added that damage it could cause on the U.S. would be too early to assess.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell by 1.7% to a near 7-week low. Currently, it has dropped for 6 straight sessions.

Taiwan’s benchmark index slid down by 4.9%, marking it its biggest daily drop in 15 months.