Asian Markets Pare Losses As Investors watch For Coronavirus Developments

Asia-Pacific markets recovered slightly from earlier losses in afternoon trade, as investors continue to monitor coronavirus developments. Russia claimed to have developed the first vaccine in the world, while the U.S. was in a stalemate over virus aid talks.

Mainland Chinese stocks pared some losses by the close. The Shanghai composite fell 0.63% to close at 3,319.27, while the Shenzhen composite was down 1.26% to 2,215.12. The Shenzhen component tumbled 1.17% to close at 13,308.52. Hong Kong’s Hang Seng index rose 1.21% in the afternoon. In South Korea, the Kospi erased earlier losses, rising 0.57% to close at 2,432.35. Australia’s S&P/ASX 200 lost 0.11% to close at 6,132.00. Japan’s Nikkei 225 traded higher by 0.41% to close at 22,843.96, while the Topix rose 1.23% to 1,605.53. Softbank shares fell 2.66% after posting a $12 billion quarterly profit on Tuesday. The return to profit came after the company reported historic losses of $13 billion for its last fiscal year.