Asian stocks bounce back after plunge on virus, oil crash

Asian stock markets rebounded Tuesday from record-setting declines after U.S. futures rose following President Donald Trump’s announcement he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.

Oil prices also recovered some of their losses in Monday’s record-setting plunge.

China’s main stock index rose 1.7 percent and Tokyo advanced 0.9 percent . Hong Kong advanced 1.9 percent and Sydney gained 3.1 percent.

On Wall Street, which suffered its biggest one-day drop since the 2008 global crisis on Monday, stock futures rose following Trump’s announcement.

On Tuesday, the Shanghai Composite Index rose to 2,994.03 and the Nikkei 225 in Tokyo advanced to 19,867.12. Hong Kong’s Hang Seng climbed to 25,519.11.

The Kospi in Seoul added 0.4 percent to 1,962.93 and Sydney’s S&P-ASX 200 rose to 5,939.60.

Singapore, Bangkok and Jakarta advanced by more than 2 percent , while New Zealand declined.

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