Asia stocks drop on global coronavirus action

Stock markets in Asia have fallen even after central banks around the world announced a coordinated effort to ease the effects of the coronavirus.

The US Federal Reserve cut interest rates to almost zero and launched a $700bn stimulus programme.

It was part of coordinated action announced alongside the eurozone, the UK, Japan, Canada, and Switzerland.

Investors are concerned that central banks now have few options left to combat the impact of the pandemic.

After the emergency announcements US stock futures indicated a sharply lower open for Wall Street later.

In Asian morning trade, Japan’s benchmark Nikkei 225 was down by 0.2%, Hong Kong’s Hang Seng was 2.2% lower, and the Shanghai Composite in China lost 0.5%.