Asia extends losses amid coronavirus panic

Asian stock indices opened the fourth session of the week mostly lower, with Japan mixed while China, Australia, New Zealand, and South Korea down amid building panic over the spread of the coronavirus. 

The World Health Organization called the coronavirus an unprecedented threat to humanity, while asserting it's a chance for humanity to cooperate as one team against a shared enemy, while noting that vaccine experiments in just two months of spread is an incredible achievement. 

Earlier Japanese data showed inflation up 0.6% as expected, while core prices rose 0.4%, slowing down 0.7%. 

Japan's industrial activities rose 0.8% in January, compared to a 0.1% dip in December. 

President Donald Trump is planning a massive stimulus package in the US that could reach $1.2 trillion to contain the worst of a crisis that will put many economies in recession. 

Australia reported an unemployment rate of 5.1%, which is expected to climb with the quarantine measures in the coming months. 

Stock Performance 

Japan's TOPEX rallied 1.47%, while Nikkei 225 fell 0.74% to 16,602. 

China's CSI 300 shed 2.47%, while Shanghai fell 1.97% to 2,675. 

Hong Kong's Hang Seng shed 3.85%, while South Korea's KOSPI slumped 8.12% to 1,461. 

New Zealand's NZX 50 fell 2.56%, while Australia's S&P/ASX 200 swooned 2.15% to 4,846.