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| - Stock markets slumped Tuesday after Apple warned the new coronavirus had hit output and demand in China, fuelling fears over the wider impact of the epidemic on corporate earnings and economic growth. Investors focused on the spiralling fallout from the virus that has killed more than 1,800 people and infected nearly 72,500, mostly in mainland China. As well as denting company bottom lines, the virus has sparked panic buying, economic jitters and the cancellation of high-profile sporting and cultural events. "Best to buckle in as we could be in for a bumpy ride (over) the next few weeks," said Stephen Innes of AxiCorp. "I'm struggling to find any research report that doesn't suggest (COVID-19) could significantly affect short term earnings." Apple suppliers in Asia were hit by the tech giant's warning that it would miss its quarterly revenue forecast because of the virus, dragging markets lower. Tokyo's benchmark Nikkei 225 index closed down 1.4 percent -- its fourth straight session in the red -- a day after data showed the Japanese economy shrank in the December quarter, even before the effects of the virus hit the country. Singapore on Tuesday unveiled US$4.6 billion in financial packages to deal with the impact of the deadly coronavirus outbreak, which has battered the city-state's economy and sparked fears of a recession. Singapore stocks fell 0.6 percent as investors digested the government's decision to cut its economic growth forecast for this year as the virus batters the city state's tourism and trade. Hong Kong ended down 1.5 percent, as banking heavyweight HSBC reported a 33-percent fall in 2019 pre-tax profits alongside an announcement that it was cutting 35,000 jobs. The London-based bank, but with its roots in Hong Kong and a focus firmly on Asia, saw its share price slump 6.5 percent in the British capital. London's benchmark FTSE 100 stocks index was down 0.8 percent overall around midday, while the pound climbed as official UK data showed the country's unemployment rate steady at 3.8 percent. London - FTSE 100: DOWN 0.8 percent at 7,372.14 points Frankfurt - DAX 30: DOWN 0.7 percent at 13,685.91 Paris - CAC 40: DOWN 0.4 percent at 6,060.67 EURO STOXX 50: DOWN 0.5 percent at 3,834.54 Tokyo - Nikkei 225: DOWN 1.4 percent at 23,193.80 (close) Shanghai - Composite: UP 0.1 percent at 2,984.97 (close) Hong Kong - Hang Seng: DOWN 1.5 percent at 27,530.20 (close) New York - CLOSED Monday Euro/dollar: DOWN at $1.0834 from $1.0836 Pound/dollar: UP at $1.3038 from $1.3008 Euro/pound: DOWN at 83.11 pence from 83.31 pence Dollar/yen: DOWN at 109.72 from 109.88 Brent Crude: DOWN 1.8 percent at $56.64 per barrel West Texas Intermediate: DOWN 1.5 percent at $51.26 amj-bcp/jh
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