Asian stocks look set to tumble on Thursday, as fears that the world is in its worst recession since the 1930s were heightened by data showing U.S. retailers suffered a record sales collapse in March due to the coronavirus outbreak.
FILE PHOTO: Pedestrians wearing face masks walk near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song
E-Mini future for the S&P 500 ESc1 fell 0.76% while Nikkei futures NKc1 pointed to a loss of 70 points, mirroring a 2.2% decline in the S&P 500The flight from risk helped the dollar rebound against major currencies and nudged gold off a 7-1/2-year high, while expectations that a recession will depress demand for oil pushed crude prices to 18-year lows overnight.
“The U.S. economy is in a deep recession,” Kim Mundy, an analyst at Commonwealth Bank of Australia, wrote in a note, adding that a downturn will support the dollar.Data showed on Wednesday that U.S. retail sales had plunged 8.7% in March, the biggest drop since the government started tracking the series in 1992. Output at factories was also shown to have declined by the most since 1946.
The United States is set to release its weekly jobless claims data on Thursday and the market expects a further 5.105 million claims, according to a Reuters poll.
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