Stimulus hopes pull stocks back from abyss

SINGAPORE: Stocks plunged on Friday with coronavirus panic selling hitting nearly every asset class - before finding some kind of floor as hopes turned to a U.S. stimulus package.

European and U.S. stock futures traded in positive territory and some of Asia's deepest losses were recovered by the end of a session, in which tight liquidity exaggerated moves.

It was not clear if the late market moves signalled a recovery in the dire sentiment that has wiped some $14 trillion from world stocks in a month and had Asian markets in freefall at the open. By late afternoon, Hong Kong's Hang Seng was down 3.5% and Korea's Kospi - which had busted through circuitbreakers earlier in the session - had recouped losses to sit 3.7% in the red.

The plunge, as the coronavirus pandemic spreads, gathered pace after U.S. President Donald Trump spooked investors with a move to restrict travel from Europe, and after the European Central Bank disappointed markets by holding back on rate cuts.

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