Stocks in Asia were little changed in Wednesday afternoon trade as the economic impact of the coronavirus pandemic continued to weigh on investor sentiment.
Mainland Chinese stocks were mixed by the afternoon, with the Shanghai composite 0.15% lower while the Shenzhen composite added 0.315%. Hong Kong's Hang Seng index dipped fractionally.
Stocks in Japan turned positive after slipping earlier, with the Nikkei 225 slightly higher though shares of Fanuc still slipped 1.75% while FamilyMart dropped 3.67%. The Topix index also gained 0.37%.
Shares in Australia remained in negative territory, as the S&P/ASX 200 declined 0.57%.
Overall, the MSCI Asia ex-Japan index rose 0.3%.
Markets in South Korea are closed on Wednesday as the country heads to the polls for parliamentary elections.
Developments around the coronavirus pandemic will likely continue to be in focus for investors, with the International Monetary Fund warning on Tuesday that the global economy is set to see its worst financial crisis since the Great Depression.
The Washington-based organization now expects the global economy to contract by 3% in 2020. By contrast, in January it had forecast a global GDP (gross domestic product) expansion of 3.3% for this year.
Overnight stateside, the Dow Jones Industrial Average rallied 558.99 points to close at 23,949.76. The S&P 500 added 3.1% to end its trading day at 2,846.06 while the Nasdaq Composite advanced nearly 4% to close at 8,515.74. Tuesday's moves gave the Nasdaq its first four-day winning streak since early February.
Oil prices up
Oil prices rose in the afternoon of Asian trading hours, with international benchmark Brent crude futures up 1.25% to $29.97 per barrel while U.S. crude futures were 2.39% higher at $20.59 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 98.916 after slipping from levels above 99.0 yesterday.
The Japanese yen traded at 107.08 per dollar after seeing levels above 107.2 yesterday. The Australian dollar changed hands at $0.6407 after rising from levels below $0.64 yesterday.
— CNBC's Silvia Amaro contributed to this report.
Correction: This article was updated to reflect that South Korea's markets are closed on Wednesday.
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Asia Pacific markets little changed as IMF flags risk of severe global recession - CNBC
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