Asia shares try to find a floor after headlong fall

"The collapse in oil prices and associated credit concerns for producers has added another negative layer to a market already on its knees over the COVID-19 outbreak," said Rodrigo Catril, a senior FX strategist at National Australia Bank.

SYDNEY: Asian markets were set for a fraught session on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, piling pressure on policy makers globally to short-circuit the panic.

Speculation of more central bank rate cuts and possible fiscal stimulus did see U.S. Treasury yields edge up from historic lows, and oil prices paused after the steepest fall since the 1991 Gulf war.