Asia markets tumble as US Federal Reserve cuts benchmark rate amid growing concerns about economic toll of coronavirus

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Most Asia markets tumbled in early trading as the emergency move by the US Federal Reserve to cut the key benchmark interest rate to near zero and resume bond purchases worth US$700 billion failed to convince investors that the measures would be enough to combat the economic toll of the spreading coronavirus.

Australia’s S&P/ASX 200 index tumbled 6.4 per cent and New Zealand’s S&P/NZX 50 Index lost 3.4 per cent. Japan’s Nikkei 225 index and South Korea’s benchmark both fell 0.4 per cent.