Stocks in Asia fell on Tuesday as the May contract for U.S. crude reentered negative territory.
In Japan, the Nikkei 225 index dropped 388.34 points, or 2%, to 19,280.78, as shares of index heavyweights Fast Retailing slumped 3.7%, and Softbank Group dropped 4.1%
In Hong Kong, the Hang Seng index tumbled 536.47 points, or 2.2%, to 23,793.55.
Korean markets were also in the red. The South Korean won also weakened against the greenback as it traded at 1,229.65 per dollar.
The moves came after reports that Washington is “monitoring intelligence” that North Korean leader Kim Jong Un is in "grave danger after a surgery."
Confusion remained, however, over the state of Kim’s health.
Australian markets slumped as the Reserve Bank of Australia’s minutes for its April meeting, released earlier on Tuesday, showed the “Board remained committed to supporting jobs, incomes and businesses” as the country responds to the coronavirus outbreak.
In the minutes, members also noted that “the Australian banks were in a strong position to withstand the large economic shock” from the Covid-19 outbreak and financial market volatility.
On the corporate news front, Virgin Australia announced Tuesday that the firm has entered voluntary administration to “recapitalise the business and help ensure it emerges in a stronger financial position on the other side of the COVID-19 crisis.” That comes as the airline sector has taken a huge beating from the coronavirus pandemic, with travel heavily restricted as authorities globally race to stem the virus’ spread.
In other markets
In Shanghai, the CSI 300 subtracted 45.41 points, or 1.2%, to 3,808.05
In Korea, the Kospi index lost 18.98 points, or 1%, to 1,879.38.
In Taiwan, the Taiex Index plunged 298.29 points, or 2.8%, to 10,288.42
In Singapore, the Straits Times Index settled 45.93 points, or 1.8%, to 2,551.92.
In Australia, the ASX 200 dumped 131.71points, or 2.5%, to 5,221.30
In New Zealand, the NZX 50 ditched 226.81 points, or 2.1%, to 10,535.87.
