Asian markets slip on oil; recover after talks of stimulus offer support

Wall Street had been on the brink of a bear market with all the major indices down almost 20 per cent from their all-time peak, which amazingly were touched just 13 sessions ago

Asian markets skidded again on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, but the selling was restrained by hopes for coordinated policy action to quell the panic.

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

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