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Global stocks fell sharply on Monday, with Chinese data released over the weekend panicking investors, raising concerns that the global economy could be in recession due to the new coronavirus. Data released in China showed that the purchasing managers' index (PMI) hit a record low in February.
Concerns about a possible global pandemic of the new coronavirus led to a sharp fall in the market last week, with the stock market hitting its biggest weekly decline in more than a decade, with the global stock market losing more than $5 trillion in market value.
The fall prompted financial markets to consider possible policy responses from the Federal Reserve, the Bank of Japan and the Bank of Australia.
Currently, interest rate futures indicate that the Federal Reserve will cut interest rates by 50 basis points in March, while the Australian market expects the RBA to cut interest rates by 25 basis points at its meeting on Tuesday.
E-mini S & P 500 futures fell more than 1%. The MSCI Mingsheng Asia Pacific Index (excluding Japan) fell 0.3%.
Japan's Nikkei. N225 fell 1.3 percent to a six-month low in early trading. Australia's S S & P ASX / 200 index fell 3%, New Zealand's NZ50 index. NZ50 fell 3%, entering the correction zone.
The benchmark 10-year Treasury yield hit a record low of 1.0750%.
"Given the closing of the US stock market, the market had hoped very much that today's opening would be more or less positive," said Jun Bei Liu, portfolio manager of Tribeca investment partners. She refers to the recovery of US stocks from intraday lows late Friday.

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