Another painful session for global markets began Monday with a slump in equities and a slide in sovereign bond yields, as investors reacted to a much deeper decline in China’s manufacturing than expected, and the continued spread of the coronavirus.

Japanese stocks opened 1.3% lower, and S&P 500 futures slumped over 1%, with a signal from the Federal Reserve Friday that it’s open to easing policy providing little comfort. Australian and New Zealand 10-year yields set new record lows and Treasury yields slid to 1.11%. Moves did ease somewhat in currencies in early trading and oil erased its losses, while South Korean shares edged higher at the open.

Troubled offshore and marine group Ezion Holdings has on Feb 28 reached a new conditional debt conversion and conditional option agreement with would-be white knight, Malaysia-listed Yinson Holdings. Under the conditional debt conversion agreement with Yinson’s indirect wholly owned subsidiary Yinson Eden, S$482.3 million of Ezion’s debt will be wiped out by Yinson Eden in exchange for the company getting 23 billion new ordinary shares in Ezion at an issue price of 3.17 Singapore cents per share.

China's new securities law which simplifies regulations for stock exchange listings and tightens sanctions on insider trading came into force on Sunday. It cuts red tape for initial public offerings (IPOs), which no longer need prior approval from the China Securities Regulatory Commission (CSRC). Companies are also no longer required to be profitable before listing but must provide precise financial information.

Nippon Steel, the world's No 3 steelmaker, is bracing for a downside risk as slower manufacturing activities in China in the wake of the coronavirus outbreak may further weigh on demand in industries such as auto and machineries, its executive said. Mr Miyamoto also said inventories held at steelmills in China rose 30 per cent in early February from a year ago, with stockpiles at Nippon Steel's steel joint venture in Shanghai also increasing due to transport disruptions.

United Airlines chief executive Oscar Munoz told employees the US airline would likely need to cut additional flights in the wake of sagging demand because of the coronavirus outbreak, the airline confirmed on Sunday.

Samsung Electronics and LG Innotek have shut their factories in South Korea after a worker tested positive for the coronavirus, the companies said on Sunday.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR