Hong Kong: Asian markets tumbled on Tuesday after Apple warned the new coronavirus had hit output and demand in China, fuelling fears over the wider impact of the epidemic on corporate earnings and economic growth. Investors looked past a positive lead from European bourses to focus on the spiralling fallout from the virus that has so far killed 1,868 people and infected 72,436, mostly in mainland China. Officials said the number of deaths and infected cases have declined.

But the virus has sparked panic buying, economic jitters and the cancellation of high-profile sporting and cultural events. "Best to buckle in as we could be in for a bumpy ride over the next few weeks," said Stephen Innes of AxiCorp. "I-m struggling to find any research report that doesn-t suggest COVID-19 could significantly affect short term earnings."