STI sinks further on Friday; falls 1.7% on the week

ASIAN equities fell again on Friday as mid-week confidence - driven by monetary and fiscal stimulus measures by governments to tackle the Covid-19 outbreak - dissipated.

With fears mounting over the possibility of a worldwide recession, worst-case scenarios of a sustained spread in Europe and the US are starting to be priced in, AxiCorp chief market strategist Stephen Innes noted.

The negativity across equity markets in Asia did not surprise Oanda's Asia-Pacific senior market analyst Jeffrey Halley. He felt sentiment currently reflects "the state of the world right now" instead of "rallies built on foundations of sand" after the US Federal Reserve lowered rates on Tuesday.