Asian stocks mixed as economic toll of virus worsens

Asian stocks were meandering Thursday after a White House warning that as many as 240,000 Americans might die of the coronavirus sent Wall Street tumbling and signs of the outbreak's global economic cost increased.

Benchmarks in Tokyo and Hong Kong opened lower but were trading higher by midday, and losses in early trading were smaller than Wall Street's 4.4% overnight fall. Shanghai opened down but gained 0.3% at mid-morning while Seoul advanced 1.9%.

U.S. futures were higher.

The U.S. warning added to anxiety among investors who are trying to figure out how long and deep this history-making global economic downturn might be.

The White House jolted financial markets with its announced Wednesday that anywhere from 100,000 to 240,000 Americans might die from the virus even if the country avoids shopping trips, eating in restaurants and other public activities through April.

Florida’s governor became the latest to issue a statewide stay-at-home order.

Tokyo's Nikkei 225 lost 0.3% to 18,007.46, adding to the previous session's 4.5% loss. The Hang Seng in Hong Kong climbed 0.2% to 23,135.25.

The Shanghai Composite Index gained to 2,743.64. The Kospi in Seoul rose to 1,716.60 while Sydney's S&P-ASX 200 declined 1.8% to 5,162.20.

Benchmarks in New Zealand and Southeast Asia also retreated. On Wall Street, the benchmark S&P 500 index lost 114.09 points on Wednesday to 2,470.50.

The index is coming off its worst quarter since 2008 with a 20% loss. The Dow Jones Industrial Average lost 4.4% to 20,943.51. The Nasdaq composite fell 4.4% to 7,360.58.

The market's hardest-hit areas included banks, utilities and other dividend payers. U.S. investors were rattled by mounting evidence of the virus's impact on major companies.