Global markets staged some recovery, if not a major one, as US Dow Futures pointed to higher openings for the US markets.
In Asia, the Japanese Nikkei was up 1.23 per cent, while in Australia the S&P ASX 200 was up 3.11 per cent and the Hong Kong's Hang Sang was up more than 2 per cent. The Indian markets were closed on account of a local holiday.
US Dow Futures pointed to higher openings after reports that US President Donald Trump will be meeting with Senate and House Republicans on Tuesday to discuss "a possible tax relief measure" to provide "a timely and effective response to the coronavirus."
The US markets had plunged as much as 7 per cent on Monday, in one of the biggest ever falls since the 2008, sub-prime mortgage crisis. Today's rally comes as a major relief to global markets, some of which have now shed between 15 to 20 per cent from peak levels.
Technically, a fall below 20 per cent from peak levels is considered a bear market.