New York/Hong Kong (CNN Business)Asian markets were mixed Thursday while US stock futures were up following a rough start to the second quarter for global stocks, as investors continue to grapple with the fallout from the coronavirus outbreak.
Japan's Nikkei 225 ( fell 0.7% in morning trading after heavy losses on Wednesday. The index plunged 20% in the first quarter, among the worst performers in the region. )
Hong Kong's Hang Seng ( lost 0.6%, extending losses from the previous day. The index fell more than 16% last quarter. )
HSBC sank more than 4% in Hong Kong, continuing its heavy declines in recent days. The stock is down more than 15% for the week. Standard Chartered also fell 1.4% in Hong Kong. The two UK banks said they would cancel their dividends after British regulators asked them to do so.
Australia's S&P/ASX 200 dropped 2.2%. But China's Shanghai Composite ( and South Korea's )Kospi ( both reversed course and slightly rebounded from Wednesday's losses. )
In the United States, futures recouped some of Wednesday's heavy declines. Dow ( futures rose 240 points, or around 1.2%. )S&P 500 ( futures climbed about 1.3% and )Nasdaq ( futures were up 1.2%. )
US stocks finished in the red for the second day in a row Wednesday. All three indexes closed down 4.4%.
The decline comes ahead of Thursday's jobless claims report, which is expected to be even worse than last week's record breaking number. Economists expect that 3.5 million people filed for unemployment benefits for the first time last week, according to the Refinitiv consensus estimate. Bank of America, Merrill Lynch and Barclays expect that number will be 5 million people or higher.
Meanwhile, the oil market continues to suffer. On Wednesday, Whiting Petroleum ( became the first major oil producer to file for bankruptcy since oil prices sank to 18-year lows. Others are likely to follow. )