(Bloomberg) — Stocks in Asia fell on heavy volumes Wednesday after another epic rout on Wall Street, while U.S. equity futures rose and the yen dipped, taking back some of their strong recent moves.The won fell toward its weakest since 2016 after South Korea reported a further escalation in coronavirus cases. Stock benchmarks came off their session lows in Seoul, Hong Kong and Tokyo, but European futures declined. The Shanghai stock index was little changed. The S&P 500 Index fell 3% overnight, in its worst two-day slide since 2015. Ten-year Treasury yields held near Tuesday’s record low. The offshore yuan was flat, and the yen gave up some recent gains.South Korea, Asia’s fourth-largest economy, said its national total for coronavirus cases is now more than 1,000, up from just 51 a week ago. American health officials Tuesday warned that they expect the epidemic to spread in the U.S., news that extended the sell-off in stocks.The virus and the market reaction has also entered U.S. politics. President Donald Trump tweeted “Stock Market starting to look very good to me!” after the close on Monday. Democratic presidential candidate Elizabeth Warren by contrast said the plunge in stocks is only the “tip of the iceberg” of a growing economic threat from the coronavirus.Meantime, traders are monitoring for any signs of policy accommodation as the global economy absorbs the blow of virus-linked shutdowns. U.S. central bankers are closely monitoring the spreading virus, but it is “still too soon” to say whether it will result in a material change to the outlook, Federal Reserve Vice Chairman Richard Clarida said Tuesday. Traders nevertheless are betting on further easing.“The ultimate impact remains entirely unknown at this stage,” said Eleanor Creagh, a Sydney-based strategist at Saxo Capital Markets. “And uncertainty is the enemy of conviction.”Hong Kong announced a HK$120 billion ($15.4 billion) relief package with tax cuts and a HK$10,000 cash handout, to shore up economic confidence in a city battered by political unrest and the coronavirus.Elsewhere, crude oil remained around $50 a barrel after slumping for two straight sessions.These are some key events coming up:Earnings keep rolling in from companies including: Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.U.S. jobless claims, GDP and durable goods data are out Thursday.Japan industrial production, jobs, and retail sales figures are due on Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index added 0.4% as of 3:08 p.m. in Tokyo. The gauge fell 3% on Tuesday.Japan’s Topix index retreated 0.8% at the close, after paring an intraday loss of 1.9%.Hong Kong’s Hang Seng lost 0.8%.The Shanghai Composite rose 0.2%.Australia’s S&P/ASX 200 Index slid 2.3%.South Korea’s Kospi index retreated 1%.Euro Stoxx 50 futures declined 0.4%.CurrenciesThe yen was down 0.1% at 110.36 per dollar.The offshore yuan was at 7.0313 per dollar, 0.1%.The euro dropped 0.1% to $1.0874.BondsThe yield on 10-year Treasuries was stable at 1.35%.Australia’s 10-year yield fell one basis point at 0.92%.CommoditiesWest Texas Intermediate crude oil added 0.4% to $50.08 a barrel.Gold rose 0.6% to $1,645.03 an ounce.\–With assistance from Elizabeth Stanton and Andreea Papuc.To contact the reporter on this story: Adam Haigh in Sydney at [email protected] contact the editors responsible for this story: Christopher Anstey at [email protected], Ravil ShirodkarFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.