REFILE-GLOBAL MARKETS-Asia equities set to plunge after U.S. crude collapses for second day

(Corrects typographical error in paragraph 5)
* Wall St stock indexes tumble; dollar rises
* All 11 S&P 500 sectors drop
* Gold falls as investors need cash to cover losses
* U.S. Treasury yields fall as investors seek shelter

By Katanga Johnson and Herbert Lash
WASHINGTON/NEW YORK, April 21 (Reuters) - Asian share
markets were set to tumble on Wednesday as the floor fell out
from under U.S. crude prices, exposing the deep damage the
coronavirus pandemic has had on global economic demand.
Skittish investors sought the safety of government debt and
even dumped safe-haven gold as Brent oil futures plunged for a
second day, fueled by a swelling global crude glut.
Australian S&P/ASX 200 futures YAPcm1 lost 2.1% in early
trading while Japan's Nikkei futures NKc1 rose 0.21%.
The collapse in U.S. crude prices has given fresh urgency to
bearish voices who say it sounds alarm bells for global growth
and are bracing for a catastrophic collapse in asset prices as
the COVID-19 pandemic wrecks the world economy. Earlier this week, the May U.S. WTI futures contract CLc1
crashed into negative pricing for the first time in history. In
addition to massive oversupply concerns, analysts say the plunge
also highlights the technical constraints the market faces in
responding to shocks.
"The negative price for May WTI futures was probably an
anomaly, but it also was a symptom of bigger underlying issues
that the industry must address," said Arij van Berkel, who leads
the energy research team at Lux Research in Amsterdam.
"Even though the oil industry theoretically has a
diversified product portfolio, the current situation shows that
its ability to switch between markets is extremely limited."
The Nikkei 225 index .N225 closed down 1.15% at
19,669.12​​​ on Tuesday. The futures contract is down 2.64% from
that close.
Hong Kong's Hang Seng index futures .HSI .HSIc1 lost
1.31%.
On Wall Street, the Dow Jones Industrial Average .DJI fell
2.67% to 23,018.88, the S&P 500 .SPX lost 3.07% to 2,736.56
and the Nasdaq Composite .IXIC dropped 3.48% to 8,263.23.
The pan-European STOXX 600 index .STOXX lost 3.39% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
3.01%.
As the difficulties of restarting the U.S. economy sank in,
U.S. Treasury yields tumbled, with the five-year note hitting a
new record low on rising prices for bonds: one of the safest
assets. The U.S. dollar rose to a two-week high against a basket of
currencies, as investors fled riskier assets for the world's
most liquid currency while putting pressure on oil-linked
currencies such as the Norwegian crown NOK= and the Canadian
dollar CAD . Investors face a worldwide supply glut that is expected to
overwhelm demand for months or even years and current production
cuts to offset that excess are nowhere near sufficient.
U.S. crude CLc1 recently rose 124.08% to $10.01 per barrel
while Brent oil futures prices LCoc1 plunged again on Tuesday
to $19.82, down 22.49% on the day, as panic extended to a second
day.
Both Saudi Arabia and Russia said on Tuesday they were ready
to take extra measures to stabilize oil markets along with other
producers, but they have not taken action yet. Investors have become increasingly wary of the economic
damage from sweeping lockdowns that have brought U.S. business
activity to a halt and sparked millions of layoffs. Governors of about half a dozen U.S. states, including
Georgia and South Carolina, are pushing ahead with plans to
begin a partial restart of their economies despite warnings that
loosening restrictions prematurely could lead to a fresh surge
of infections.
Meanwhile, the U.S. Senate on Tuesday unanimously approved
$484 billion in additional coronavirus relief for the U.S.
economy and hospitals treating patients sickened by the
pandemic, sending the measure to the House of Representatives
for final passage later this week. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Global bonds dashboard (DO NOT USE UNTIL UPDATE FOUND) http://tmsnrt.rs/2fPTds0
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
The plummeting price of oil interactive https://reut.rs/39ieums
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