* U.S. stock futures negative in Asia
* Australia, Japan markets poised for drop
* Dow posts worst plunge since 1987
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
SINGAPORE, March 13 (Reuters) - Asia's stocks were poised to
plunge further on Friday as panic gripped world financial
markets and even safe-haven assets such as gold were ditched to
cover losses in the wipeout.
S&P 500 futures ESc1 are down 0.5% in Asia. Nikkei futures
NKc1 were 10.88% lower in late New York trade. Australia's
benchmark .AXJO lost 7% and New Zealand's index was last more
than 8%, its biggest intraday drop on record.
Currency trading was erratic amid poor liquidity and a rush
to secure financing in dollars. FRX/
Overnight, Wall Street's Dow industrials index .DJI
suffered its largest daily decline since the 1987 Black Monday
crash.
The plunge, as the coronavirus pandemic spreads, gathered
steam after U.S. President Donald Trump spooked investors with a
move to restrict travel from Europe, and after the European
Central Bank disappointed markets by holding back on rate cuts.
Trade was halted on the S&P 500 .SPX. after it hit
downdraft circuit breakers. It fell further when trade resumed,
eventually losing 9.5% to close 27% below February's peak.
Gold XAU= fell 3.5%, yields on long-dated U.S. Treasuries
rose amid the panic, and in the currency markets, investors
stampeded into the dollar. US/ GOL/
"Everyone is just de-risking," said Stuart Oakley, Nomura's
global head of flow FX in Singapore.
"It's not just a case of the stock market going down, anyone
who's long the stock market needs to chop out...it's just a case
of people wanting to bring risk back to flat," he said.
In a televised address late on Wednesday, U.S. President
Donald Trump imposed restrictions on travel from Europe to the
United States, shocking investors and travellers.
Traders were disappointed after hoping to see broader
measures to fight the spread of the virus and blunt its expected
blow to economic growth.
The New York Federal Reserve pumped more liquidity to banks
to try and stabilise the system as markets show signs of stress.
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
9.51% and was down more than 20% from its 52-week peak.
The VIX volatility index .VIX - Wall Street's "fear gauge"
- and an equivalent measure of volatility for the Euro Stoxx 50
.V2TX hit their highest since the 2008 financial crisis.
In early Asia currency trade volumes were light and tight
liquidity exaggerated moves. The dollar handed back some gains
to the yen, pound and franc and Australian dollar AUD=D3
lifted about 1% from an 11-year low to $0.6287.
The euro EUR= found footing at $1.1171 after falling as
far as $1.1054 overnight.
(Editing by Sam Holmes)