REFILE-GLOBAL MARKETS-Bear market fears grip global shares as pandemic declared, eyes on Trump

(Corrects day in first paragraph)
* Asian stock markets: https://tmsnrt.rs/2zpUAr4

By Hideyuki Sano
TOKYO, March 12 (Reuters) - Global shares were set for a
rocky ride on Thursday as investors tally the economic damage of
coronavirus, a day after the U.S. Dow Jones industrials entered
bear market territory and world health officials declared the
virus a pandemic.
Markets desperate for government action to offset the
impacts of the global outbreak will look to an address by U.S.
President Donald Trump scheduled for 9 p.m. EDT (0100 GMT).
"Markets are crying out for a co-ordinated response to
COVID-19 headwinds and a lack of concrete U.S. policy action is
rattling markets," Tapas Strickland, director of economics at
National Australia Bank in Sydney said in a report.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS dropped 0.27% in early trade while Nikkei
futures NIYcm1 suggest a 0.5% fall in Japanese shares .N225 .
Australia's benchmark .AXJO was down 2.8%.
U.S. S&P500 futures ESc1 recouped a small part of big
losses the previous day, gaining 0.4% in early Thursday trade.
On Wednesday, the S&P 500 .SPX lost 4.89% while the Dow
Jones Industrial Average .DJI fell 5.86% to extend its fall
from a record peak hit a month ago to more than 20%.
European shares closed at a 14-month low even after Britain
announced a $39 billion war chest to soften the impact of the
coronavirus.
The FTSE 100 .FTSE closed down 1.6%, extending a slump
into a fifth day, as investors doubted whether the stimulus and
the rate cut would be enough to counter the shock from the
coronavirus outbreak. Some safe-haven assets gave up recent gains, a move that
some market players suspect is a desperate bout of profit-taking
to make up for losses made elsewhere.
Gold XAU= dipped to $1,640.7 per ounce from Monday's high
above $1,700.
The 10-year U.S. Treasuries yield rose back to 0.878%
US10YT=RR , more than 50 basis points above a record low of
0.318% touched on Monday. Some analysts say the rise could
reflect worries about an increase in government spending for
stimulus.
The two-year yield also jumped back to 0.525% compared to
Monday's low of 0.251%.
But rising yields by no means suggest any easing in
expectations of Fed rate cuts.
Fed fund rate futures 0#FF: are pricing in a rate cut of
at least 0.75 percentage points and about a 30% chance of a 1.0
percentage point cut at a policy review on March 17-18.
Oil prices were wobbly, having fallen about 4% on Wednesday,
on renewed weakness in the stock market and as Saudi Arabia and
the United Arab Emirates announced plans to escalate the
burgeoning price war.
U.S. West Texas Intermediate (WTI) crude CLc1 last traded
up slightly at $33.32 per barrel.
In the currency market, the dollar slid against the
safe-haven yen and the Swiss franc.
The U.S. currency stood at 104.63 yen and 0.9392 franc
CHF= .