Foreign investors are cutting their exposure to Asian markets at the fastest rate in years, as the coronavirus outbreak continues to spread globally.

Countries in Latin America and sub-Saharan Africa have taken out at least $152bn in oil, mineral and metal-backed loans from China since 2004, money that has contributed to crippling debt levels, according to a report on Thursday by a Washington-based non-governmental organisation.

Microsoft Inc said on Wednesday it does not expect to meet its quarterly revenue forecast for its Windows and personal computing business, joining Apple Inc in warning of the financial effects of the coronavirus outbreak.

South African President Cyril Ramaphosa ascended to the office with the support of labour unions. On Wednesday, his government set the stage for a showdown with them after his finance minister unveiled a plan to dramatically slash public sector wages to rein in the country's rising debt.

Asian shares fell on Wednesday as a United States warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows.

Hong Kong's banks face at least two quarters of worsening asset quality and slowing loan growth as the coronavirus outbreak hits trade and consumer banking, analysts and bankers have said.