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Asia's factories took a heavy hit in February from the coronavirus outbreak with activity in China shrinking at a record pace, business surveys showed on Monday, adding to fears the crisis risks triggering a global recession.

Asian shares steadied from early losses on Monday as investors placed their hopes on a coordinated global monetary policy response to weather the damaging economic impact of the coronavirus epidemic.

Samsung Electronics has started building a $220 million research and development centre in Vietnam, the South Korean tech giant's local unit said on Monday.

Shares in HNA Group-controlled companies rose on Monday after the Chinese aviation and tourism conglomerate said it had asked the government to help it resolve liquidity risk caused by the coronavirus outbreak which has put heavy pressure on the airline industry.

Amazon.com Inc said late on Sunday that two employees in Milan, Italy, have contracted the coronavirus and are under quarantine.

The rout in world stocks deepened on Monday, with investors rattled by weekend data from China that showed its fastest ever contraction in factory activity, raising fears of a global recession from the coronavirus.

"If you ask me: cutting the rates or reinstating the uptick rule? I say reinstate the uptick rule," Cooperman said during a CNBC special.

Oil prices pared losses after earlier hitting multi-year lows on Monday as hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak.

It's too soon to rush back into stocks after the market suffered its worst week since 2008 amid coronavirus concerns, strategists warned.

British Prime Minister Boris Johnson warned he would drive a hard bargain with the United States in upcoming trade talks as the government sets out its negotiating position on Monday.

Investors battered by the breathtaking drop in global stock markets on coronavirus fears are ever more convinced the world's big central banks, including the Federal Reserve, will soon step in to try to quell the storm.

Stock futures plummeted on Monday as investors were rattled by weekend data from China that showed its fastest ever contraction in factory activity, raising fears of a global recession from the coronavirus.

Goldman Sachs economists on Sunday predicted the U.S. Federal Reserve will cut interest rates aggressively perhaps before its next scheduled meeting in two weeks time, saying the head of the U.S. central bank sent a clear signal with his unscheduled statement on Friday.

The implied yield on U.S. 10-Year Treasury futures traded below 1% for the first time, as investors grew increasingly unnerved by the spread of coronavirus.