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Chinese stocks dropped the most in three weeks on Tuesday, as worries deepened a rapidly spreading coronavirus could become a global pandemic and deal a heavy blow to the global economic growth.

Southeast Asian stock markets stabilised on Tuesday, after a steep sell-off in the previous session, as fears of the coronavirus rapidly spreading beyond China kept gains in check. Several Middle East countries were faced with their first coronavirus cases, while Italy reported its seventh death, feeding

* Tight credit could curb China's crude imports, lower oil prices

The prime minister of East Timor has sent a letter of resignation to the president, he said on Tuesday, as the tiny Southeast Asian nation faces new political instability after the collapse of a coalition supporting him in parliament.

JPMorgan Chase & Co executives plan to announce new climate-change initiatives on Tuesday, including restrictions on financing coal mining and Arctic drilling, as well as a $200 billion target to provide financing for sustainable projects.

Big Hit Entertainment, the music label of South Korean boy band BTS, has chosen JPMorgan, NH Investment and Securities and others to handle its initial public offering (IPO), according to media reports.

Australian shares fell the most in more than six months on Tuesday as fears mounted the new coronavirus outbreak was rapidly developing into a pandemic that will derail global economic growth.

New Zealand's central bank said on Tuesday that cyber attacks could wipe off about 2% to 3% of the profits of the banking and insurance industries each year, highlighting the need for the industry to counter these threats.

U.S. government officials are still considering ways to further curb sales to China's Huawei Technologies, despite President Donald Trump's tweets and comments last week in support of sales to China, according to people familiar with the matter.

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JPMorgan Chase & Co executives plan to announce new climate-change initiatives on Tuesday, including restrictions on financing coal mining and Arctic drilling, as well as a $200 billion target to provide financing for sustainable projects.