Left Menu
Development News Edition

GLOBAL MARKETS-Asian markets struggle to digest coronavirus spike

Asian shares are showing a mixed picture on Tuesday after a volatile day in U.S. equity markets amid persistent concerns over the record number of new coronavirus cases worldwide and signs of an economic rebound. Australian S&P/ASX 200 futures lost 0.76% in early trading, Japan's Nikkei 225 futures added 0.22%, and Hong Kong's Hang Seng index futures rose 0.39%.

Reuters | Updated: 14-07-2020 04:58 IST | Created: 14-07-2020 04:58 IST
GLOBAL MARKETS-Asian markets struggle to digest coronavirus spike

Asian shares are showing a mixed picture on Tuesday after a volatile day in U.S. equity markets amid persistent concerns over the record number of new coronavirus cases worldwide and signs of an economic rebound.

Australian S&P/ASX 200 futures lost 0.76% in early trading, Japan's Nikkei 225 futures added 0.22%, and Hong Kong's Hang Seng index futures rose 0.39%. E-mini futures for the S&P 500 rose 0.21%.

After a strong start in the United States, equity markets sold off when California announced it was slowing the state’s reopening, shutting bars and banning indoor restaurant dining statewide in response to a surge in coronavirus cases. But at the same time, U.S. consumers reported being more optimistic that the worst of their economic woes from the pandemic were behind them, complicating the picture for investors about the state of the world's largest economy.

"The U.S. continues to report fresh highs of daily new infections. However, the seriousness of the disease is falling. Hospitalisation rates...has trended down since April," said Kim Mundy with the Commonwealth Bank of Australia in Sydney, in an analyst note. "The upshot is the surge in infections does not give the full story. And it suggests the U.S. is learning to live with the disease." Tensions also grew between the U.S. and China over disputed claims to offshore resources throughout the South China Sea, with U.S. officials saying China's claims were "unlawful."

The U.S. dollar edged lower on Monday as investors looked to U.S. corporate earnings and upcoming retail data to gauge whether guarded optimism on the economic outlook was justified. Spot gold dropped 0.1% to $1,801.30 an ounce. On Monday, the S&P 500 dropped 0.94% after touching its highest level since Feb. 24 earlier in the trading day. The tech-heavy Nasdaq Composite dropped 2.13%, driven by declines in some outperforming big names, including Amazon and Microsoft. The Dow Jones Industrial Average rose 0.04%.

MSCI's gauge of stocks across the globe briefly touched its highest level since February, before ending down 0.29%. Growing concerns over the coronavirus spread and simmering U.S.-China tensions also weighed on oil. Brent futures fell 52 cents, or 1.2%, to settle at $42.72 a barrel.

In upcoming data, China is set to report Tuesday its trade numbers, with slump in China's exports likely easing in June while imports contracted less sharply on higher crude oil and commodities purchases, according to a Monday Reuters poll.


TRENDING

OPINION / BLOG / INTERVIEW

5G will be the key driving force for COVID-19 recovery: Here's how?

... ...

Canada’s COVID-19 pitfalls highlight need for integrated health information system

In the globalized world of today where outbreaks can spread far and wide within a matter of days, a global-level integrated health information system is ideal but Canadas provincial barriers show that the country lags much behind in deployi...

Pandemic must be impetus, not obstacle, for clean water access

To make matters worse, there are suspicions that the inadequacy of wastewater treatment methods in California, the rest of the USA, and indeed around the world may help to propagate the disease even more widely. ...

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

Videos

Latest News

WHO Chief Scientist honoured with TN CM's special award

Chief Scientist of World Health Organisation, Soumya Swaminathan was on Saturday conferred with the Tamil Nadu Chief Ministers special award, in recognition of her advisory role in combating the COVID-19 pandemic in the state. Swaminathan r...

Asst director among three DDA employees held for taking bribe

The Central Bureau of Investigation CBI on Saturday arrested an assistant director and two other employees of the Delhi Development Authority DDA in New Delhi for allegedly taking a bribe of Rs one lakh. The other two arrested employees wer...

I-Day: Israeli prez congratulates India in Hebrew; hopes bilateral friendship will continue to grow

Israel President Reuven Rivlin has congratulated India on its 74th Independence Day in a video message, saying may the deep friendship and partnership between our nations and people continue to grow and flourish. He said that Israel and Ind...

New Delhi, Aug 15 (PTI) These are the top stories from the northern region at 5.15 pm.

These are the top stories from the northern region at 5.15 pm. . DEL95 DAY-LD JK-INTERNET I-Day Mobile internet services restored in Kashmir Srinagar Internet services on mobile devices were restored in the Kashmir Valley on Saturda...

Give Feedback