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BEIJING (AP) – Asian stock markets were mostly down on Monday after Wall Street fell for a third week and Britain reported an increase in coronavirus infections.
Data:Keep an eye out for futures in the US stock markets
Benchmarks in Shanghai, Hong Kong and Sydney fell. Japanese markets were closed for a public holiday.
On Friday, Wall Street’s benchmark S&P 500 SPX,
lost 1.1%, due to a sell-off of tech companies that led this year’s rebound. Investors fear they have become too expensive.
Market momentum reversed after the Federal Reserve last week said the US economic outlook was uncertain. Growth in some industries slowed after additional unemployment benefits that supported consumer spending slowed. Congress has yet to agree on a new support package.
“With 43 days of the US election, fingers crossed may be what few can do when it comes to fiscal stimulus hopes,” IG’s Jingyi Pan said in a report.
Investors have also been rocked by an increase in coronavirus cases in Britain. On Sunday, the government reported 4,422 new infections, its largest daily increase since early May. An official estimate shows that new cases and hospital admissions are doubling every week.
The Shanghai SHCOMP Composite Index,
lost 0.2% to 3,330.03 and the Hang Seng in Hong Kong HSI,
lost 0.6% to 24,310.84.
Hong Kong stocks fell more sharply than other stocks in the region on Monday morning.
AFP / Getty Images
The Kospi in Seoul 180721,
was up less than 0.1% to 2,413.19, while Sydney’s S & P-ASX 200 XJO,
sank 0.7% to 5,823.70.
New Zealand fell, while Singapore and Jakarta rose.
Global markets have recouped most of this year’s losses, although the bulk of the gains went to big tech companies and a handful of stocks, while most issues are still on the decline.
Investors have been encouraged by the central bank’s credit injections into struggling economies and are hoping for a vaccine to end the coronavirus pandemic that has plunged the world economy into its deepest downturn since the 1930s.
Forecasters warn, however, that the rebound may be too early to be supported by uncertain economic activity as the number of infections increases in the United States, Brazil and some other countries.
Some governments have reimposed disease controls that hinder business.
On Wall Street, the S&P 500 fell to 3,319.47 on Friday. The Dow Jones Industrial DJIA,
fell 0.9% to 27,657.42. The Nasdaq Composite COMP,
lost 1.1% to 10,793.28.
Apple Inc. AAPL,
fell 3.2%, Microsoft Corp. MSFT,
fell 1.2% and Amazon.com Inc. AMZN,
slipped 1.8%. Markets are also nervous about US-China tensions over trade, technology and security.
The White House said on Friday it would ban downloads of popular Chinese apps TikTok and WeChat, citing security concerns.
A federal judge agreed on Saturday to postpone the restrictions on WeChat on the grounds that they could interfere with free speech. On the same day, President Donald Trump approved an agreement for TikTok, a unit of Chinese ByteDance Ltd., to form an American company with Oracle Corp. ORCL,
and Walmart Inc. WMT,
On the energy markets, the American benchmark CL.1 crude,
gained 11 cents to $ 41.22 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international oil price standard, rose 9 cents to $ 43.24 a barrel in London BRN00,
The dollar USDJPY,
fell to 104.37 yen from 104.18 yen on Friday. The euro EURUSD,
won at $ 1.1861 vs. $ 1.1843.
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