· Stocks wobble as investors assess risks of second wave
Asian shares and U.S. stock futures teetered in choppy trade on Friday as lingering concerns about an fresh spike in coronavirus cases offset growing hopes for a quick economic recovery.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1%. U.S. S&P 500 e-minis ESc1 moved in and out of the red, and were last up 0.21%.
On the whole, markets have been sideswiped this week on fresh contagion concerns, prompting some investors to temper their optimism about how quickly the global economy can recover for the pandemic.
· Nikkei edges higher as domestic travel restrictions ease
Japan’s benchmark stock index Nikkei rose on Friday, propped up by hopes of an economic recovery after the government lifted its domestic travel curbs that were imposed to halt the spread of the COVID-19 pandemic.
The Nikkei share average ended higher by 0.55% to 22,478.79 on Friday. The broader Topix eased 0.02% to 1,582.80.
Japan, having eased its pandemic lockdown in May, stepped up its recovery from the coronavirus on Friday by lifting travel restrictions across prefectures.
However, concerns of fresh coronavirus cases in other parts of the world overshadowed recovery hopes. In addition to increasing number of infections in multiple states across the United States, around 400 workers at a slaughterhouse in northern Germany tested positive for the virus on Thursday.
· China stocks end week higher as Beijing pledges reforms, liquidity support
China stocks rose on Friday to finish the week higher, led by gains on the start-up board, as investors cheered Beijing’s pledge for reforms and liquidity support to bolster the world’s second-largest economy.
The Shanghai Composite index closed up 0.96% at 2,967.63, while the blue-chip CSI300 index ended 1.34% higher.
· European stocks advance as investors monitor coronavirus developments; Wirecard down another 20%
European markets advanced on Friday morning as investors monitor recent upticks in coronavirus cases in various countries.
The pan-European Stoxx 600 climbed 0.6% in early trade, with oil and gas stocks adding 1.1% to lead gains, as almost all sectors and major bourses entered positive territory. Chemicals stocks fell 0.2%.
Investor focus will likely remain on a resurgence of coronavirus cases in some parts of the world, with four U.S. states reporting a spike in new cases and hospitalizations amid attempts to reopen their economies. Meanwhile, a Chinese Center for Disease Control expert said Thursday that a recent outbreak in Beijing is now under control.
In Europe, Germany’s Wirecard saw its shares fall another 20% in early trade on Friday. The payments company’s stock plunged 60% on Thursday after auditor EY refused to sign off on its 2019 full-year accounts due to a missing $2.1 billion, and Wirecard said it may have fallen victim to “fraud of significant proportions.”
Reference: Reuters, CNBC
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