· Asian shares waver with coronavirus, focus turns to corporate earnings
Asian stocks dithered on Wednesday as an increase in coronavirus cases in some parts of the world undermined prospects for a quick economic recovery while oil prices eased on oversupply fears.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up but was still lower than a month high reached just on Tuesday.4-1/2-
Australian shares ended lower on renewed fears about the coronavirus pandemic after a rise in cases in the country’s second biggest city.1.5%
Following the recent rally, the declines looked like a consolidation, with the markets largely in “wait and see mode” ahead of the upcoming earnings session, said NAB economist Tapas Strickland.
Second-quarter earnings season will begin in earnest from next week.
“It will be important to watch the number of U.S. deaths in coming weeks and whether greater questions will be asked about the extent of necessary restrictions,” Strickland said.
California reported more than coronavirus cases on Tuesday, a record rise for a single day that also surpassed the number of contact tracers recently trained by the state to detect and prevent potential outbreaks.10,000
Coronavirus cases were also on the rise in the Australian state of Victoria, which led to lockdown measures being reimposed in Melbourne, the country’s second-biggest city.
· Tokyo stocks edges down on lingering coronavirus fears
Tokyo stocks dropped Wednesday as investors continued to worry about rising coronavirus infections in the United States and elsewhere as well as the economic impact from another round of social restrictions.
The 225-issue Nikkei Stock Average ended down 176.04 points, or 0.78 percent, from Tuesday at 22,438.65. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 14.48 points, or 0.92 percent, lower at 1,557.23.
Decliners were led by mining, insurance and bank issues.
· China stocks extend bull run for th day, close at multi-year highs7
Shares in mainland China closed at multi-year highs on Wednesday, extending their winning streak to the seventh session, as hopes of an economic recovery, regulatory and retail support sustained the market’s unabating rally.
At close, the Shanghai Composite index was higher at ,, its highest closing level since February , while the blue-chip CSIindex ended up , at its highest closing level since June 1.7% 3403.442018300 1.6%2015.
· European markets retreat as coronavirus cases temper recovery hopes
European markets opened lower Wednesday morning as surging coronavirus cases in parts of the world continue to cast doubt over the prospect of a global economic recovery.
The pan-European Stoxx fell at the start of trading, with banks shedding to lead losses as all sectors and major bourses slid into negative territory.600 0.6% 1.5%
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