Stocks in Asia-Pacific fell in Wednesday morning trade as a surge in coronavirus cases in countries like India weighs on the economic outlook and investor sentiment.
In Japan, the Nikkei 225 dropped 1.69% in early trade while the Topix index slipped 1.71%. South Korea’s Kospi shed 0.7%.
Shares in Australia also declined as the S&P/ASX 200 fell 0.59%. Australia’s preliminary retail sales data for March is expected at 9:30 a.m. HK/SIN.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.33% lower.
Reopening plays like airlines fell, with shares of Qantas Airways in Australia dropping 1.8% while Japan Airlines and ANA Holdings in Japan declined 0.89% and 1.08%, respectively.
The losses came after their counterparts tumbled overnight stateside. United Airlines shares plummeted more than 8% after the company reported a fifth consecutive quarterly loss. CEO Scott Kirby said it is still unclear when international and business travel will recover.
Markets in India are closed on Wednesday for a holiday. The coronavirus situation in the country remains severe, with 259,170 new daily infections registered on Tuesday. The World Health Organization warned Friday that global Covid infection rate is approaching its highest level ever.
Reference: CNBC
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