Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

GLOBAL MARKETS-Asian shares struggle to shake off U.S. selloff amid coronavirus comeback

Published 2020-10-26, 07:28 p/m
© Reuters.
EUR/USD
-
XAU/USD
-
US500
-
DJI
-
AXJO
-
JP225
-
HK50
-
MSFT
-
GOOGL
-
AAPL
-
AMZN
-
DX
-
GC
-
LCO
-
JP225
-
HK50
-
IXIC
-
US10YT=X
-
GOOG
-
MIWD00000PUS
-

By Pete Schroeder

Oct 27 (Reuters) - Asian markets look set to continue a downward path on Tuesday after soaring global coronavirus cases and shrinking hopes for a U.S. stimulus deal took a toll on Wall Street and drove up the U.S. dollar.

Australia's ASX 200 .AXJO opened down about 0.6%, while Japan's Nikkei 225 futures NKc1 were up 0.04%. The Nikkei 225 index .N225 closed down 0.09% on Monday. The futures contract was down 0.25% from that close​.

Hong Kong's Hang Seng index futures .HSI .HSIc1 were up 0.1%.

MSCI's gauge of stocks across the globe .MIWD00000PUS was down 1.52%.

U.S. indices fell sharply to open the week's trading, as anxiety over new record daily COVID-19 cases in the United States, Russia and France weighed on investor appetite. while House Speaker Nancy Pelosi is still hopeful an agreement can be reached on a coronavirus relief bill before the Nov. 3 elections, White House economic adviser Larry Kudlow told reporters on Monday that talks have slowed. challenge for markets is that in most cases they are already pricing a very strong economic bounce. The new outbreaks, and the potential for a double-dip recession, directly contradict this assumption," Michael McCarthy, chief market strategist at CMC Markets in Sydney.

The sharp decline set a bleak tone ahead of a busy third-quarter earnings season, with large U.S. tech firms like Apple Inc AAPL.O , Amazon.com Inc AMZN.O and Google-parent Alphabet Inc GOOGL.O set to report. Microsoft Corp MSFT.O reports its results Tuesday.

The Dow Jones Industrial Average .DJI fell 650.19 points, or 2.29%. The S&P 500 .SPX lost 64.42 points, or 1.86%, while the Nasdaq Composite .IXIC dropped 189.35 points, or 1.64%. coronavirus fears drove investors into a host of safe-haven investments and away from riskier assets, including in the oil market. Brent LCOc1 dropped $1.31, or 3.1%, while U.S. West Texas Intermediate (WTI) fell $1.29, or 3.2%. Both contracts fell almost 2.5% last week. shedding risk gave way to a rise in the safe-haven U.S. dollar compared to other currencies. The dollar index =USD rose 0.286%, with the euro EUR= down 0.45% to $1.1806. Spot gold XAU= added 0.1% to $1,902.02 an ounce.

Longer-term U.S. Treasury yields also fell, with the benchmark 10-year US10YT=RR yield down 4.3 basis points in afternoon trading at 0.7977%, well below its four-month high reached on Friday.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Global assets

http://tmsnrt.rs/2jvdmXl Global currencies vs. dollar

http://tmsnrt.rs/2egbfVh Emerging markets

http://tmsnrt.rs/2ihRugV MSCI All Country Wolrd Index Market Cap

http://tmsnrt.rs/2EmTD6j

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.