Asian markets fall sharply when U.S. coronavirus cases raise concerns about a global recovery

Asian markets fall sharply when U.S. coronavirus cases raise concerns about a global recovery

Of Japan Nikkei 225 (N225) decreased to 2%. In South Korea Kospi (KOSPI)removed 1.6%. In Hong Kong Indices Seng Hang (HSI) lost 1.2%, while China Shanghai Composite (SHCOMP) shed 0.8% after trading for the first time since an extended party.
U.S. stock futures, meanwhile, were down after a sharp drop on Friday. Dow (INDU) futures traded up 15 points, or nearly 0.1%. Futures for u S&P 500 (SPX) were up 0.1%, meanwhile Nasdaq (COMP) futures were down 0.2%.
On friday the Dow fell more than 700 points as some states have been forced to pause their reopening amid growing Covid-19 cases. Upticks have been reported in 36 states, including Florida, which some experts have responded could be the next epicenter for infections. Officials here and across the United States have also warned of an increase in cases among young people.

“Reimbursement of the infection rate, particularly in the United States, shows that the road to full recovery will be long and that it requires a medical solution, such as a vaccine,” said Tai Hui, chief market strategist. Asia for JP Morgan Asset Management wrote in a note on Monday.

The situation in the United States could also raise concerns in Europe, as European governments have considered opening more borders during the summer holiday season, he added.

“We expect market sentiment to become cautious in the near term, with investors covering the risks from pandemic and ongoing tensions between the United States and China,” Hui said.

On the oil exchange, U.S. crude futures fell 2% to trade at $ 37.74 a barrel during Asian hours on Monday. Brent, the world oil benchmark, lost 1.7% for trading at $ 40.23 per barrel.

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