Asian markets were set to follow a tumble in Wall Street stocks and oil prices on Thursday after surging U.S. coronavirus cases and the International Monetary Fund's downgrade to global economic projections shook confidence in a recovery.
NEW YORK - Asian markets were set to follow a tumble in Wall Street stocks and oil prices on Thursday after surging U.S. coronavirus cases and the International Monetary Fund’s downgrade to global economic projections shook confidence in a recovery.
Tao said spiking coronavirus cases and new restrictions aimed at tamping down the spread of the pandemic were the straw that broke the camel’s back, after markets gained earlier in the week.Markets in Hong Kong and mainland China are closed for public holidays on Thursday. The International Monetary Fund said it now expects a deeper recession, with global output to shrink 4.9% this year, much sharper than the 3.0% contraction predicted in April.On Wall Street, the Dow Jones Industrial Average fell 2.72%, the S&P 500 lost 2.59% and the Nasdaq Composite dropped 2.19%.
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