Asian shares are showing a mixed picture on Tuesday after a volatile day in U.S. equity markets amid persistent concerns over the record number of new coronavirus cases worldwide and signs of an economic rebound.
Australian S&P/ASX 200 futures lost 0.76% in early trading, Japan’s Nikkei 225 futures added 0.22%, and Hong Kong’s Hang Seng index futures rose 0.39%.After a strong start in the United States, equity markets sold off when California announced it was slowing the state’s reopening, shutting bars and banning indoor restaurant dining statewide in response to a surge in coronavirus cases.
“The U.S. continues to report fresh highs of daily new infections. However, the seriousness of the disease is falling. Hospitalisation rates...has trended down since April,” said Kim Mundy with the Commonwealth Bank of Australia in Sydney, in an analyst note. “The upshot is the surge in infections does not give the full story. And it suggests the U.S. is learning to live with the disease.”
The U.S. dollar edged lower on Monday as investors looked to U.S. corporate earnings and upcoming retail data to gauge whether guarded optimism on the economic outlook was justified. Spot gold dropped 0.1% to $1,801.30 an ounce. MSCI’s gauge of stocks across the globe briefly touched its highest level since February, before ending down 0.29%.
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