Hong Kong sank 1.8% as a fresh outbreak in the city prompted authorities to close schools. FMTNews StockMarket VirusOutbreak
HONG KONG: Asian markets sank Friday as rising virus infection rates across the world put the brakes on the latest rally.
A lockdown in Australia’s second-biggest city Melbourne and the sprouting of new clusters in Hong Kong, which had gone weeks without any new cases, added to the worry. The US saw 65,551 new coronavirus cases, a record for a 24-hour period, with top infectious diseases expert Anthony Fauci calling for a pause in states’ re-openings, though he added: “I don’t think we need to go back to an extreme of shutting down”.
Analysts warned the figure remained high and the latest re-closures in some states could lead to fresh layoffs.Asia tracked the New York losses, with profit-taking also playing a part after a broadly strong week. Sydney slipped 0.6% and Seoul shed 0.8% while Taipei dropped 1%, with losses also seen in Wellington, Mumbai, Jakarta and Manila.“Optimism is giving way to de-risking into the weekend as there is no way to sugar-coat, let alone the Fed papering over , the new daily Covid-19 cases,” said Stephen Innes at AxiCorp.
“In the bigger picture, though, one must keep one’s eyes on the prize: The world’s central banks, via bottomless monetary policy easing, have investors’ backs. The S&P 500 could easily drop 20% from these levels and still be in a bull market.”
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