Pandemic-weary investors also face the renewed tension between the US and China
A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo on January 8 2020. Picture: REUTERS/Issei Kato
Leading US infectious disease expert Anthony Fauci on Tuesday warned legislators that a premature lifting of lockdowns could lead to additional outbreaks of the deadly coronavirus, which has killed 80,000 Americans and brought the economy to its knees. The South Korean market was down for a third session. New coronavirus infections have appeared in Seoul after the country eased restrictions last week.
“It looks like we’re in for another negative day of trading here in the Asia-Pacific region,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “It’s very clear that the containment has done economic damage and the recovery will take years and not weeks,” he said.In overnight trade, Wall Street shares were dragged lower after Fauci’s remarks, including his statement that a treatment or vaccine is unlikely to be in place by late August or early September.
Stock markets have rebounded sharply in recent weeks as the spread of the novel coronavirus slowed in some countries in Asia and Europe, while parts of the US economy began to reopen after weeks of lockdowns. The dollar nursed losses as traders braced for Powell’s speech, which will cover economic issues and may offer a hint whether negative rates are a viable policy option.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dispute over Covid-19 effect puts sale of Tongaat unit to Barloworld on holdThe companies do not agree on the pandemic being an event that affects terms of the sale
Read more »
DJ Black Coffee has now raised more than R500k for Covid-19 reliefBlack Coffee has now raised over half a million for Covid-19 relief
Read more »
Three retail stores in Port Elizabeth forced to close after positive Covid-19 testsThe Checkers store at the Walmer Park shopping centre in Newton Park and two stores at the Walmer Park shopping centre were affected.
Read more »
Electoral commission hints that local government elections may be delayed due to Covid-19At the moment, he said, there were indications that some of its partners were experiencing delays that would have an impact on when those elections might be.
Read more »
11 warders and four more inmates test positive for Covid-19The correctional services department has recorded 15 new Covid-19 cases
Read more »
Gauteng govt's mass drive to ensure retailers adhere to COVID-19 regulations
Read more »