Asian equities are set to fall sharply on Friday after Wall Street stocks and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of reopening economies.
FILE PHOTO: People are seen on a pedestrian overpass with an electronic board showing the Dow Jones and S&P 500 indexes, following an outbreak of the novel coronavirus in the country, at Lujiazui financial district in Shanghai, China March 13, 2020. REUTERS/Aly Song
Australian S&P/ASX 200 futures were down 3.04% at 20:59 GMT, while Japan’s Nikkei 225 index closed down 2.82% at 22,472.91 on Thursday. Hong Kong’s Hang Seng index futures were down 2.06%. The U.S. Federal Reserve released a gloomy economic outlook at the end of its two-day monetary policy meeting on Wednesday. Chair Jerome Powell warned of a “long road” to recovery.
Oil prices tumbled on renewed concerns about demand, as new cases of the coronavirus disease rise globally, and a large buildup of U.S. crude inventories. [O/R]
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