Shares in Asia Pacific set to decline as global coronavirus death toll crosses 500,000
On the economic data front, retail sales in Japan dropped 12.3% year-on-year in May, according to the country's Ministry of Economy, Trade and Industry. That compared against a median market forecast of a 11.6% decline, according to Reuters.
Investors continued to monitor developments surrounding the global coronavirus pandemic amid concerns that a surge in cases could impact the reopening of economies. Globally, as the number of infections crosses 10 million, according to data compiled by Johns Hopkins University., according to John Hopkins University data. The recent spike in cases stateside has led some states such as Texas and Florida to re-close some businesses.
"The hardest hit US states have delayed further reopening of their economies. Some cities or states may take the further step of reimposing shutdowns or other restrictions to slow the spread of the virus and limit the pressure on health services. The more stringent and widespread the restrictions, the slower the US economic rebound," analysts at Commonwealth Bank of Australia wrote in a note.
"A double‑dip US recession is possible if widespread restrictions are reimposed, leading to a surge in the ," the analysts said. Still, they mentioned that daily consumer spending in the virus-hit states "continues to recover despite surging infections.", which tracks the greenback against a basket of its peers, was last at 97.457 after rising from levels below 97 last week.
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