Stocks open lower on Wall Street after the latest reports showing the damage the coronavirus lockdowns inflicted on the economy. The U.S. economy shrank at a 5.0% rate in the first quarter and another 1.5 million laid-off workers sought jobless benefits.
A man walks by an electronic stock board of a securities firm in Tokyo, Thursday, June 25, 2020. Shares declined in Asia on Thursday after a sharp retreat overnight on Wall Street as new coronavirus cases in the U.S. climbed to their highest level in two months, dimming investors' hopes for a relatively quick economic turnaround.
A rise in new infections is stoking worries that reopenings of businesses closed earlier to fight the pandemic may have to be curtailed, despite indications that economies are recovering from lockdowns that are being eased in the U.S. and other countries. Tokyo’s Nikkei 225 slipped 1.2% to 22,259.79 and the Kospi in Seoul lost 2.3% to 2,112.37. India’s Sensex lost 0.8% to 34,591.33.
The market had been mostly in rally mode since April as investors focused on the prospects for an economic turnaround as broad areas of the economy reopened. But the recent surge in new infections has undercut that optimism.
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