Asian shares have opened lower as rising cases of coronavirus
Tuesday , December 1 2020
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Asian shares have opened lower as rising cases of coronavirus

Increasing cases of coronavirus infections in the U.S., Europe, and Asia have led to lower Asian stocks, raising concerns that the economy will once again be affected by an epidemic ban on travel and businesses.

The report of an increase in COVID-19 cases has had a very bad effect on markets that carried forward hopes for vaccines and was expected to continue with pro-trade policies after last week’s US elections.

He said, “It has reduced slightly today because investors want to be a victim of dissatisfaction.” But beyond market concerns, the vaccine cannot be found here quickly because there should be a festive time of the year that is bound to disappoint the week’s holiday, “Stephen Ines of Axi said in a report.

Japan’s benchmark Nikkei closed up 225% at 25,254.31. Australia’s S&P / ASX 200 fell 0.5% to 6,383.70. South Korea’s Kospi fell 0.2% to close at 2,471.26. Hong Kong’s Hang Seng slipped 0.8% to 25,958.49, while Shanghai Composite slipped 1.3% to close at 3,298.57.

In Japan, where the epidemic was relatively under control with fewer than 2,000 cumulative deaths, the number of reported daily cases nationwide reached a record for more than 1,660 people in the country on Thursday. Particularly affected were the northern islands of Tokyo and Hokkaido, expressing concern that a recent government campaign to exempt domestic travel may be a reason.

Outbreaks in many parts of the world have dampened optimism over the initial results of potential vaccines, which would have led investors to imagine a possible return in general. Such hopes have been recognized that the vaccine may remain in place before it becomes widespread, with medical staff and those at health risk previously facilitating such protection.

Nobuhiko Kuramochi, the market strategist at Mizuho Securities, said the economic tussle between Democrats and Republicans before the end of the year would increase their chances of reaching an agreement.

He said that issues related to real estate, transportation, and energy on the Tokyo Stock Exchange are declining.

On Wall Street, the S&P 500 index fell 1% to 3,537.01. The Dow Jones Industrial Average declined 1.1% to 29,080.17 and the Nasdaq Composite fell 0.7% to 11,709.59.

In the US, the trend is deteriorating in almost every state. For example, in New York, the state is ordering the closure of restaurants, bars, and gyms, starting at 10 a.m. Friday.

New York was devastated by the virus earlier this year but it seemed to be largely under control. In Europe, many governments have rolled back, even more, stringent restrictions, which would govern the economy.

The decline in US Big Tech stocks, which held up well throughout the outbreak of the epidemic, helped pull the market lower. Microsoft and Facebook slipped 0.5% on Wall Street.

In Energy Trading, benchmark American crude lost 45 cents to $ 40.67 per barrel in electronic trading on the New York Mercantile Exchange. It was down 33 cents to $ 41.12 on Thursday. Internationally, Brent crude dropped 43 cents to $ 43.10 a barrel.

In currency trading, the US dollar slid down to 105.83 Japanese yen from 105.13 yen late Thursday. The euro costs $ 1.1810 from $ 1.1803.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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