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Asian stocks fell earlier on Monday as the surge in COVID-19 cases in several countries dampened hopes for a quick economic recovery.
The total number of cases worldwide has reached over 10 million, resulting in over 500,000 deaths as of June 29 according to data from the Johns Hopkins University.
China’s Shanghai Composite fell by 0.54% at 10:40 PM ET (03:39 AM GMT), while the Shenzhen Component dipped by 0.38%. China’s National Bureau of Statistics is expected to publish June’s Purchasing Managers’ Index (PMI) on Tuesday.
Hong Kong’s Hang Seng Index lost 0.49%, as China’s National People’s Congress Standard Committee readies to pass its national security laws for Hong Kong and Macau on Tuesday.
Japan’s Nikkei plunged 1.60%, after the country’s Ministry of Economy, Trade, and Industry on Monday saw a sharp 12.3% decline in retail sales for May year-on-year.
Meanwhile, South Korea’s KOSPI lost 1.20% after Finance Minsiter Nam-Ki Hong dismissed the need for a fourth budget in order to combat the pandemic.
Down Under, the ASX fell by 1.62% after the heavily-populated state of Victoria struggled to control a surge in COVID-19 cases in the area.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
KYC Policy