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Asian Shares fall after rout in Wall Street

Syed Umarullah HussainiWeb Editor

12th Jun, 2020. 09:25 am
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Asian Shares

On the last day of the business week, Asian shares fell sharply after Wall Street and oil plunged over growing concerns that a resurgence of coronavirus infections could affect the pace of recovery in economies reopening from lock-downs.

According to the details, American finance company headquartered in New York City (MSCI’s) broadest index of Asia-Pacific shares outside Japan slid 1.3%.

Australian stocks dropped 1.74%, while shares in China fell 0.67%.

The Chinese yuan headed for its biggest daily decline in two weeks, underscoring investors’ risk-averse mood in Asia.

The three major U.S. stock indexes fell more than 5%.

“All of a sudden the coronavirus, which has been an also-ran story for some days now, became more important as the virus began picking up in some states, and the market began thinking there may be delays to reopening,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.

United States stock futures, the S&P 500 e-minis, rose 1.1% in Asia on Friday.

Japan’s Nikkei stock index slid 1.22%, and shares in South Korea fell 2.24%

U.S. crude slid 1.87% to $35.66 a barrel, while Brent crude eased 1.43% to $38.00 per barrel in Asia on Friday hit by renewed concerns over demand and a large buildup of U.S. crude inventories.

The Mexican peso and the Norwegian krone fell against the U.S. dollar as the decline in crude prices hurt currencies from oil-producing countries.

In the onshore market, the yuan fell 0.3%, headed for its biggest daily decline since May 27.

The 10-year United States (U.S) Treasury yield edged up slightly to 0.6853% on Friday.

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