Asian stock markets were mostly down on Monday after Wall Street fell for the Asian American And Pacific Islander Heritage Month shirt third week and Britain reported an increase in coronavirus infections.
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Benchmarks in Shanghai, Hong Kong and Sydney fell. The Japanese market was closed for the holiday.
On Friday, Wall Street’s S&P 500 benchmark SPX index, -1.11%, lost 1.1%, led by a sell-off by tech companies that led this year’s rally. Investors worry they could get expensive.
Market dynamics change after the Federal Reserve said last week that the Asian American And Pacific Islander Heritage Month shirt US economic outlook is uncertain. Growth in some industries has slowed after the additional unemployment benefits that supported consumer spending slowed. The National Assembly has yet to agree on the new support package.
“With 43 days left to go to elections in the United States, crossing arms could be something few can do when it comes to hopes of financial stimulus,” IG’s Jingyi Pan said in a report.
Investors are also puzzled by the rise in coronavirus cases in the UK. On Sunday, the government reported 4,422 new infections, the largest daily increase since the start of May. An official estimate shows new cases and hospital admissions are doubling each week.
Korean stocks fell 1% on
Monday during a broad sell-off, while other Asian markets traded in a range as the Asian American And Pacific Islander Heritage Month shirt COVID-19 case increase locally and within Europe weakened the mind. investor management.
The main index for Korea’s high technology was higher one-week low despite solid export data, while Singapore, Philippines and Malaysia markets were largely flat.
Investor sentiment suffered as European nations from Spain to Denmark impose new restrictions to prevent coronavirus from increasing infections in some of their biggest cities while the UK is reported is planning to restore the phone lock.
The danger of increasing military tensions between the United States of America and China when some Washington officials visited Taiwan last the week also adds to the concern.
“Uncertainty stems from the possible worsening of COVID-19 infections, US election results (in November) and The possible escalation of geopolitical tensions in the coming time elections blurs the picture on stocks, “said Manishi
Raychaudhuri, chief executive officer, head of equity research – Asia – Pacific at BNP Paribas, wrote in a note. Asian currencies firmer versus the US dollar, the Taiwan dollar rose 0.7% to its highest level in seven years. the Asian American And Pacific Islander Heritage Month shirt Indonesian rupiah built on Friday’s gains, up 0.3% to its highest level since Sept. 2. The currency has come under pressure this month over concerns about rising coronavirus cases and central banking.
Independent nursery , but a decision last week to keep rates steady seems to have resolved some restlessness. S&P Global signaled on Friday that Indonesia should handle any changes to central banking laws carefully to prevent any pressure on markets and country ratings.
Meanwhile, the Thai baht solidified at a three-week high before splitting profits to trade about 0.1% higher, ahead of the central bank meeting over the weekend with interest rates expected to is kept at a record low. The baht and shares in the country also eased the latest round of anti-government protests that didn’t plunge Kobsidthi said as violent as they used to in the past. Silpachai, head of capital market research at Kasikornbank.
However, he said the Central Bank of Thailand meeting on Wednesday and calling for a strike of protesters on October 24 “would discourage traders from placing multiple positions. on the currency. ”
Provide additional support for the Thai market as Congress passed the Asian American And Pacific Islander Heritage Month shirt budget bill 106 billion dollars for 2021 on Friday to revive the economy, the second-largest in Southeast Asia since the collapse on tourism and exports due to the COVID-19 pandemic.