Asian markets take Wall Street cueBusiness | 10 Jul 2020 12:38 pm
Asian stock markets followed Wall Street lower today on worries economic recoveries might fade as coronavirus cases increase in the United States and some other countries.
Benchmarks in Shanghai, Tokyo, Hong Kong and Southeast Asia retreated a day after strong gains driven by the rise of U.S. tech stocks.
Global stock prices have recovered most of this year's losses on optimism about a recovery from the coronavirus pandemic. But forecasters warn the rise might be too big and too fast to be supported by uncertain economic conditions.
On Wall Street, the benchmark S&P 500 index lost 0.6 percent overnight.
"The market is concerned about the uptick in cases globally,'' said Stephen Innes of AxiCorp. in a report. "Money is funneling into perceived safe areas of the market like tech, which should hold up broader indexes to a degree.''
The Shanghai Composite Index lost 0.9 percent at 3,420.11 and the Nikkei 225 in Tokyo shed 0.2 percent at 22,476.74. .
The Kospi in Seoul lost 0.8 percent at 2,149.37 and Sydney's S&P-ASX 200 was down by 0.2 percent at 5,943.20. New Zealand and Jakarta also retreated while Singapore markets were closed.