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Asian Stocks Down on Back of Renewed COVID-19 Fears

Stock MarketsJun 11, 2020 10:47PM ET
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© Reuters.

By Gina Lee

Investing.com – Asian stocks ended the week with losses, feeling the effects of a slump in U.S. markets overnight over mounting fears of a second wave of COVID-19 cases.

This fear was triggered with the number of cases in the U.S. surpassing 2 million after some states loosened lockdown measures. Globally, there are now almost 7.5 million cases.

“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,” Tim Ghriskey, chief investment strategist at Inverness Counsel, told Reuters.

The fears added to investor gloom over a grim picture of U.S. economic recovery painted by the U.S. Federal Reserve as it wrapped up its policy meeting on Wednesday.

Japan’s Nikkei 225 lost 1.31% by 10:36 PM ET (3:36 AM GMT) and South Korea’s KOSPI slid 2.34%, clawing back its opening losses of over 4%.

Down Under, the ASX 200 was down1.68%.

Hong Kong’s Hang Seng Index lost 1.11%. China’s Shanghai Composite was down 0.60% while the Shenzhen Component lost 0.63%.

But other investors presented a more optimistic view.

“Certainly there are going to be some second-wave concerns so it is right for the market to be worried about that...we also had seen an incredible rally from the bottom so the idea that investors might be looking to take some profits here is certainly what’s driving the sell-off as well,” Lori Heinel, State Street (NYSE:STT) Global Advisors deputy global chief investment officer, told Bloomberg.

Asian Stocks Down on Back of Renewed COVID-19 Fears
 

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